Electric Three Wheeler Sales Surge 15.7% in October, Crossing 70,000 Units

India’s three-wheeler market has expanded in the festive season this year, as the country registered over 70,600 electric three wheeler sales in October. This marks about 15.7 percent increase in the unit sales compared to the previous month of September.

The passenger vehicles have dominated the segment with over 86 percent share in the sales for the month, while the goods vehicle category roughly held a 13.5 percent share.

Y-o-Y Growth

The e3w segment of electric vehicles has, for the first time, crossed the 70,000 mark. The segment has shown a year-on-year increase of 5 percent compared to October last year. Numbers jumped 4,000 units between September and October last year. This year, it has grown by over 9,000 units, showing growing adoption of electric vehicles in the e3w segment.  

About 6,28,000 of new e3w units were sold year-to-date (YTD) - by October - this year compared to 5,68,000 sold by the same time in the previous year. Extrapolation suggests that the number may cross 7.6 lakh units by the end of the current calendar year.

Market Leaders

Of 631 electric three wheeler (e3w) manufacturers registered as per the government Vahan portal, the top 5 e3w makers contribute about 40 percent share. 

The three wheeler EV market is led by Mahindra Last Mile Mobility (MLMM), with the numbers crossing 11,800 for the month of October, compared to about 8,300 last month. 

Bajaj Auto, like the electric two wheeler (e2w) segment, is among the leaders in India’s e3w segment too. The firm registered 8,000 EV sales in the segment in October. 

YC Electric Vehicle has emerged as the dark horse in the segment, and the manufacturer sold 3,500 e3w units in October. TVS Motor (2800+) and Saera Electric (2200+) complete the list of top 5 automakers for e3w segment.