The shift towards electric mobility in India is gaining momentum, and it's the three-wheeler market that's leading the charge. In an exciting turn of events, every second three-wheeler sold in India is now electric. With consistently increasing sales month after month, it's evident that this segment is on a trajectory of rapid growth. Let's delve into the numbers and explore why electric three-wheelers are becoming the face of India's EV revolution.

Steady Growth in Sales

Starting the year with 34,333 units sold in January 2023, electric three-wheeler sales have seen remarkable growth each month. As of October 2023, a staggering 56,818 units were sold, marking a substantial 58% year-on-year increase from October 2022, when sales were at 35,906 units. This segment's growth has been consistent, with a significant milestone achieved in July when monthly sales crossed the 50,000-unit mark for the first time, reaching 53,746 units.

Electric Dominance

The transition to electric three-wheelers is happening at an incredible pace, with electric models now accounting for 54% of all three-wheelers sold in India. In January 2023, when 70,929 three-wheelers were sold, the electric vehicle (EV) share was at 48%, reflecting the shift towards cleaner and more sustainable transportation.

Cumulative 10-Month Sales Surge

The cumulative 10-month sales figures for electric three-wheelers paint a compelling picture. With 471,154 units sold, the segment has witnessed a remarkable 72% year-on-year increase compared to the same period in 2022 when 274,245 units were sold. These electric three-wheelers now represent 53% of the total three-wheeler industry retail sales, which stand at 881,355 units.

Top Players in the Market

In a market populated by nearly 475 manufacturers, a select few have emerged as key players. Let's take a closer look at the top 3 OEMs (Original Equipment Manufacturers) that have been driving this growth:

1. Mahindra Last Mile Mobility (MLMM): Holding a 9% market share in FY2023, Mahindra has maintained its leader status with 5,099 units sold in October and total sales of 43,958 units from January to October. The company offers a range of electric three-wheelers, including the Treo Plus, Treo Yaari, e-Alfa Super, and Zor Grand.

2. YC Electric Vehicles: As the second-largest player, YC Electric Vehicles recorded its best monthly sales in 2023 with 4,067 units sold in October and a cumulative 10-month total of 33,143 units. The company's product lineup includes the Yatri Super, Yatri Deluxe, E-Loader, and Yatri Cart.

3. Saera Electric Auto: Securing the third position, Saera Electric Auto sold 3,133 units in October 2023 and a cumulative 10-month tally of 23,973 units. The company's commitment to electric three-wheelers is evident in its strong performance.

Expanding Market Presence

Piaggio Vehicles, a well-known name in the automotive industry, has also made significant strides in the electric three-wheeler market. In October, the company achieved its best monthly sales to date with 2,202 units. The 10-month sales figures reached 16,493 units. Piaggio's success can be attributed to its new models, such as the Apé E-City FX Max and Apé E-Xtra FX Max, catering to both passenger and cargo transportation needs.

A Competitive Landscape

Beyond the top players, there are eight other OEMs that achieved remarkable sales figures, with each selling over 1,000 units in October. These include Dilli Electric Auto (2,186 units), Mini Metro (1,355 units), Champion Polyplast (1,259 units), Energy EV (1,120 units), Unique International (1,103 units), Allfine Industries (1,101 units), SKS Trade India (1,043 units), and JS Auto (1,016 units). The collective efforts of these manufacturers contribute significantly to the growth of the electric three-wheeler market.

Promising Market Share

The top 12 OEMs, each with sales figures in the four digits, collectively accounted for 24,684 units sold in October 2023. This group commands a 43% share of the total electric three-wheeler market, leaving the remaining 56% for the remaining 463 manufacturers to compete for.

Bajaj Auto's Entry

Notably, Bajaj Auto entered the electric three-wheeler market, with steadily increasing sales from June through October, reaching a total of 2,080 units. This demonstrates the potential and growth prospects in this dynamic market. Bajaj Auto now ranks 13th among the 475 manufacturers in the segment.

Rising Share in India's EV Market

In 2022, a total of 350,238 electric three-wheelers were sold in India. At the current rate of growth, it's anticipated that sales for 2023 will surpass 550,000 units, reflecting a robust 57% year-on-year increase. Electric three-wheelers now account for 40% of India's EV market, up from 30% in the same month last year (October 2022: 35,906 units out of a total of 117,498 EVs). The cumulative 10-month retail figures of 471,154 units contribute to a 38% share of the total 1.23 million EVs sold in India between January and October this year.