Slowly but surely, India is climbing up the electric vehicle adoption charts. Although the adoption and penetration of electric vehicles are not at the desired level, month-on-month registrations show a steady upward trend. While it is obvious that two-wheelers dominate this market, JKM estimates that the number of electric three-wheelers registered has increased significantly.
According to the Vahan database, India’s commercial EV market is growing rapidly in recent years and now accounts for more than half of all three-wheelers. According to the JKM report, EV sales will reach 191.5 lakh annually by FY2030.
FAME policy, government support for the growth of the EV sector through subsidies, favourable policies, push towards battery R&D, 100% FDI approval, and improvement in charging infrastructure all have contributed greatly to easing EV adoption.
The August 2022 sales of electric three-wheelers stood at 29,331 units per passenger-type vehicle and 2,694 units per cargo-type vehicle. The passenger type saw a slight increase in sales, but the cargo type sales were flat, at 1.54%.
Three-wheeler manufacturing plays an important role in promoting economic activity and business-led mobility solutions. The three-wheeler goods carrier sector has experienced a significant change due to the pandemic and all the subsequent changes.
Light commercial vehicles were replaced by electric three-wheelers. 35.50% of all electric three-wheeler sales came from the top three-wheeler players.
Mahindra Electric topped the market with 8.8%. This pushed YC Electric Vehicle into second place with a 6.17% share. The next were Saera Electric Auto (5.87%), Champion Poly Plast (4.39%), Dilli Electric (4.13%), MINI METRO EV (3.07%) and Unique International (3.03%).
This list also shows a significant increase in new entrants to this space, which indicates the segment’s demand potential.