Electric Three Wheeler Sales Report
The electric three-wheeler (E3W) market delivered mixed results in January 2023, with registered passenger E3W sales declining 2% from the previous month, while cargo-type E3W sales registered experienced a steeper drop of 12%.
Despite these declines, overall electric three-wheeler sales still posted a modest decline of around 3% month-over-month. However, when looking at the year-over-year comparison,
the image brightens significantly. Sales of passenger electric three-wheelers in January 2023 were up an impressive 74% compared to the same month in 2022, while E3W cargo vehicle sales were up 68%.
This suggests that the E3W market is still growing, despite the recent drop in sales. These latest figures indicate that demand for the E3W remains strong, particularly for passenger models. The increase in passenger E3W sales is a testament to the growing popularity of these vehicles, which offer a greener and more cost-effective alternative to traditional automobiles. Cargo E3Ws, on the other hand, is proving a hit with companies looking for an efficient and sustainable way to transport goods.
The top players in the electric three-wheeler segment
As of January 2023, the top 7 EV 3-wheeler companies in the passenger and cargo segments had a combined 34.68% market share of the entire E3W market. Mahindra ranked first with 8.61% of the market share, followed by YC Electric with 6.91%. Other companies in the top 7 were Saera Electric Auto (5.05%), Dilli Electric (4.06%), Champion Poly Plast (3.40%), Mini Metro EV LLP (3.39%), and Piaggio (3,25%).
While the month-over-month decline in E3W sales is cause for concern, the overall trend remains positive. The significant year-over-year growth in sales shows that the E3W market is on the rise and that both consumers and businesses are embracing this innovative mode of transportation.