India is, slowly but steadily climbing up the EV adoption chart. Though the degree of adoption or even the penetration of electric vehicles may not be at the desired levels, the month-on-month registrations indicate a steady upward trend. It is no secret that two-wheelers are the leaders in this space but as per the JKM estimates, the share of registered electric three-wheelers has increased to a large extent.
As per the Vahan database, India’s commercial EV market has seen rapid growth in recent years, making up a total of more than 50 percent of all the three-wheelers. And as per the JKM report, around 191.5 lakh EV sales are expected annually by FY2030.
The FAME policy and the government’s continuous support in the growth of the EV industry through subsidies, favourable regulations, policies, 100 percent FDI approval, push towards battery R&D and improve charging infrastructure have all contributed a big deal to easing EV adoption in the country.
As of August 2022, the electric three-wheelers sales stand at 29,331 units for passenger-type vehicles whereas 2,694 units for cargo-types. While the sales of the passenger type increased by almost 10 percent, the cargo type sales actually remained flat compared to last month, down 1.54 percent.
The three-wheeler industry segment plays a crucial role in terms of rising economic activity and business-led mobility solutions. Through the pandemic and the changes that have come forth therein, the three-wheeler goods carrier segment has seen a definitive change in trend.
The industry saw a shift toward light commercial vehicles and electric three-wheelers, which have become a preferred choice today. The cumulative sales for the top players in the electric three-wheeler segment accounted for 35.50 percent of the entire sales in the electric three-wheeler market.
For the first time, with an 8.8 percent market share, Mahindra Electric emerged as a leader in the electric three-wheeler segment pushing YC Electric Vehicle to the second position with a 6.17 percent share. This was followed by Saera Electric Auto (5.87 percent), Champion Poly Plast (4.39 percent), Dilli Electric (4.13 percent), MINI METRO EV (3.07 percent), and Unique International (3.03 percent).
The list is also seeing a significant rise in new entrants in this space, indicating the demand potential of the segment.