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Overview of Outstanding Growth of Electric 3 Wheelers in FY 2023

Electric three-wheeler sales, including electric two-wheelers and passenger vehicles, have experienced a phenomenal surge over the past two years, indicating a promising shift towards a cleaner and greener future in the country. Established industry players like Mahindra and YC Electric, alongside emerging contenders such as Saera and Dilli, are actively contesting for a share in the rapidly expanding electric three-wheeler segment.

June 30, 2023 | 3 min read | 3 Wheeler

During the fiscal year 2023, electric three-wheeler sales witnessed a remarkable growth of 118.25%, reaching an impressive figure of 404,143 units sold, compared to 185,173 units in the previous year (FY 2022). Outshining its competitors, YC Electric secured the top spot as the best-selling three-wheeler manufacturer, with a staggering 75.41% increase in sales, reaching a total of 29,902 units in FY 2023 compared to 17,047 units in FY 2022. Saera followed closely behind with a remarkable growth of 151.83%, selling 22,259 units in FY 2023 compared to 8,839 units in FY 2022.

Mahindra and Dilli also showcased exceptional performance in the electric three-wheeler market, achieving triple-digit sales growth. In FY 2023, Mahindra recorded a significant surge of 278.44%, selling 18,608 units, while Dilli experienced a notable growth of 148.73%, with 16,909 units sold. Mahindra\'s retail sales of electric three-wheelers alone increased by 107.54%, reaching 16,682 units in FY 2023 from 8,038 units in FY 2022. Notable players like Champion Poly Plast, Mini Metro, Unique, Piaggio, Terra Motors, JS Auto, and Energy Electric also contributed to the overall growth of the electric three-wheeler segment.

Furthermore, in March 2023, electric three-wheeler sales witnessed a substantial year-on-year growth of 82.21%. The sales skyrocketed from 24,823 units in March 2022 to an impressive 45,229 units in March 2023, marking a notable month-on-month growth of 26.81% when compared to February 2023. Maintaining its dominance in the segment, Mahindra emerged as the leader with 3,538 units sold in March 2023, showcasing an astounding 312.84% year-on-year growth from 857 units sold in March 2022. YC Electric closely trailed behind, securing the second position with 3,095 units sold, indicating a year-on-year growth of 27.95% compared to March 2022, and a month-on-month growth of 19.82% from February 2023.

Saera Electric claimed the third position in March 2023, selling 2,244 units, reflecting a significant year-on-year growth of 74.09% compared to March 2022. In addition, Dilli Electric witnessed a substantial surge of 115.14% year-on-year and 34.88% month-on-month, reaching a total of 2,061 units sold. Piaggio also experienced commendable growth, with sales improving by 194.65% year-on-year and 35.86% month-on-month, totalling 1,432 units in March 2023.

Other noteworthy players like Champion Poly Plast, Mini Metro, and Unique International demonstrated exceptional growth in electric three-wheeler sales, posting impressive year-on-year and month-on-month growth figures. However, Mahindra Reva reported a decline in sales, with 937 units sold in March 2023, reflecting a 22.50% decrease compared to March 2022, and a significant month-on-month decline of 41.84% from February 2023. Nevertheless, several other players in the electric three-wheeler segment collectively contributed 25,724 units to the total retail sales in March 2023, showcasing substantial year-on-year and month-on-month growth of 80.20% and 29.15%, respectively, compared to sales in March 2022 and February 2023.

In conclusion, the sales data clearly signifies an outstanding growth and potential of electric three-wheelers in recent years, as the industry continues to transition towards sustainable mobility solutions. With established players and emerging contenders driving the market\'s growth, along with increasing consumer adoption, the electric three-wheeler segment is poised for further expansion, playing a pivotal role in creating a cleaner and more eco-friendly transportation ecosystem for a greener future.

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