The report, titled "Indian Electronic Three-Wheelers: Market Analysis and Forecast 2019-2028" examines the global market based on fleet type, battery type, charging type, sales channel, demography, and region. The report is comprehensive and provides complete historical and projected market size along with an extensive market trend analysis.

The market share analysis, production capacities of the leading manufacturers, a summary of the competition, charging infrastructure in India, government policies and subsidies, strategic imperatives, the replacement rate of EVs, the aftermarket of electric three-wheelers, the key end users, availability of credit, potential growth areas, and competition analysis for the target players evaluated in the Indian electric three-wheelers market study.

Market Overview and Dynamics: Electrification of the Indian Automobile Industry is majorly driven by the Indian Electronic Three-Wheeler Market

According to a study by NITI Aayog, the Electric three-wheeler segment contributes to 79% of the total electric vehicle (EV) market across India and is driving the electrification of the Indian automotive industry. This consequence is the result of the use of electric three-wheelers not only as vehicles but also as a lifeline for many people who are employed formally-informally by their usage.

With the rapid advancements taking place across the globe in the field of lithium-ion batteries, it is expected that the batteries will get lighter. This would increase the battery’s driving range with a single charge and also enhance the battery life. These factors are expected to play an important role in the expansion of the electric three-wheelers market in the upcoming years.

Additionally, the maintenance costs for the electric three-wheeler are reduced by 80% compared to the cost of maintaining an ICE vehicle, which is also one of the reasons for the rapid rise of electric three-wheelers in the country, where people dependent on electric three-wheelers for earning bread look for low-cost and reasonably priced alternatives.

In addition, the wide range of financing options offered by electric three-wheeler dealers and sellers makes it easier to transition to electric three-wheelers.

Furthermore, electric three-wheelers are quieter, cleaner, more efficient, and less expensive to maintain than traditional three-wheeler. Together, these elements contribute to the expansion of the Indian electronic three-wheeler industry.

However, the availability of capital is not the primary constraint for India's shift to electric three-wheeler adoption, however, the main constraints are the reliability of the components, charging infrastructure, and the after-sales system, which is likely to hinge on the development of this market.

Benefits of Electric Three-wheelers for India Roads

Although EVs are more expensive to purchase, their operating cost is significantly less. The more frequently an EV is used, the less expensive it will become. Based on their total cost of ownership (TCO), the EVs are already a great fit for last-mile delivery and ride-hailing fleets that have high daily usage. These segments are leading the way in the adoption of electrical three-wheelers in India and are likely to be among the first segments to transition completely electric.

Additionally, to ensure an efficient transition of fleets, the capital flow into the ecosystem must grow multi-fold. In addition, opening large capital pools will require de-risking of the market via greater collaboration among stakeholders and the development of new business models. In light of these issues, RationalStat expects an escalation in the market for electric three-wheelers in Indian markets in the coming future years.

Participation of the Government and Conducive Policies

Some of the government policies that are fueling the desire for electric three-wheelers throughout the country include National Electric Mobility Mission Plan (NEMMP 2020), National Urban Transport Policy (NUTP), FAME I and FAME II, Draft Delhi Electric Vehicle Policy 2018, Karnataka Electric Vehicle and Energy Storage Policy 2017, Maharashtra Electric Vehicle Policy 2018, and Telangana Draft Electric Vehicle Policy 2017, among others.

Additionally, the Indian government also launched the "Faster Adoption and Manufacturing of Electric and Hybrid Vehicles" (FAME) within India in two phases (Phase I and Phase II), in which the manufacturers and infrastructure suppliers of EVs are rewarded through subsidies. This certainly played a key impact in the development of this market in the country.

India Three-wheelers Market: Segment Analysis

Based on fleet type, the Passenger fleet constitutes a major market share as in India E-rickshaws are witnessing increasing adoption as it caters to environmental concerns.

Based on battery type, Lithium-ion battery demand tends to be higher than lead-acid batteries, as the latter is considered to create chemical waste which takes years to decompose and is considered less environmentally friendly than the former.

Based on Region, North India holds the majority share of the Indian Electric Three-wheeler market. Uttar Pradesh records the highest monthly sales of the overall sales in India carrying a weightage of 20%.

Competition Analysis: Regional Players Dominate the Domestic Markets

Due to the presence of many well-established companies in the Indian electric three-wheelers sector, there is intense competition. International and leading electric three-wheeler companies are striving to establish operations in India by partnering with local companies or by setting up their own manufacturing/development unit, potentially combined with imports of specific components.

Product launches and partnerships are the identified industry trend in the Indian electric three-wheelers market. Significant consolidation is expected in the global market during the assessed period 2022-2028.

In September 2022, Omega Seiki Mobility (OSM) launched a new electric-three-wheeler ‘ViCKTOR’ in India. The company claims that its latest offering ViCKTOR comes with the world’s longest range and offers 250 km drive on a single charge.

In October 2022, Mahindra Electric Mobility launched the new Treo Zor Electric 3-wheeler cargo vehicle. The vehicle was available at a starting price of US$ 3,400 and was driven by an 8kW motor, having a payload capacity of 550 kg.

Some of the leading players involved in the production and marketing of the electric three-wheelers market include YC Electric, Mahindra Electric Mobility, Saera, Champion, Dilli, Bestway, Unique International, Kinetic Green, Lohia Auto, Piaggio Vehicles Pvt. Ltd., Gayam Motors Works, Atul Auto, and others.

RationalStat has segmented the Indian electric three-wheelers market on the basis of fleet type, charging type, battery type, sales channel, demography, and region.

By Fleet Type

Passenger Fleet
Paratransit Fleet

Feeder Transport Fleet

Cargo Fleet
Courier Fleet

Grocery Delivery Fleet

By Charging Type

Plug-in Charging
Fixed EVSE
Portable EVSE
Battery Swapping
Individual Battery Charging
Stack Battery Charging

By Battery Type

Lead Acid Battery
Lithium-ion Battery
By Sales Channel
Company Owned Dealers
Frenchie’s Store
Others (Third Party Dealers, etc.)

By Demography

Rural
Urban

TIER I
TIER II
TIER III

By Region

North India
Delhi
Uttar Pradesh
Chandigarh
Rest of North India

West and Central India

Gujarat
Rajasthan
Madhya Pradesh
Rest of West and Central India

East India

Sikkim
Bihar
West Bengal
Jharkhand
Arunachal Pradesh
Rest of East India

South India

Andhra Pradesh
Tamil Nadu
Maharashtra
Chhattisgarh
Odisha
Rest of South India


For more information about this report: https://store.rationalstat.com/store/electric-three-wheelers-market/

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