Electric Three-wheeler Sales Report
The Electric Three Wheelers vehicle (E3W) market saw mixed results in January 2023, with sales of registered passenger E3Ws declining by 2% from the previous month, while sales of registered cargo-type E3Ws saw a steeper drop of 12%.
Despite these declines, the overall sales of electric three wheelers still recorded a modest decrease of around 3% month-over-month. However, when looking at the year-over-year comparison,the picture brightens significantly. Sales of passenger electric three wheelers in January 2023 rose by an impressive 74% compared to the same month in 2022, while sales of cargo-type E3Ws increased by 68%.
This suggests that the market for E3Ws is still growing, despite the recent dip in sales. These latest figures indicate that the demand for E3Ws remains strong, particularly for passenger models. The increase in sales for passenger E3Ws is a testament to the growing popularity of these vehicles, which offer a more environmentally friendly and cost-effective alternative to traditional cars. The cargo-type E3Ws, on the other hand, are proving to be a hit among businesses looking for an efficient and sustainable way to transport goods.
Top players in the Electric Three Wheelers Segment
In January 2023, the top 7 electric 3-wheeler companies in passenger and cargo segments had a combined market share of 34.68% of the entire E3W market. Mahindra held first place 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 a 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 consumers and businesses alike are embracing this innovative mode of transportation.
Read More:- Electric Four-wheeler Sales Report: January 2023