Image: Kultar Ruprai, Unsplash
One in five three-wheelers sold globally in 2023 would be electric, and almost 60% of them were sold in India, according to a new report from the IEA.
The report, “Global prospects for electric vehicles,” attributes the increase in e-3W sales in India to government subsidies under the Faster Adoption and Manufacturing of Electric Vehicles (FAME II) program and the resulting reductions in the cost of ownership of electric 3Ws.
In total, almost 1 million electric 3Ws were sold worldwide in 2023, an increase of 30% compared to 2022. The market is highly concentrated, with China and India together accounting for more than 95% of all electric and 80% of conventional 3W sales.
Sales of electric 3W in India surpassed 580,000 units in 2023, up 65% from 2022. Sales in China fell 8% to 320,000 vehicles in 2023, making the country the largest market for electric 3W after India .
China accounted for 78% of global electric 2W sales, with nearly 6 million electric 2Ws sold in 2023, compared to 880,000 such vehicles sold in India And 380,000 in ASEAN countries.
In India – the second largest electric 2W market in the world – sales grew 40% in 2023 compared to 2022. The Indian electric 2W market is dominated by the five largest domestic manufacturers – Ola Electric, TVS Motor, Ather, Bajaj and Ampere. Together they accounted for more than 75% of sales.
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