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India Surpasses China as Global Leader in Electric Three-Wheeler Market

published: 2024-04-29 17:06

In 2023, India raced ahead in electric three-wheeler (e-3W) sales, topping 580,000 units, while China trailed behind with 320,000 vehicles sold, as reported by the International Energy Agency (IEA).

From PV Magazine India

A recent report by the IEA reveals that electric three-wheelers accounted for one in five global sales in 2023, with nearly 60% of these sold in India. The surge in e-3W sales in India is credited to government subsidies provided under the Faster Adoption and Manufacturing of Electric Vehicles (FAME II) scheme, which have led to reduced ownership costs for electric three-wheelers.

In 2023, the global electric three-wheeler market witnessed a significant surge, with nearly 1 million units sold worldwide, marking a 30% increase from 2022. The market remains highly concentrated, with China and India collectively commanding over 95% of electric three-wheeler sales and 80% of traditional three-wheeler sales.

India led the charge in electric three-wheeler sales, with over 580,000 units sold in 2023, marking a remarkable 65% increase from the previous year. Meanwhile, in China, sales experienced an 8% decline, totaling 320,000 vehicles in 2023, positioning the country as the second-largest electric three-wheeler market after India.

In 2023, China dominated the global electric two-wheeler market, capturing a staggering 78% share with nearly 6 million units sold. By comparison, India saw sales of 880,000 electric two-wheelers, while ASEAN countries collectively sold 380,000 units.

In India, the world's second-largest electric two-wheeler market, sales surged by 40% in 2023 compared to the previous year. The market is predominantly controlled by the nation's top five domestic manufacturers: Ola Electric, TVS Motor, Ather, Bajaj, and Ampere, collectively responsible for over 75% of total sales.

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