The electric three wheeler segment has clocked a 54.45% YoY growth in terms of retail sales in January 2024 led by the Mahindra Group
As per a list released by Federation of Automobile Dealers Associations (FADA), the electric three wheeler segment in India is growing by leaps and bounds. This segment, which includes both passenger e-rickshaws and cargo three wheelers has witnessed double digit YoY growth in January 2024, however, on a MoM basis sales dipped by 7.33 percent. Despite these lower MoM sales, the segment itself continues on a favourable vein and shows strong potential in the future.
Electric Three Wheeler Retail Sales January 2024
Following our earlier reports on electric two wheeler and electric car retail sales in January 2024 we now assess growth across the electric three wheeler segment. Increased awareness, coupled with large-scale growth across e-commerce and food deliveries has boosted sales for this eco-friendly, zero emission and cost savings on fuel. A recent study indicated that electricity and service costs works out to Rs 1.3/km for electric three wheelers as against Rs 5/km for diesel powered vehicles relating to a Rs 3-4/Km saving.
There has been a surge in demand for electric three wheelers / Rickshaw in recent months. New product launches that boast of improved quality, offer enhanced features and above all are reasonably priced, has made these products more attractive to buyers. Electric three wheeler retail sales stood at 53,298 units in January 2024, up 54.45 percent when compared to 34,508 units sold in January 2023. It was however a MoM decline by 7.33 percent from 57,511 units sold in December 2023 wherein almost every electric three wheeler OEM has posted lower sales except for Mahindra Reva, Piaggio and Bajaj Auto.
Mahindra Group led the segment with 4,682 units sold in the past month, up 56.85 percent over 2,985 units sold in January 2023. MoM sales dipped 8.27 percent from 5,104 units sold in December 2023. Mahindra Last Mile Mobility (MLMM), made up most of these sales with 4,271 units sold last month. The company lineup includes products such as the Treo Plus, Treo Yaari and e-Alfa Super for passenger transport while in the goods transport segment there is the Zor Grand, Treo Zor and e-Alfa cargo.
At No. 2 was YC Electric with 3,375 units sold in January 2024, up 48.35 percent over 2,275 units sold in January 2023. MoM sales dipped by 11 percent from 3,820 units sold in December 2023. The electric lineup in the passenger segment includes Yatri Super, Yatri Deluxe and Yatri and E-Loader and Yatri Cart for commercial use. Saera Electric has also posted double digit YoY growth at 34.88 percent in January 2024 with 2,359 units sold, up from 1,749 units sold in January 2023. MoM sales dipped 11.08 percent from 2,653 units sold in December 2023.
Piaggio, with an electric three wheeler / Rickshaw lineup of two models that include the Ape E-City FX Max passenger carrier and Ape E-Xtra FX Max cargo carrier, has seen both a YoY and MoM improvement in sales. With 2,079 units sold in January 2024, it related to a 92.50 percent YoY growth from 1,080 units sold in January 2023 and was up 1.12 percent over 2,056 units sold in December 2023.
Dilli Electric sales were higher by 34.43 percent on a YoY basis to 2,007 units sold last month from 1,493 units sold in January 2023 while it fell by 12.36 percent over 2,290 units sold in December 2023. Bajaj Auto, a relatively new entrant into the electric three wheeler segment with the Bajaj RE E-Tec 9.0 passenger EV and Maxima XL Cargo E-Tec 12.0 introduced in June 2023, has seen a 25.02 percent MoM growth to 1,579 units sold in January 2024 from 1,263 units sold in December 2023.
Electric Three Wheeler OEMs That Posted Double Digit YoY Growth
The list also included several other electric three wheeler OEMs that have each seen double digit improvement in sales on a YoY basis. There was Hotage Corporation (1,183 units) with a 64.31 percent YoY growth, Unique International (1,114 units) with 31.83 percent YoY growth and Energy Electric (1,044 units) relating to 72.56 percent YoY growth.
Lower down the list was also Champion Poly Plast (993 units), SKS Trade (909 units) and Alfine Industries (883 units). There are other electric three wheeler OEMs that contributed 29,976 units to retail sales in the past month relating to a 56.15 percent YoY growth over 19,197 units sold in January 2023 while MoM sales dipped 5.25 percent over 31,636 units sold in December 2023.
Source: Electric - rushlane.com
