Electric 3-wheeler Sales Report: FY 17 - 18 to FY 23

In FY 23-24, the sales figures for 3-wheelers in India experienced a notable increase, signaling a significant uptick and enhanced profitability for the 3-wheeler EV industry. This blog unveils the sales data of the leading 3-wheeler OEMs in India for YTD 2024, along with a comparative analysis of their performance from FY 17-18 to FY 23-24.

The graph shows a significant increase in electric 3-wheeler sales in India over the past seven fiscal years, according to data from the Society of Manufacturers of Electric Vehicles (SMEV). Sales have increased from 401,882 units in FY 2022-23 to 632,485 units in FY 2023-24, representing a year-on-year growth of 57.4%. Sales declined from 143,051 units in FY 19-20 to 90,898 units in FY 20-21, indicating a decrease of 36%. This follows a period of steady growth, with sales increasing from 91,970 units in FY 2017-18 to 172,543 units in FY 2021-22. The data suggests that the electric 3-wheeler market in India is maturing rapidly, driven by factors such as government subsidies, increasing fuel prices, and growing awareness of environmental sustainability.

Based on the graph, electric 3-wheeler sales in India for the first four months of 2024 have been fluctuating. Sales started at 53,459 units in January and dipped to 37,152 units in April. March’24 saw the highest no of units sold at 60,641.