Top Companies in Electric 3 wheeler Industry - Mahindra&Mahindra Ltd. (India) and YC Electric Vehicle (India)
The electric 3 wheeler market is projected to grow from USD 1.3 billion in 2024 to USD 1.5 billion by 2030, at a CAGR of 2.2%. The demand for electric 3 wheelers is expected to increase significantly, driven by government subsidies and policies to encourage the use of electric 3 wheelers. Reducing battery prices and increased economies of scale due to rapidly increasing E3W production also increase demand. The growing use of these vehicles for last-mile delivery will further increase demand in the coming years.
The electric 3 wheeler market is dominated by a few established players, such as Mahindra&Mahindra Ltd. (India), YC Electric Vehicle (India), Saera Electric Auto Pvt. Ltd. (India), Piaggio Group (Italy), and CityLife Electric Vehicles (India). These companies develop new products, adopt expansion strategies, obtain supply contracts, and establish collaborations, partnerships, and deals to gain traction in the electric 3 wheeler market.
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Mahindra&Mahindra Ltd. (M&M) is the leading electric 3-wheeler provider in India. It operates through five business segments: Automotive, Farm Equipment, Financial Services, Hospitality, and Others. Under the Automotive segment, M&M manufactures electric 3-wheelers, such as Treo, Treo Plus, Treo Zor, Treo Yaari, Zor Grand, e-Alfa Super, and e-Alfa Cargo. As of March 2024, M&M has a presence in more than 100 countries, owns more than 60 manufacturing facilities, and has around 260,000 employees. M&M provides electric 3-wheelers through its subsidiary Mahindra Last Mile Mobility. The company has future expansion plans, including increasing its production capacity, adding more dealer touchpoints, bringing in cutting-edge technology-driven last-mile mobility 3-wheeler EVs, and focusing on customer-centric products. As of February 2024, the company has a major market share in electric 3-wheelers. In October 2023, the company received an investment of USD 35.9 million from the International Finance Corporation (IFC) for its electric vehicle division, encompassing electric 3-wheelers.
YC Electric Vehicle is an India-based company specializing in designing, developing, and producing electric 3-wheelers tailored for passenger and cargo transportation purposes. The company's product lineup encompasses various models such as the Yatri Deluxe, E-Loader, and Yatri Super. In addition to vehicle manufacturing, it also offers comprehensive post-sales services and maintenance solutions. The company secured the second position among India's leading 60 electric 3-wheeler manufacturers in the calendar year 2023, with a sales volume of 40,607 units. Further, the company has extended its operations into Nepal, thereby broadening its geographical footprint.
Saera Electric Auto Pvt. Ltd. is an Indian firm specializing in the manufacturing of EVs, encompassing the design, production, and distribution of such vehicles. The company's product line includes electric two-wheelers, 3-wheelers, 4-wheelers, and electric rickshaws tailored for both passenger and cargo transport purposes. Operating nationwide, the company maintains a significant presence across various Indian states, including Maharashtra, Orissa, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh, facilitated by a network of 400 authorized dealerships. In 2023, the company sold 29,306 units of electric 3-wheelers, reflecting a substantial 52% year-on-year increase. The company currently operates three manufacturing facilities in Bhiwadi (Rajasthan) and Bawal (Haryana). The Bhiwadi plant boasts a production capacity of 24,000 units, while the Bawal facility can accommodate the production of 200,000 electric two-wheelers and 36,000 electric 3 wheelers. In June 2022, the company inaugurated a new production plant in Bawal, Haryana, representing a significant investment totaling USD 42.6 million. This state-of-the-art facility, sprawled across five acres, is equipped with cutting-edge infrastructure and possesses an annual production capacity of 36,000 units of 3-wheelers.
Related Reports:
Electric 3 wheeler Market by End Use (Passenger Carriers, Load Carriers), Range (Less than 50 miles, above 50 miles), Battery Type (Lead Acid, Lithium-ion), Battery Capacity, Motor Type, Motor Power, Payload Capacity and Region – Global Forecast to 2030
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