New Delhi. In India in 2024, a 20 % bounce has been recorded within the sale of electrical three-wheelers, which has elevated to 7 lakh autos. Together with this, in keeping with a report by the Worldwide Vitality Company (IEA), India has been thought-about the world’s largest marketplace for electrical three-wheelers for the second consecutive yr, which can also be forward of China. IEEA’s World EV Outlook 2025 report states that the three-wheeler market is extremely concentrated, with greater than 90 % of the three-wheeler market, which is greater than 90 % of the sale of electrical and conventional three-wheelers.
India’s sale elevated by 20 %
The report mentioned, “Within the final three years, the electrification of the three-wheeler in China has been secure at lower than 15 %. In 2023, India left behind, India grew to become the world’s largest marketplace for electrical three-wheelers and remained in 2024, which elevated by 20 % on an annual foundation and reached about 7,00,000 autos on an annual foundation.”
India-China world’s largest market
The report mentioned that this rising pattern is more likely to proceed with the help of the federal government underneath the brand new PM e-Drive Scheme, which in 2024 helped to roll-out greater than 3,00,000 electrical three-wheelers for industrial use. In accordance with the report, China, India and South East Asia are the world’s largest two and three-wheeler markets, that are about 80 % of the world’s largest two and three-wheelers, that are about 80 % of the worldwide gross sales of 2024, that are about 80 % of the worldwide gross sales of 2024, Three-wheelers are working as the first means of personal passenger transport in these areas.
220 OEM in India
The report mentioned, “There are a complete of 220 OEM in 2024 in India’s speedy dynamic electrical two-wheeler market, which have been 180 in 2023. Nonetheless, in 2024, 80 % of the 1.3 million electrical two-wheelers offered within the nation (6 % of the whole two-wheeler market) have been collectively recorded by 4 market leaders.”
Whereas the advance buy value of electrical two-wheelers is extra common than the standard two-wheeler, growing competitors is motivating OEMs to introduce extra economical electrical fashions.
The IEA report mentioned, “Coverage help can also be serving to to bridge the affordability inside between electrical and ICE two-wheeler fashions, through which the brand new PM Electrical Drive Revolution in Progressive Automobile Enhancement (PM E-Drive) Coverage is already targeted adoption and manufacturing of electrical autos (FAME) The scheme continues the monetary help offered underneath measures. “
2.5 million electrical two-wheelers
The scheme is deliberate to function by March 2026 to help the roll-out of about 2.5 million electrical two-wheelers, which is greater than 1 million goal underneath the earlier FAME-II coverage.
The report mentioned that 80 largest electrical two-wheeler producers in India recorded a joint manufacturing capability of 10 million electrical two-wheelers in 2024, which is about 8 occasions the home gross sales that yr. If all OEM bulletins are profitable, then the capability is anticipated to be 17 million electrical two-wheelers within the close to future. The IEA report additionally mentioned that the whole gross sales of electrical automobiles in India elevated by 2 % to about 1,00,000 items in 2024.
Gross sales of 35,000 electrical automobiles have been recorded within the first quarter of 2025, which was a forty five % improve on an annual foundation. In India, the supply of excessive import responsibility on EV and domestically manufactured, inexpensive electrical fashions implies that Chinese language imports in 2024 within the nation’s EV gross sales have been under 15 %.
The report acknowledged that the most affordable battery electrical automobile mannequin was manufactured domestically by Chinese language OEM, whereas the common value of imported Chinese language BEV was doubled in comparison with the mannequin made by home producers. All battery electrical autos (BEV) fashions manufactured by Indian automobile producers began at a value of lower than $ 20,000 in 2024, whereas the BEV mannequin was greater than the imported sugar.
Total, the common value distinction between battery electrical and ICE automobiles in 2024 was lower than 15 % for small automobiles and fewer than 25 % for SUVs. The IEA mentioned that India has additionally seen a speedy development in bringing electrical buses since 2020, the variety of which has elevated by 3,000 to about 4,000 to greater than 11,500 by the tip of 2024.
