Mahindra and YC Electric along with Saera and Dilli commanded the E3W segment in March 2023
Electric three wheeler sales, like electric two wheelers and passenger vehicles, has seen outstanding growth over the past two years. This industry is on an up-swing with the electrification trend set to create a cleaner and greener future for the country. Apart from big players such as Mahindra and YC Electric along with Saera and Dilli, there are several new-comings jumping into the fray to gain a share in the electric three wheeler segment.
Electric 3W sales hits 4.04 lakh units in FY 2023
Taking into account electric three wheeler sales during the FY 2023 period, it was a 118.25 percent growth to 4,04,143 units in FY 2023 from 1,85,173 units sold in FY 2022. YC Electric was the best-selling 3 wheeler maker during the past financial year with 29,902 units sold, up 75.41 percent over 17,047 units sold in FY 2022. It was followed by Saera with 22,259 unit retail sales in FY 2023, up 151.83 percent over 8,839 units sold in FY 2022.
Mahindra and Dilli also posted triple digit sales growth at 278.44 percent and 148.73 percent in FY 2023 to 18,608 units and 16,909 units respectively. Mahindra retail sales of electric three wheelers also surged by 107.54 percent to 16,682 units in FY 2023 from 8,038 units sold in FY 2022. There was also Champion Poly Plast with 14,012 units sold last financial year, up 86.13 percent from 7,528 units sold in FY 2022 and Mini Metro with 12,174 units sold in FY 2023, up 182.39 percent from 4,311 units sold in FY 2022.
Retail sales list of electric three wheelers in FY 2023 also included Unique (10,761 units), Piaggio (9,664 units), Terra Motors (8,101 units), JS Auto (8,086 units) and Energy Electric (7,254 units) with each posting YoY growth. Other OEMs in the electric three wheeler segment added 2,29,731 units to total retail sales in FY 2023 up 112.77 percent when compared to 1,07,972 units sold in FY 2022.
Electric 3W Sales in March 2023
Sales of electric three wheelers saw an 82.21 percent YoY growth in March 2023. Sales which had stood at 24,823 units in March 2022 surged to 45,229 units in March 2023. It was also a MoM growth of 26.81 percent from 35,667 units sold in Feb 2023.
Mahindra was a lead seller in this segment with 3,538 unit retail sales in the past month. This was a 312.84 percent YoY growth from 857 units sold in March 2022. MoM sales also improved by 71.83 percent from 2,059 units sold in Feb 2023. Following close behind at No. 2 was YC Electric with sales of 3,095 units in March 2023. This was a YoY growth of 27.95 percent over 2,419 units sold in March 2022 and a MoM growth of 19.82 percent from 2,583 units sold in Feb 2023.
At No. 3 was Saera Electric with 2,244 units sold in March 2023, up 74.09 percent from 1,289 units sold in March 2022. There had also been 1,839 units sold in Feb 2023 relating to a 22.02 percent MoM growth. Retail sales of Dilli Electric also increased greatly by 115.14 percent YoY and 34.88 percent MoM to 2,061 units while sales of Piaggio also improved by 194.65 percent YoY and 35.86 percent MoM to 1,432 units in March 2023.
Lower down the order was Champion Poly Plast (1,310 units), Mini Metro (1,265 units), and Unique International (1,149 units), each posting outstanding YoY and MoM growth in electric 3W sales. De-growth was reported by Mahindra Reva to 937 units in March 2023, down 22.50 percent when compared to 1,209 units sold in March 2022. MoM sales also dipped 41.84 percent over 1,611 units sold in Feb 2023. There was also Allfine Industries (863 units), JS Auto (829 units) and Hostage Corp (782 units) each of which have reported YoY and MoM growth in retail sales. There were others in this segment that contributed 25,724 units to total retail sales last month. This was an 80.20 percent YoY and 29.15 percent MoM growth from sales in March 2022 and Feb 2023.