Summary

Market Overview India Electric Three-Wheeler Market was valued at USD 1.65 Billion in 2025 and is projected to reach USD 3.36 Billion by 2031, growing at a CAGR of 12.60% during the forecast period. The market is witnessing notable growth driven by rising fuel costs, the need for cost-effective mobility solutions, and supportive government incentives under schemes such as FAME II. The segment has become particularly attractive to logistics providers and intra-city transport operators due to the lower running costs and operational efficiency of electric three-wheelers. Demand is also being bolstered by technological improvements in battery systems and drivetrain capabilities, enabling longer range and greater load capacity. The commercial appeal of e-rickshaws and electric cargo three-wheelers continues to grow, especially among small business owners and self-employed drivers who seek dependable, low-maintenance transport solutions. Key Market Drivers Rising Fuel Costs Persistently high fuel prices are a major factor encouraging the transition from internal combustion engine vehicles to electric alternatives. For commercial users such as rickshaw operators and last-mile delivery providers, fuel represents a substantial share of daily expenses. The lower operating cost of electric three-wheelers—enabled by reduced per-kilometer energy usage and simpler maintenance—offers significant long-term financial benefits. Electricity subsidies in certain regions further enhance savings and make cost forecasting more predictable. This economic rationale is driving increased adoption, especially among budget-conscious user segments. Word-of-mouth endorsements and peer influence among operators are also helping spread awareness and accelerating EV adoption in urban and semi-urban pockets. Key Market Challenges High Upfront Costs Despite their lower operational costs, electric three-wheelers remain financially out of reach for many due to their high initial purchase price. Lithium-ion batteries, which make up a large portion of the vehicle’s cost, contribute to the pricing gap between electric and conventional models. Limited access to favorable financing and credit options adds to the challenge, particularly for informal sector workers and small businesses. Traditional lending institutions often hesitate to finance these vehicles due to concerns over resale value and battery depreciation. Even with subsidies, the perceived affordability barrier remains significant, delaying large-scale adoption. Without innovative financing models, leasing options, or better credit access, many prospective buyers may continue to prefer ICE vehicles. Key Market Trends Shift Toward Lithium-Ion Batteries The adoption of lithium-ion battery technology is gaining momentum across India’s electric three-wheeler segment. These batteries offer higher energy density, faster charging capabilities, extended life cycles, and lower maintenance compared to lead-acid counterparts. They are increasingly preferred by commercial users who require reliable performance and minimal vehicle downtime. As domestic battery production scales up and technological innovations reduce costs, lithium-ion solutions are becoming more accessible to buyers. Manufacturers are equipping vehicles with intelligent battery management systems (BMS) that ensure safety, optimize performance, and extend battery life. This trend is influencing product design and boosting overall efficiency, leading to better vehicle durability and operational value. Key Market Players • Atul Motors Private Limited • Euler Motors Private Limited • Kinetic Green Energy & Power Solutions Ltd • Lohia Auto Industries Limited • Mahindra Electric Mobility Limited • Omega Seiki Mobility Private Limited • Piaggio Vehicles Pvt. Ltd • Saera Electric Auto Pvt. Ltd • Terra Motors India Private Limited • Vani Electric Vehicles Pvt. Ltd. Report Scope: In this report, the India Electric Three-Wheeler Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below: • India Electric Three-Wheeler Market, By Vehicle Type: o Passenger Carrier o Load Carrier • India Electric Three-Wheeler Market, By Battery Capacity: o <101Ah o >101Ah • India Electric Three-Wheeler Market, By Type: o Lead Acid o Li-ion • India Electric Three-Wheeler Market, By Region: o East India o West India o North India o South India Competitive Landscape Company Profiles: Detailed analysis of the major companies present in the India Electric Three-Wheeler Market. Available Customizations: India Electric Three-Wheeler Market report with the given market data, TechSci Research, offers customizations according to the company’s specific needs. The following customization options are available for the report: Company Information • Detailed analysis and profiling of additional market players (up to five).

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Table of Contents

1. Introduction 1.1. Product Overview 1.2. Key Highlights of the Report 1.3. Market Coverage 1.4. Market Segments Covered 1.5. Research Tenure Considered 2. Research Methodology 2.1. Methodology Landscape 2.2. Objective of the Study 2.3. Baseline Methodology 2.4. Formulation of the Scope 2.5. Assumptions and Limitations 2.6. Sources of Research 2.7. Approach for the Market Study 2.8. Methodology Followed for Calculation of Market Size & Market Shares 2.9. Forecasting Methodology 3. Executive Summary 3.1. Overview of the Market 3.2. Overview of Key Market Segmentations 3.3. Overview of Key Market Players 3.4. Overview of Key Regions 3.5. Overview of Market Drivers, Challenges, and Trends 4. Voice of Customer 4.1. Brand Awareness 4.2. Factor Influencing Availing Decision 5. India Electric Three-Wheeler Market Outlook 5.1. Market Size & Forecast 5.1.1. By Value 5.2. Market Share & Forecast 5.2.1. By Vehicle Type Market Share Analysis (Passenger Carrier and Load Carrier), 5.2.2. By Battery Capacity Market Share Analysis (<101Ah and >101Ah), 5.2.3. By Type Market Share Analysis (Lead Acid and Lithium Ion) 5.2.4. By Region Market Share Analysis 5.2.5. By Top 5 Companies Market Share Analysis, Others (2025) 5.3. India Electric Three-Wheeler Market Mapping & Opportunity Assessment 6. East India Electric Three-Wheeler Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value 6.2. Market Share & Forecast 6.2.1. By Vehicle Type Market Share Analysis 6.2.2. By Battery Capacity Market Share Analysis 6.2.3. By Type Market Share Analysis 7. West India Electric Three-Wheeler Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value 7.2. Market Share & Forecast 7.2.1. By Vehicle Type Market Share Analysis 7.2.2. By Battery Capacity Market Share Analysis 7.2.3. By Type Market Share Analysis 8. North India Electric Three-Wheeler Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value 8.2. Market Share & Forecast 8.2.1. By Vehicle Type Market Share Analysis 8.2.2. By Battery Capacity Market Share Analysis 8.2.3. By Type Market Share Analysis 9. South India Electric Three-Wheeler Market Outlook 9.1. Market Size & Forecast 9.1.1. By Value 9.2. Market Share & Forecast 9.2.1. By Vehicle Type Market Share Analysis 9.2.2. By Battery Capacity Market Share Analysis 9.2.3. By Type Market Share Analysis 10. Market Dynamics 10.1. Drivers 10.2. Challenges 11. Market Trends & Developments 11.1. Merger & Acquisition (If Any) 11.2. Product Launches (If Any) 11.3. Recent Developments 12. Porters Five Forces Analysis 12.1. Competition in the Industry 12.2. Potential of New Entrants 12.3. Power of Suppliers 12.4. Power of Customers 12.5. Threat of Substitute Products 13. Policy & Regulatory Landscape 14. India Economic Profile 15. Disruptions: Conflicts, Pandemics and Trade Barriers 16. Competitive Landscape 16.1. Company Profiles 16.1.1. Atul Motors Private Limited 16.1.1.1. Company Details 16.1.1.2. Vehicle Types 16.1.1.3. Financials (As Per Availability) 16.1.1.4. Key Market Focus & Geographical Presence 16.1.1.5. Recent Developments 16.1.1.6. Key Management Personnel 16.1.2. Euler Motors Private Limited 16.1.3. Kinetic Green Energy & Power Solutions Ltd 16.1.4. Lohia Auto Industries Limited 16.1.5. Mahindra Electric Mobility Limited 16.1.6. Omega Seiki Mobility Private Limited 16.1.7. Piaggio Vehicles Pvt. Ltd 16.1.8. Saera Electric Auto Pvt. Ltd 16.1.9. Terra Motors India Private Limited 16.1.10. Vani Electric Vehicles Pvt. Ltd. 17. Strategic Recommendations 18. About Us & Disclaimer