Electric Three-wheeler Sales Report March 2024: YC Electric Emerges as Top Choice for E-Rickshaws

Key Highlights:

•   EV sales in India spiked in March 2024, showing a clear trend towards electric transportation.
•   E-rickshaw sales rise slightly to 37,352 units, highlighting their urban mobility appeal.
•   E-cart sales increased to 5,090 units, indicating a growing demand for eco-friendly goods transport.
•   Some E-rickshaw OEMs saw stable sales, while others experienced minor dips.
•  Key E-cart players, including YC Electric and Dilli Electric, dominated sales with impressive year-over-year growth.

In March 2024, electric vehicle (EV) sales in India increased significantly across all categories compared to February 2024. E-rickshaw sales also increased marginally, from 36,566 to 37,352 units. Similarly, e-cart sales grew from 4,438 to 5,090 units. 

Other EV categories also witnessed an increase, from 541 to 1,757 units, demonstrating a broader trend toward electrification in transportation. Overall, the Indian electric vehicle industry grew significantly in March across several segments.

Electric three-wheelers (E-3W) are an important segment of the electric vehicle (EV) market in India, as they offer affordable, convenient, and eco-friendly mobility solutions for both passengers and goods. 

E-rickshaw refers to low-speed electric 3Ws (up to 25 kmph) used for passenger transportation. On the other hand, E-cart refers to low-speed electric three-wheelers (up to 25 kmph) used for goods transportation. 

Both e-rickshaws and e-carts are becoming popular choices for transportation in crowded cities and towns because they are quieter, produce fewer pollutants, and are often cheaper to operate than traditional vehicles. In this news, we will examine the sales performance of the E-rickshaw and E-cart segments in March 2024 based on the data from the Vahan Dashboard.

E-rickshaws Sales Trend

The E-rickshaws segment witnessed a slight increase in sales. According to data from the Vahan portal, 37,352 units of E-rickshaws were sold in March 2024 compared to 37,254 units sold in March 2023.

E-rickshaw: OEM-wise Sales Analysis

In March 2024, the E- rickshaw sales were led by YC Electric, SAERA Electric, and Dilli Electric. Our analysis of the E- rickshaw segment reveals significant sales change among OEMs. Therefore, let’s explore the sales performance of the Top 5 OEMs in detail.

YC Electric 

In March 2024, YC Electric sold 2,936 units, showing a y-o-y decline of 0.1% from 2,939 units in March 2023. The month-over-month decline was 2%, down from 3,005 units in February 2024.

Saera Electric

In March 2024, Saera Electric delivered 1,967 units, showcasing a 7% year-over-year decline from 2,108 units in March 2023. The month-over-month growth was 2%, up from 1,922 units in February 2024.

Dilli Electric 

In March 2024, Dilli Electric delivered 1,474 units, showcasing a 12% year-over-year decline from 1,684 units in March 2023. The month-over-month decline was 7%, down from 1,582 units in February 2024.

Mahindra Last Mile Mobility

In March 2024, Mahindra Last Mile Mobility sold 1,119 units, showcasing a 54% year-over-year decline from 2,426 units in March 2023. Compared to February 2024, sales increased by 16%, up from 967 units.

Mini Metro 

In March 2024, Mini Metro delivered 1,049 units, showcasing a 14% year-over-year decline from 1,214 units in March 2023. The month-over-month growth was 2%. The company sold 1,024 units in February 2024.

E-cart Sales Trend

The Electric 3-wheeler cargo segment witnessed a remarkable increase in sales. As per the Vahan portal data, 5,090 units of E-cart were sold in March 2024 compared to 3,209 units sold in March 2023.

E-cart: OEM-wise Sales Analysis 

In March 2024, the sales were dominated by key players including YC Electric and Dilli Electric. Our analysis of the E-3W Cargo segment reveals significant sales change among OEMs. Therefore, let’s explore the sales performance of the Top 5 OEMs in detail.

YC Electric Vehicle 

In March 2024, YC Electric Vehicle sold 374 units, showcasing a 149% year-over-year growth from 150 units in March 2023. The month-over-month growth stood at 10%, up from 340 units in February 2024.

Dilli Electric 

Dilli Electric also demonstrated strong performance, delivering 343 units in March 2024, reflecting a commendable 43% year-over-year growth from 240 units in March 2023. The month-over-month growth stood at 15%, rising from 299 units in February 2024.

J. S. Auto

In March 2024, J. S. Auto delivered 263 units, showcasing a 180% year-over-year growth from 94 units in March 2023. The month-over-month growth was 30%.

Vijays Coolmax

In March 2024, Vijays Coolmax sold 227 units, a 207% increase from last year's March sales of 74 units. Compared to February 2024, there was a 108% growth in sales, up from 109 units.

Saera Electric

In March 2024, Saera Electric delivered 208 units, showcasing a 66% year-over-year growth from 125 units in March 2023. Compared to February 2024, they grew by 29%, up from 161 units. 

Also Read: February 2024 Electric Three-wheeler Sales Report: YC Electric Emerges as Top Choice 

CMV360 Says

The surge in electric vehicle sales across various segments in India during March 2024 reflects a significant shift towards sustainable transportation solutions. With both e-rickshaw and e-cart sales on the rise, it underscores the growing acceptance and adoption of eco-friendly mobility options in the country's urban and commercial landscapes.