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

Key Highlights:

•    India's EV market slightly dips in Feb 2024, but YoY growth strong.
•    E-rickshaw sales decline, but YC Electric leads with 3,005 units sold.
•    E-cart segment sees notable rise, with YC Electric selling 340 units.
•    Dilli Electric and J. S. Auto show strong growth in e-cart sales.
•    Saera Electric also posts impressive figures in both e-rickshaw and e-cart segments.

In February 2024, India recorded a total of 1,40,611 registered electric vehicles, showing a slight decrease from the previous month's figure of 1,44,640. 

Electric Two-Wheelers (EW) remained the most popular category, maintaining dominance in the market. However, E-rickshaw sales saw a decline, dropping from 40,511 in January 2024 to 36,563 in February 2024. 

Electric Three-Wheelers segment showed a mixed trend, with the passenger variant witnessing a marginal increase from 6,915 to 6,944 registrations and the cargo segment experiencing a slight rise from 2,198 to 2,622 registrations.

Electric three-wheelers (E3W) 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 3Ws (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 February 2024 based on the data from the Vahan Dashboard.

E-rickshaws Sales Trend

The E-rickshaws segment witnessed a remarkable increase in sales. According to data from the Vahan portal, 36,563 units of E-rickshaws were sold in February 2024 compared to 30,662 units sold in February 2023.

E-rickshaw: OEM-wise Sales Analysis

In Feb 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 February 2024, YC Electric sold 3,005 units, showcasing a 22% year-over-year growth from 2,466 units in February 2023. The month-over-month decline was 3%, down from 3,113 units in January 2024.

Saera Electric

In February 2024, Saera Electric delivered 1,992 units, showcasing a 11% year-over-year growth from 1,736 units in February 2023. The month-over-month decline was 14%, down from 2,226 units in January 2024.

Dilli Electric 

In February 2024, Dilli Electric delivered 1,583 units, showcasing a 25% year-over-year growth from 1,271 units in February 2023. The month-over-month decline was 6%, down from 1,679 units in January 2024.

Mini Metro 

In February 2024, Mini Metro sold 1,025 units, showcasing a 15% year-over-year growth from 890 units in February 2023. Compared to January 2024, sales decreased by 1%, down from 1,037 units.

Hotage Corporation

In February 2024, Hotage Corporation delivered 937 units, showcasing a 52% year-over-year growth from 615 units in February 2023. The month-over-month decline was 16%, down from 1,121 units in January 2024.

Also Read: Electric Three-wheeler Sales Report: YC Electric Emerges as Top Choice for E-Rickshaws

E-cart Sales Trend

The Electric 3-wheeler cargo segment witnessed a remarkable increase in sales. As per the Vahan portal data, 4434 units of E-cart were sold in February 2024 compared to 2439 units sold in February 2023.

E-cart: OEM-wise Sales Analysis 

In February 2024, the sales were dominated by key players including YC Electric, Dilli Electric, J. S. Auto, SKS Trade India, and Saera 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 

In February 2024, YC Electric Vehicle sold 340 units, showcasing a 212% year-over-year growth from 109 units in February 2023. The month-over-month growth stood at 41%, up from 241 units in January 2024.

Dilli Electric 

Dilli Electric also demonstrated strong performance, delivering 298 units in February 2024, reflecting a commendable 43% year-over-year growth from 208 units in February 2023. The month-over-month growth stood at 10%, rising from 270 units in January 2024.

J. S. Auto

In February 2024, J. S. Auto delivered 203 units, showcasing a 151% year-over-year growth from 81 units in February 2023. The month-over-month growth was 83%.

SKS Trade India

In February 2024, SKS Trade India sold 154 units, a 105% increase from last year's February sales of 75 units. Compared to January 2024, there was a 4% growth from 135 units.

Saera Electric

In February 2024, Saera Electric delivered 161 units, showcasing a 50% year-over-year growth from 107 units in February 2023. Compared to January 2024, they grew by 29%, up from 125 units. 

In short, the sales performance of electric three-wheelers (E3W) in February 2024 underscores their significance in India's electric vehicle market. E-rickshaws and E-carts continue to gain traction as affordable, convenient, and eco-friendly mobility solutions for both passengers and goods transportation.