Three Wheeler Market Booms: Over 100,000 Units Sold for Second Consecutive Month

Sales of two-wheelers, three-wheelers, commercial vehicles and passenger vehicles grew by 22%, 43%, 9% and 7% respectively.

Navratri 2023 set a new record, with retail sales increasing by 18% year on year, exceeding those of Navratri 2017. Except for tractors, which fell by 8%, other categories showed remarkable growth. Sales of two-wheelers, three-wheelers, commercial vehicles and passenger vehicles grew by 22%, 43%, 9% and 7% respectively.

Along with the SUV market, the three-wheelers segment is a major success for India Auto Inc. Three-wheeler retails have surpassed 100,000 units for the second consecutive month, with 104,711 units sold, up from 102,426 in September. The rise began in August when sales reached 99,907 units, just 93 units short of the important milestone.

India Auto Inc’s three-wheeler segment has been experiencing a steady growth in demand, with October 2023 witnessing a 45% YoY increase in sales of electric three-wheelers, which accounted for 47% of the total three-wheeler market.

Electric three-wheelers, like their two-wheeled counterparts, are the EV industry's low-hanging fruit, with 48,757 units sold in October 2023, a 45% increase year on year.

In October, they controlled 47% of the whole three-wheeler market. This e-three-wheeler sub-segment, which sells passenger-transporting e-rickshaws as well as cargo-carrying three-wheelers, is experiencing strong double-digit growth as a result of continued demand for passenger transportation as well as from last-mile operators for e-commerce applications, food deliveries, and other applications.

"The three-wheeler segment continued to grow in demand during Navratri, largely driven by competitive finance options and a significant rise in e-rickshaw interest, signalling a healthy move towards electrification," said FADA president Manish Raj Singhania.

Also Read: Electric three-wheeler sales grew incredibly with a growth of 58% in October 2023.

Bajaj Auto, the market leader, currently has a 35% share by selling 35,639 units, up 43% year on year. Piaggio Vehicles sold 8,227 units, a 53% increase year on year, exceeding its September total of 7,550 units and increasing its market share to 8%.

Mahindra Last Mile Mobility, comes in third position with 5,911 units sold and a market share of 5.65%. This positive trend in the three-wheeler market, particularly for electric models, reflects the evolving landscape of the Indian automotive industry, as consumers increasingly embrace eco-friendly and efficient mobility solutions.

The 3W segment saw an increase in demand during Navratri, owing mostly to competitive financing options and a significant increase in e-rickshaw interest, indicating a healthy shift toward electrification.

This positive trend continued in October, with strong market sentiments and festive celebrations leading to an increase in customer bookings.