India Emerges as Largest Market for Electric Three-Wheelers in 2024

23 May 2025 CW Team

India retained its position as the largest global market for electric three-wheelers (3Ws) in 2024, with sales rising by twenty per cent to approximately seven hundred thousand units, according to the International Energy Agency’s Global EV Outlook 2025.

Despite a five per cent contraction in the overall global three-wheeler market, electric 3W sales surged over ten per cent worldwide, crossing one million units. India and China accounted for over ninety per cent of global electric 3W sales, with India leading at fifty-seven per cent electric share, up from fifty-four per cent the previous year.

The strong momentum in India’s electric 3W sector is supported by government schemes, particularly the PM E-DRIVE initiative, which aims to deploy over three hundred thousand electric 3Ws for commercial use. India’s three-wheeler fleet crossed ten million vehicles in 2023, forming a vital part of public and goods transport and marking a shift towards sustainable mobility.

Electric two-wheelers (2Ws) also grew steadily, with 1.3 million units sold in 2024, making up about six per cent of the market. Subsidies under PM E-DRIVE target 2.5 million electric 2W deployments by March 2026.

Electric car sales neared one hundred thousand units in 2024, a forty-five per cent increase year-on-year, while electric bus stock rose from fewer than three thousand in 2020 to over eleven thousand five hundred units by the end of 2024.

India’s growth reflects strong government incentives, domestic manufacturing, and rising consumer interest in electric mobility.

Source:Team Angel One

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