ICRA – Indian Electric Three-Wheeler Industry, Mar 2025

The main theme of the report is the electric three-wheeler industry in India.

Key findings include: Electrification of three-wheelers (3W) in India is outpacing other segments of the auto industry. Electric three-wheeler penetration is expected to reach around 40% by the fiscal year 2030. The highest share of electric three-wheelers is in northern states of India, such as Uttar Pradesh, Bihar, Assam, and Delhi. Major growth drivers are the low cost of ownership and increasing demand for last-mile delivery in urban areas. Key challenges include stringent criteria from financial institutions and uncertainty with resale value.