Increased production of electric vehicles in India has generated an ample number of business opportunities in the country and across the globe for automobile companies.
India is currently one of the largest automotive industries globally contributing nearly 8% to 10% of the country’s GDP. We have already witnessed a huge growth in the electric two wheelers industry. Now the three wheeler electric vehicle segment is following suit and growing rapidly. Just like electric bikes, there has been an increase in the demand for electric three wheelers of late.
The government of India is also undertaking various initiatives to boost the electric three wheeler demand thus moving step by step towards the ultimate goal of pollution-free transportation.
Electric Three Wheeler market in India is expecting a growth of 45% CAGR in the upcoming period of 2019 to 2024. At least 43% to 48% of the Indian electric vehicle market has been acquired by the electric three wheelers in the current scenario.
Also, there is a 21% increase in the sales of electric three wheelers in India and one can only expect it to increase more. The decrease in the price of electric vehicle battery, environmental policies, and the incentives provided by the government will be playing a major role in the growth of this market.
Categories Of Electric Three Wheeler In India
The Electric three wheeler Market is categorized into 2 parts:
- Passenger Carrier: This category holds a large share in the three wheeler market. The Passenger Carrier is also known as Electric Auto Rickshaw or e-Rickshaw. This vehicle is mainly used in the metropolitan cities as it holds the major part of intra-city transportation. It is slowly becoming the preferred choice over ICE three wheelers owing to the low per km cost.
- Load Carriers: This is the modified version of Electric Auto Rickshaw which is used to carry goods, also known as Electric Three Wheeler Loader. The loader looks way different than the e-Rickshaw owing to its purpose. Load carriers come with a higher motor power enabling it to carry heavy loads (500 kg to 1000 kg).
Price Comparison Between Petrol Three Wheeler And Electric Three Wheeler
- For charging an electric three wheeler, the charging station costs around Rs. 7 per unit. The average amount of electricity consumed for full charge is somewhere near 6 units. Hence, the total cost for full charge comes around 42 Rs in which the e-Rickshaw can run 100 kms. Thus, the per km cost comes to 42 paisa.
- On the contrary, a Petrol rickshaw gives a mileage of around 30 km/l thus running at a per km cost of 2.66 Rs.
- Given the massive difference in the running cost coupled with the low maintenance required for e-rickshaw, it is predicted that nearly 90% of petrol rickshaws will be replaced by e-rickshaws in the near future.
- Also, give the pace at which petrol and diesel are depleting, electric vehicles come as a massive boon.
Top Three Wheeler Electric Vehicle Companies In India
- Mahindra Electric Industries
- Hero Electric Industries
- Lohia Auto Industries
- Saera Electric Auto Pvt. Ltd
- Kinetic Green Energy & Power Solutions Ltd.
- Terra Motors India Corp.
- Bajaj Auto Motor Company
- TVS Motor Company
EV Duniya Editorial: This article is written by Himani Kathal