India Remains The World’s Largest Market For Electric Three-Wheelers in 2024

India has retained its position as the world’s largest market for electric three-wheelers (3Ws) for the second consecutive year, according to the International Energy Agency’s (IEA) Global EV Outlook 2025.

Sales in India surged by almost 20% in 2024, reaching approximately 700,000 vehicles.

This growth continues to place India at the forefront of the global electric 3W market, the IEA report reveals.

India Drives Global Growth In Electric Three-Wheelers

Despite a 5% decline in the global three-wheeler market, electric 3W sales grew by more than 10%, surpassing the 1 million mark in 2024.

Electric 3Ws now account for nearly one-quarter of total 3W sales, up from one-fifth in 2023.

The market remains concentrated, with China and India together representing more than 90% of both electric and conventional 3W sales worldwide.

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The IEA noted that while electrification in China has stagnated at less than 15% over the past three years, India has surged ahead.

In 2023, India overtook China to become the largest market for electric 3Ws, and it has maintained this position in 2024.

The country’s sales grew by nearly 20% year-on-year, reaching a record 57% electric sales share in 2024, marking a 3% increase from the previous year.

Government Support Fuels Continued Growth

The IEA attributes India’s success in the electric 3W market to strong policy support, including the new PM E-DRIVE scheme.

The scheme, which allocated a budget in 2024, aims to roll out over 300,000 electric 3Ws for commercial use.

This initiative will further accelerate the transition to electric vehicles, increasing the total fleet of electric and internal combustion engine (ICE) 3Ws in India to over 10 million vehicles by 2023.

Southeast Asia And India Dominate Global Two-Wheel Market

The IEA also highlighted India’s growing prominence in the electric two-wheeler (2W) market.

India now hosts 220 original equipment manufacturers (OEMs) in the electric 2W sector, up from 180 in 2023.

However, the four leading companies in the market account for 80% of the 1.3 million electric 2Ws sold in the country in 2024, which represents 6% of the overall two-wheeler market.

China, India, and Southeast Asia remain the largest markets for electric two-wheelers and three-wheelers globally.

India’s increasingly dynamic electric vehicle market is expected to continue growing, driven by government initiatives, local manufacturing capabilities, and rising consumer demand for eco-friendly transport options.

Conclusion: A Bright Future For Electric Three-Wheelers In India

As the world’s largest market for electric three-wheelers, India is leading the charge in the transition to cleaner, more sustainable transportation.

With strong government backing and continued growth in both the electric 2W and 3W sectors, India is poised to maintain its position as a global leader in the electric vehicle market in the coming years.