MUMBAI: 3rd May 2025: India’s electric three-wheeler market is gradually evolving into a two-horse race. The market leader, Mahindra Last Mile Mobility (MLMM), faces stiff competition from Bajaj Auto, with both legacy players accounting for 9% of the market share.
According to Vahan data, in April 2025, 99,771 three-wheelers (including electric, CNG, diesel, LPG, and petrol vehicles) were sold in India, with electric three-wheelers accounting for 62,533 units, or nearly 63%.
Among the electric three-wheelers, Mahindra Last Mile Mobility recorded sales of 5,640 units, reflecting an 87% increase, while Bajaj Auto sold 5,509 units, trailing Mahindra by approximately 130 units. Notably, Bajaj is proving to be a tough competitor, with significant month-over-month sales growth. In April 2024, Bajaj sold 1,280 units, a 330% increase, while MLMM sold 3,011 units, an 87% increase year on year.
The Indian electric three-wheeler industry currently has eight organised players in total. After Mahindra and Bajaj, YC Electric has a 5% market share, with sales of 3,365 units in April. Both Delhi Electric and Saera Auto have 3% market share, while TVS Motors has 2%, with 1,207 units sold in April 2025.
Mahindra’s most popular models include the Treo, Treo Plus, Treo Zor, Treo Yaari, Zor Grand, e-Alfa Plus, and e-Alfa Cargo, all of which provide a variety of passenger and cargo transportation options. Mahindra offers three cargo models: the e-Alfa Cargo (310 kg payload/95 km range), the Zor Grand (400 kg payload/90 km range), and the Treo Zor (500 kg payload/80 km range).
In comparison, Bajaj Auto has two models available: the RE E-Tec 9.0 passenger EV and the Maxima XL Cargo E-Tec 12.0. The Maxima XL Cargo model, which produces 5.5 kW of power and 36 Nm of torque, has a larger battery and a longer range of 183 kilometres per charge than the RE E-Tec 9.0 passenger model.
YC Electric offers five models: the Yatri Super, Yatri Deluxe, and Yatri for passenger use, as well as the E-Loader and Yatri Cart for cargo operations.
TVS Motors’ King EV Max is powered by a 9.7 kWh lithium-ion LFP battery pack that claims to provide a travel range of 179km per charge and a top speed of 60kph.
