India continues to be the world's largest market for electric three-wheelers for a second year in a row as sales rose nearly 20% to reach about 700,000 vehicles in 2024, the International Energy Agency (IEA) said in a report.
In its Global EV Outlook 2025, the Paris-based energy watchdog said India continues to drive most growth in the global electric three-wheeler market.
Despite the global three-wheeler (3W) market shrinking 5% from the previous year, electric 3W sales grew more than 10% to surpass 1 million vehicles in 2024. Electric 3W sales represented almost one-quarter of all 3W sales, up from one-fifth in 2023, it said.
The market is highly concentrated, with China and India together accounting for more than 90% of electric and conventional 3W sales.
"Electrification of 3Ws in China has stagnated at less than 15% over the past three years. In 2023, India overtook China to become the world's largest market for electric 3Ws, and it maintained this position in 2024, with sales growing close to 20% year-on-year to reach nearly 700,000 vehicles," it said.
This translated into a record 57% electric sales share in 2024, 3% up on the previous year.
This growing trend, it said, looks set to continue thanks to policy support under the new PM E-DRIVE scheme, which allocated budget in 2024 to support the roll-out of more than 300,000 electric 3Ws for commercial use-for which the -20 total fleet (electric and ICE) was estimated at more than 10 million vehicles in 2023.
IEA said China, India and Southeast Asia remain the world's largest 2/3W markets. "India's increasingly dynamic electric 2W market hosted a total of 220 OEMs in 2024, up from 180 in 2023, although the four market leaders accounted for a combined 80% of the 1.3 million electric 2Ws sold in the country in 2024 (6% of the overall 2W market)," the report said.
In its Global EV Outlook 2025, the Paris-based energy watchdog said India continues to drive most growth in the global electric three-wheeler market.
Despite the global three-wheeler (3W) market shrinking 5% from the previous year, electric 3W sales grew more than 10% to surpass 1 million vehicles in 2024. Electric 3W sales represented almost one-quarter of all 3W sales, up from one-fifth in 2023, it said.
The market is highly concentrated, with China and India together accounting for more than 90% of electric and conventional 3W sales.
"Electrification of 3Ws in China has stagnated at less than 15% over the past three years. In 2023, India overtook China to become the world's largest market for electric 3Ws, and it maintained this position in 2024, with sales growing close to 20% year-on-year to reach nearly 700,000 vehicles," it said.
This translated into a record 57% electric sales share in 2024, 3% up on the previous year.
This growing trend, it said, looks set to continue thanks to policy support under the new PM E-DRIVE scheme, which allocated budget in 2024 to support the roll-out of more than 300,000 electric 3Ws for commercial use-for which the -20 total fleet (electric and ICE) was estimated at more than 10 million vehicles in 2023.
IEA said China, India and Southeast Asia remain the world's largest 2/3W markets. "India's increasingly dynamic electric 2W market hosted a total of 220 OEMs in 2024, up from 180 in 2023, although the four market leaders accounted for a combined 80% of the 1.3 million electric 2Ws sold in the country in 2024 (6% of the overall 2W market)," the report said.
