Source : PTI | New Delhi: Legacy OEMs have crept up from behind to outwit and outpace electric-first manufacturers in the electric two wheeler segment this past year, thriving on their wide distribution networks and deep pockets. And if emerging trends from the electric three wheeler (passenger) industry are anything to go by, the same scenario may play out here too. Legacy two wheeler OEM, TVS Motor Company, is the latest entrant in the L5 (electric passenger) three wheeler segment, where old timers Bajaj Auto, Piaggio and Mahindra Last Mile Mobility are already kingmakers. And Bajaj is upping the game further, with the imminent launch of an electric three wheeler variant which has a larger body and thus the capacity to carry more passengers as well as cargo. Bajaj has also announced a new brand for e3w: Bajaj GoGo.
The L5 segment is crowded, with nearly 140 OEMs, but most of them are electric-first. But in the last one year, the legacy trio (Bajaj, Piaggio and Mahindra) has already cornered more than a fifth of the market in 2024. In other words, every fifth passenger electric three wheeler sold in the country last year was from these legacy OEMs. Now, as another legacy OEM, TVS, has also decided to enter the fray, there is bound to be a churn. Smaller OEMs are likely to exit the market or get acquired by bigger players.
Among the electric-first OEMs which sold over 1000 units last year was Omega Seiki Mobility. Two other OEMs crossed the 1000 unit mark: Dilli Electric Auto and Murugappa Group company, TI Clean Mobility. In yet another indication of the growing heft of the electric three wheeler segment, South Korean major Hyundai Motor Company has announced a collaboration with TVS for developing “advanced electric three wheeler and micro four wheeler).
In 2024, electric 3w passenger sales as per vahan
