India is now the world's largest electric three-wheeler market
A note on terminology (important): In Indian EV sales reporting (Vahan / SMEV), the low-speed three-wheeled e-rickshaw segment is informally labelled "L3" and the high-speed three-wheeled electric auto segment "L5". These are market shorthand and do NOT match the UN-ECE L-category letters, where L3 is a two-wheeled motorcycle and three-wheelers fall under L2 (light) and L5. We keep the Indian market labels below because the data sources use them, and we add a Segment column so the two very different products are never mixed.
India accounted for about 57% of global electric three-wheeler sales in 2024 (691,300 units, per the COP30 / Acceleration to Zero Coalition report). Domestically, FY2026 was a record year:
Total e-3W retail registrations: 830,819 units, up 19% from FY2025 (698,914).
High-speed electric autos (the "L5" three-wheeler class in Indian market data): 262,683 units, up 65%; their share of the e-3W market rose from about 23% (FY2025) to about 32% (FY2026).
Low-speed e-rickshaws (labelled "L3" in Indian market reporting, but a three-wheeler): 561,154 units, up 4%.
E-3Ws are now 61% of all three-wheeler sales in India and 34% of the country's total EV sales.
The category is consolidating fast: Mahindra, Bajaj and TVS together hold nearly 80% of the high-speed (L5-class) segment.
Top electric three-wheeler manufacturers in India — FY2026 Vahan retail
| Rank | Manufacturer | FY2026 retail | Segment | Trend / note |
|---|
| 1 | Mahindra Last Mile Mobility | 101,905 | L5 | +46% YoY; first brand to pass 100,000 in a year; ~12% share |
| 2 | Bajaj Auto (GoGo) | 89,604 | L5 | +76% YoY; new GoGo brand (P5012 / P7012 / P9018) |
| 3 | YC Electric | not separately disclosed | L3 | Long-time e-rickshaw leader; volumes declining |
| 4 | TVS Motor | 27,831 | L5 | +1,541% YoY; entered FY2026 from near-zero |
| 5 | Saera Electric (Mayuri) | 22,845 | L3 | -19% YoY |
| 6 | Dilli Electric Auto | 21,655 | L3 | -11% YoY |
| 7 | Piaggio India (Apé E-City) | ~13,000 | L5 | Share fell from ~11.5% to ~5% |
| 8 | Omega Seiki Mobility | 6,991 | L5 / L3 | +16% YoY |
| 9 | TI Clean Mobility (Montra) | 6,724 | L5 | New entrant |
| 10 | Euler Motors | 4,166 | L5 | +29% YoY; cargo HiLoad |
Note: the original 2024 list mixed L3 (low-speed e-rickshaws) and L5 (high-speed electric autos) under one ranking even though they are different products with different rules, price bands and buyers. The table above adds a Segment column for clarity. YC Electric's exact FY2026 units were not broken out in the Vahan analysis we used, so we show its rank rather than a figure.
What changed since the original 2024 list
TVS Motor was absent from the original list; it entered the e-3W market and reached 27,831 units in FY2026.
Piaggio's share collapsed from about 11.5% to about 5% as organised L5 competitors scaled.
Atul Greentech's L5 vehicle business was transferred to its parent Atul Auto in January 2026 (slump sale); Atul Greentech now focuses on batteries, BMS, chargers and drivetrains. Atul Auto continues the vehicle business.
Mahindra, Bajaj and TVS now dominate the high-speed segment.
2025-2026 product highlights
Mahindra Last Mile Mobility: Treo (ARAI-certified 141 km), Treo Plus (up to 167 km), and the new UDO passenger model launched in February 2026. FY2026 retail 101,905 (+46%).
Bajaj Auto GoGo: P5012 / P7012 (9.2-12.1 kWh, up to 251 km) and the P9018 / Wego P9018 launched February 2026, advertised at up to 296 km — among the longest-range e-3Ws in India. FY2026 retail 89,604 (+76%).
Euler Motors HiLoad: 768 kg payload, 164 km certified range; FY2026 retail 4,166 (+29%), with fleet orders from Amazon India and BigBasket.
Piaggio Apé E-City FX Max: about 120-150 km range; cargo Apé E-Xtra FX about 115-120 km.
Policy and incentives (2026)
India's subsidy path ran FAME-II (ended March 2024) to EMPS 2024 to PM E-DRIVE (Rs 10,900 crore, notified 29 September 2024). A March 2026 amendment (S.O. 1617(E)) extended the scheme overall to 31 March 2028, but the e-3W (L5) sub-scheme closed on 26 December 2025 after hitting its target early. Subsidy for registered e-rickshaws / e-carts continues to 31 March 2028 at Rs 2,500/kWh (cap Rs 12,500 per vehicle). Electric two-wheeler subsidy ran to 31 July 2026.
Technology and charging
The organised L5 market has shifted to LFP (lithium iron phosphate) batteries for cycle life, safety and total cost; L3 e-rickshaws still largely use lead-acid. Battery swapping is scaling: Battery Smart operates about 1,400 stations with 50 million-plus swaps, and Sun Mobility works with Gogoro on swap interoperability. Regionally, Uttar Pradesh alone accounts for about 35% of e-rickshaw sales.
About BENLG
BENLG is a China-based OEM/ODM manufacturer and exporter of electric motorcycles, scooters and three-wheelers (Dongguan HQ plus Tianjin / Wuxi / Taizhou bases; an India office in Gurgaon; exports to 65+ countries; certified to US DOT, EU EEC / E-MARK and ISO 9001). BENLG does not appear in the Indian domestic rankings above; it supplies OEM/ODM and export programmes for international buyers.