India electric three-wheeler retail sales decline 12.37% in February 2026

India electric three-wheeler retail sales declined 12.37% in February 2026 compared with the previous month, according to registration data released by the Federation of Automobile Dealers Associations. A total of 66,398 units were retailed during the month compared with 75,767 units recorded in January 2026. Despite the sequential slowdown, the segment maintained strong annual momentum, registering a 25.09% year-on-year increase over the 53,082 units sold in February 2025.

The electric three-wheeler category continues to dominate the broader three-wheeler market in India, reflecting sustained electrification across passenger and cargo mobility segments. Data compiled in collaboration with the Ministry of Road Transport and Highways covered 1,459 of the country’s 1,464 Regional Transport Offices and excluded registrations from Telangana.

Market share trends in the three-wheeler segment

The electric category accounted for 56.7% of total three-wheeler retail registrations in February 2026. This share was slightly higher than the 56.4% recorded in February 2025 but lower than the 59.6% level seen in January 2026.

The marginal decline from January reflects seasonal demand adjustments that frequently occur during February due to the shorter calendar month and inventory normalization at the dealership level. Historical retail patterns in the Indian automotive sector show similar moderation during this period each year.

Leading manufacturers maintain strong positions

Bajaj Auto retained the top position among electric three-wheeler manufacturers with retail sales of 8,728 units in February 2026. This represented a 2.56% increase compared with January and a substantial 90.24% rise compared with the 4,588 units sold in February 2025.

The company’s performance reflects its strong distribution reach and increasing demand for both passenger and cargo electric three-wheelers in major metropolitan markets as well as smaller urban clusters.

Mahindra Group ranked second with 7,878 units during the month. The figure represented a 5.19% month-on-month increase and a 34.05% year-on-year gain compared with February 2025. Much of this growth was driven by Mahindra Last Mile Mobility Ltd, which accounted for 7,760 units. The parent entity Mahindra & Mahindra Limited contributed 118 units.

TVS Motor Company secured the third position with retail sales of 2,447 units in February 2026. While this was an 8.45% decline compared with January’s 2,673 units, the company recorded one of the highest annual growth rates in the segment, rising sharply from just 309 units sold in February 2025.

Mid-tier manufacturers show mixed performance

Among mid-tier players, sales trends were more varied. YC Electric Vehicle reported retail sales of 1,952 units in February, representing a 19.17% month-on-month decline from 2,415 units in January and a 42.13% drop compared with the previous year.

Dilli Electric Auto Pvt Ltd sold 1,591 units, reflecting a 16.96% monthly decline and a 6.96% annual drop. Saera Electric Auto Pvt Ltd reported 1,573 units, recording a smaller 2.54% monthly decline but a 24.19% reduction compared with February 2025.

Piaggio Vehicles Pvt Ltd posted a modest 4.43% month-on-month increase to 967 units, although its sales remained 17.35% lower than a year earlier. Omega Seiki Pvt Ltd similarly recorded a 3.77% monthly increase to 908 units but remained below its previous year levels.

Mini Metro EV LLP sold 912 units in February, down 9.61% from January but nearly flat year-on-year. J.S. Auto (P) Ltd demonstrated stronger annual momentum with 1,117 units, registering a 37.56% year-on-year increase while declining only marginally month-on-month.

Several players report sharp monthly declines

A number of manufacturers experienced significant sequential contractions. Zeniak Innovation India Ltd recorded a 41.37% month-on-month drop to 1,420 units, although its year-on-year performance remained strong with sales more than doubling from the previous year.

Jajodia Commodities Pvt Ltd reported the steepest decline among major listed manufacturers with a 35.38% drop to 758 units. Fede Industries Pvt Ltd also saw sales fall 30.55% month-on-month to 823 units, while Hooghly Motors Pvt Ltd declined 25.41% to 1,265 units.

Aahana Commerce Pvt Ltd recorded a 22.35% reduction to 1,070 units, while Energy Electric Vehicles saw a smaller contraction of 7.78% to 818 units. These declines indicate that January volumes may have been temporarily elevated due to inventory stocking and year-opening sales pushes.

Strong annual growth across emerging manufacturers

Despite the monthly pullback, annual comparisons indicate strong structural expansion in the sector. Fede Industries Pvt Ltd posted one of the highest growth rates with a 362.36% increase compared with the previous year.

Hooghly Motors Pvt Ltd recorded a 283.33% year-on-year rise, while Jajodia Commodities Pvt Ltd achieved a 279% increase. Aahana Commerce Pvt Ltd also reported substantial annual growth of 177.92%.

These trends suggest that smaller and emerging manufacturers are scaling their production capacity and distribution networks as demand for electric three-wheelers expands across regional markets.

Fragmented market structure remains dominant

The “Others” category, which includes a wide range of smaller and regional manufacturers, accounted for 32,171 units in February 2026. Although this represented a 16.37% decline from January levels, the category still grew 12.77% compared with February 2025.

This segment continues to represent the largest share of total electric three-wheeler registrations, highlighting the highly fragmented nature of the market beyond leading manufacturers.

Policy incentives and operating economics drive adoption

The rapid expansion of the electric three-wheeler market in India has been supported by lower operating costs compared with internal combustion engine vehicles. Declining battery prices and improved charging infrastructure have further strengthened the business case for fleet operators.

Government incentives have also contributed to adoption. National initiatives such as the PM E-DRIVE scheme and earlier FAME II subsidies provided purchase incentives for electric vehicles. In addition, several state governments including Delhi, Maharashtra, and Uttar Pradesh offer tax exemptions and registration fee waivers for electric three-wheelers.

Public transport agencies and municipal authorities in several cities have also deployed electric three-wheelers for feeder services and intra-city mobility operations.

Retail registration data reflects real consumer demand

The broader growth trajectory indicates that electrification of last-mile mobility is accelerating across urban, peri-urban, and rural markets. Passenger auto-rickshaws and small cargo carriers are increasingly shifting toward battery-powered models due to lower operating expenses.

Federation of Automobile Dealers Associations retail registration data is derived directly from vehicle registrations at Regional Transport Offices. This methodology captures vehicles registered by end customers rather than manufacturer dispatches to dealerships, offering a clearer view of actual market demand.

Although the segment experienced a temporary monthly correction, the underlying trend indicates continued expansion in India electric three-wheeler retail sales as electrification reshapes the country’s last-mile mobility ecosystem.