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
| Mahindra Last Mile Mobility | 46873 |
| Bajaj | 37855 |
| Piaggio | 18878 |
| TI Clean Mobility | 6033 |
| Omega Seiki | 1780 |
| Dilli Electric Auto | 1117 |
Total three wheelers sold (electric plus ICE)
| Total three wheelers sold in 2024 (electric plus ICE) | Total three wheelers sold in 2023 (electric plus ICE) | |
| Goods | 124972 | 114472 |
| Passenger | 555249 | 480951 |
| Total | 680221 | 595423 |
Total electric three wheelers sold
| Total electric three wheelers sold in 2024 | Total electric three wheelers sold in 2023 | |
| Goods | 30804 | 25718 |
| Passenger | 119713 | 49312 |
| Total | 150517 | 75030 |
As per data from the Vahan portal, 22% or at least every fifth three wheeler sold in India in 2024 was an electric three wheeler (e3w). The share of e3w in the total three wheeler pie almost doubled within 12 months, with just about 12% of total three wheeler sales coming from the electric segment in 2023. And within the e3w ecosystem, there was explosive growth in the passenger e3w subsegment, with sales galloping by 243% in one year to 119713 units in 2024 from just 49312 units in 2023.TVS muscling in
TVS has entered the L5 segment with TVS King EV Max at an ex-showroom price of INR 2.95 lakh, which it says is the lowest among legacy OEMs. The vehicle comes with an energy efficiency of 17.4 km/kWh, can reach 0-30 kmph in 0.99 seconds, has maximum speed is 60 kmph and can be 80% charged in 2 hours 20 minutes (full charge needs three and a half hours). The range on full charge is 179 km, the vehicle is available in three drive modes (eco, city and power), comes with a bluetooth connected cluster and turn by turn navigation and carries a six year warranty. TVS already has 140 dealers and more than 250 service touch points.
Rajat Gupta, Business Head (commercial mobility) at TVS, said the company has a production capacity of 2.5 lakh units per annum for three wheelers and that growth in the L5 segment is being driven primarily by nine states within the country, which together account for 8 in 10 passenger electric three wheelers sold. The biggest factor driving sales of electric versus ICE three wheelers is the low total cost of ownership, Gupta says. TVS is eyeing a significant jump in sales volumes of the new product within three quarters.
Besides marking its entry with a home made product, TVS has also entered into an understanding with Hyundai for electric three wheelers. Though no binding agreements have been explored or executed between the two companies, Hyundai has said it is exploring the potential to offer “design, engineering and technology” while TVS will explore manufacturing and marketing of the vehicles.
Industry sources tell us that this partnership will likely develop products positioned at the more premium end of the market and for last-mile connectivity. One person said that the concept, which was showcased at the Bharat Mobility Global Expo 2025 had a wider wheel base than current products available in the market.
Bajaj racing ahead
Bajaj Auto has already charted a meteoric rise in the electric three wheeler industry, reaching a third of the domestic market in the L5 passenger segment in 2024. Executive Director Rakesh Sharma said during a call with analysts after the third quarter results for FY25 that “We expect the L5 category to continue to grow at 4-6% level, primarily driven by increasing ev penetration.” Bajaj has decided to launch a variant “larger in size” in the L5 category, which has an application in the passenger plus cargo segment, Sharma said. “The need for such a product exists even in the electric segment. Core urban areas prefer smaller e-vehicles but smaller towns need vehicles with a larger body. We already have a larger body vehicle in the ICE format, we will now launch it also in the electric format.
As we do that, it is important to ensure performance of the new electric product – gradability (the height this vehicle can climb) and load carrying capacity must be good. Those tests have been done and we are very excited about this product. This product will happen in the current quarter and it should give us good play in many geographies where our market share is lower”.
Omega Seiki
Ashhar Idris, National Sales Head, claims Omega Seiki has its eyes firmly set on 10% market share within the next 12 months. “OSM has the largest product portfolio in passenger e3w with both, stream and stream city. Stream City comes with 15 minute fast charging. We also have multiple options for home charging and a range of 200 km in single charge,” he said. Idris dismissed the threat from legacy players, saying they do not have the largest product portfolio and their products lack load carrying capacity, range and servicing.
Another electric first company, Altigreen Propulsion Labs, has also been trying to make a mark in the increasingly competitive e3w segment, but its market share declined drastically in 2024. Industry sources say that Altigreen has run out of funds and talks with Hero MotoCorp for selling equity stake have broken down. Amitabh Saran, Founder and CEO of Altigreen, had said recently that the company is in the midst of Series B fund raise.
