Like their zero-emission 2-wheeler and passenger vehicle siblings, India’s electric 3-wheeler industry has also opened FY2027 with strong numbers. In April 2026, as per Vahan, the 631 companies in this segment of India EV Inc sold 64,549 units, up 3% YoY (April 2025: 62,489 units) and up 1.5% month on month (March 2026: 63,549 units). These April numbers come on the back of the e-3W industry hitting a record high of 830,819 units in FY2026.
India e-3W Inc’s performance continues to be powered by three legacy OEMs – Mahindra & Mahindra, Bajaj Auto and TVS Motor Co – along with a few other companies. Here’s looking at the top seven best-selling e-3W OEMs which accounted for 45% (28,891 units) of the retail sales in April 2026.
Mahindra Last Mile Mobility (MLMM), the e-3W arm of the SUV major Mahindra & Mahindra, has begun FY2027 with retail sales of 10,292 units, up 83% YoY (April 2025: 5,633 units). This is the third instance that MLMM has sold over 10,000 e-3Ws in a single month, the previous ones being October 2025 (11,861 units) and November 2025 (10,777 units).
This performance gives MLMM a market share of 16% in April and comes on the back of its 12% e-3W share in FY2026, up from the 10% in FY2025 and 9.57% in FY2024. As the first legacy OEM to plug into e-mobility nearly a decade ago, MLMM has the largest e-3W portfolio including the Treo, Treo Plus, Treo Zor, Treo Yaari, Zor Grand, e-Alfa Plus, e-Alfa Cargo and more recently the UDO. MLMM outsold arch rival Bajaj Auto last month, marking the 11th time in the past 13 months that it has done so. In April, the market leader and the challenger were separated by just 567 units.
Bajaj Auto, the world’s largest 3-wheeler manufacturer and exporter, registered its highest monthly sales of e-3Ws last month. The 9,725 units sold in April 2026 are a 77% YoY increase (April 2025: 5,509 units) and give the company a 15% market share for the month. The April numbers beat the previous best of 9,051 units in March 2026.
A relatively recent entrant into this segment, Bajaj Auto’s growth trajectory is reflected in its rising market share: from 2% in FY2024 to 7% in FY2025 and 11% in FY2026. In FY2026, Bajaj had outsold MLMM in January and February 2026. The company, which has the GoGo brand of passenger and cargo e-3Ws, forayed into the 40,000-units-per-month volume e-rickshaw passenger and cargo sub-segment with its Riki model in November 2025 and, more recently, expanded its passenger model portfolio with the Wego P9018 claimed to be India’s longest range (296km) e-3W.
TVS Motor Co, a recent entrant in the e-3W market, holds onto the No. 3 rank it first achieved in January and then maintained over the next three months. In April, the company delivered 3,046 units, up 152% YoY (April 2025: 1,207 units) to achieve a 5% market share for the first time. This is TVS’ highest monthly sales since it entered the e-3W industry, beating the previous best of December 2025 (2,887 units) and reflects a positive market response to its King EV Max passenger and King Kargo HD EV models in a competitive market.
The Delhi-based YC Electric Vehicles is ranked No. 4 with 1,932 units, down 43% YoY. The advance of the top three legacy OEMs has impacted companies like YC Electric. This longstanding player has five models – Yatri Super, Yatri Deluxe, and Yatri for passenger transport, and E-Loader and Yatri Cart for cargo operations.
It’s the same with the Rajasthan-based Saera Auto. The company, which manufactures the nine-model Mayuri brand of electric rickshaws, sold 1,388 units in April 2026, down 23% YoY.
Likewise, Dilli Electric Auto which clocked sales of 1,327 units, down 23% YoY. This Haryana-based company manufactures electric rickshaws (CityLife brand), a category which has come under attack from legacy players like MLMM, Bajaj Auto, TVS and TI Mobility which are rolling out better-built and safer products. The impact of increasing competition in the volume e-rickshaw market can be seen in Dilli Electric Auto’s reducing market share which at 2.60% in FY2026 is down from the 4% it had two years ago.
Meanwhile, seventh-ranked Piaggio Vehicles has posted 4% YoY sales growth with 1,181 units (April 2025: 1,141 units).
Combined sales of MLMM, Bajaj Auto and TVS (23,063 units) meant the three legacy OEMs had a 36% share of the 64,549 e-3Ws sold in April. Ten of the Top 20 companies saw a sales decline.
A close look at the Top 20 e-3W OEMs in FY2026 (see data table below) reveals that 50% of them have seen a YoY sales decline. This is also reflective of the fact that e-3W buyers of passenger transport and cargo models across the individual as well as fleet operator categories are displaying a preference for models from well-established players which offer well-built, safer products as also the ease of ample service facilities across the country.
Will the record 800,000-unit retail sales of FY2026 be eclipsed in FY2027? Given the sharpened focus on electric mobility, particularly amid the Iran oil crisis, as well as the recent move by the government to extend the PM e-Drive Scheme for the e-3W segment (e-rickshaws and e-carts) to March 31, 2028, albeit with reduced incentives, one can be cautiously optimistic about this. Even a 10% YoY increase on FY2026’s large base will take the segment to beyond 900,000 units in FY2027. April 2026’s 64,549 units make for a decent start but the momentum needs to increase sharply in the coming months.
While the electric 3W share of the overall 3W market was 60% in April 2026, the CNG share dropped to 24% as a result of month-on-month sales declines since January 2026.
EV Share of 3W Market at 60% in April, Cng Share Drops to 24%
Electric 3Ws continued eating into the share of the CNG 3W market. In line with the trend witnessed in FY2026, the share of e-3Ws in the overall 3W market in April 2026 (106,905 units) was 60%, similar to January but above February (57%) and March (58%).
In comparison, the CNG 3W share has fallen from 25% in January 2026 to 24% in April 2026 (25,696 units). As per Vahan data for CY2026 YTD, retail sales of CNG 3Ws has seen a sustained fall since January. Starting this year with 31,376 units, demand dropped to 29,910 units in February, to 27,589 units in March, and to 25,696 units in April.
Among the impediments to better adoption of CNG three-wheelers have been regular price hikes of this fuel which increase the total cost of vehicle ownership, which is critical in this vehicle category which caters to both passenger and cargo transport. As of today (May 2, 2026), CNG costs Rs 81 per kg in Mumbai, which is a Rs 4 per kg rise from the Rs 77 per kg rate (on December 20, 2025).
In a highly price- and value-conscious market like India, which have scores of individual-owned 3Ws and a growing number of last-mile mobility fleet operators, the e-3W value proposition as compared to CNG and costlier petrol and diesel is hitting home.
When compared to electric 3Ws, CNG loses out on the zero-emission wallet-friendly alternative. EVs offer a much lower running cost per kilometre of around Rs 1.40 per kilometre with a 90-120km range on a full charge. Meanwhile, a CNG 3W has an estimated running cost of around Rs 1.40 per kilometre, which works out to a 140% increase compared to an e-3W.
The rapid advance of the e-3W segment can be seen from its speedy growth particularly since FY2023 when it crossed the 400,000 sales for the first time and accounted for every second 3W of the total 785,094 units sold in India. Demand continued to rise over the next three fiscals and in FY2026 the e-3W industry doubled its FY2023 volume to surpass the 800,000 milestone for the first time.
In comparison, the CNG-powered 3W segment which registered its highest sales in FY2024 (356,284 units) for a 30% share of the 1.16 million 3Ws sold, saw its share of the overall 3W market progressively reduce to 28% in FY2025 and to 24% in FY2026, and now in the first month of FY2027. Will electric 3Ws continue to take away buyers from the CNG segment in FY2027? Watch this space as we bring you the latest sales updates and analyses.
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