Two- and Three-Wheeler Market in India — 2023 Update

India is the second largest manufacturer and market (by sales volume) of two-wheelers in the world after China. Two-wheeler sales registered a decline of 11% in 2021-22 but have increased by 17.7% to ~15.8 million units in 2022-23. IDTechEx forecasts that India will overtake the saturated Chinese electric two-wheeler market to become the largest electric two-wheeler market in the world over the next two decades. This is driven by government subsidies and policy to reduce pollution, lower total cost of ownership, and improve battery performance and localization of battery production in India. Electric three-wheelers are already highly popular in India due to the lower total cost of ownership compared to ICE counterparts - the three-wheeler segment is the most electrified segment out of all vehicle types in India. This premium article looks into this micro EV market segment and provides information on models and market shares.