Super car

E-commerce boom spurs India’s electric three-wheeler market

New electric vehicle (EV) registrations in India reached over one million in December 2022, according to data from the Ministry of Road Transport and Highway. This represents approximately 300% year-on-year growth. Helped in no small part by the purchase incentives of the Faster Adoption and Manufacturing of (Hybrid and) Electric vehicles (FAME) scheme, the country is undergoing a significant shift to electrification. However, another economic trend is poised to accelerate the change even further: e-commerce.

Online market data platform Statista forecasts exponential growth in India’s e-commerce sector until the end of the decade—from US$74.8bn in 2022 to US$350bn in 2030 (+368%). Increased online shopping necessitates a concurrent rise in last-mile vehicle logistics. However, with Mumbai and Bengaluru ranked in TomTom’s top ten most congested cities in the world, this boom is unlikely to be served by cars and trucks.

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