As a result, legacy players such as Mahindra Last Mile Mobility, Bajaj Auto, TVS Motor Company and Zuperia Auto are increasingly becoming preferred choices among commercial operators across both passenger and cargo segments.
The numbers reflect this changing market behaviour. Mahindra Last Mile Mobility sold 69,625 electric three-wheelers in FY2024-25, which increased sharply to 1,01,905 units in FY2025-26, taking its market share from 10% to 12%. Bajaj Auto, TVS Motor and other established automotive players also reported strong growth, collectively emerging among the largest contributors to the industry’s expansion.. Industry data indicates that legacy automotive brands significantly increased their share of overall E3W sales over the last two years, while several smaller and non-legacy players witnessed slower growth or market-share erosion despite operating in a rapidly expanding category.
In FY2025-26 alone, Mahindra, Bajaj and TVS together contributed a substantial portion of incremental industry growth, reinforcing the growing trust commercial buyers are placing in established manufacturers. The Indian commercial EV customer has evolved significantly over the past few years. The market today is far more mature than it was three or four years ago. Commercial buyers are no longer impressed merely by pricing or product appearance. They are evaluating vehicles on the basis of uptime, service support, reliability and long-term earnings potential. The conversation has moved from purchase price to return on investment.The growing preference for established brands reflects the increasing sophistication of commercial vehicle operators. An electric three-wheeler is not just a vehicle for a commercial operator; it is his source of livelihood. Naturally, buyers are placing greater trust in brands that have manufacturing strength, a strong dealer ecosystem, readily available spare parts and a long-term commitment to the market. Trust today is becoming a stronger differentiator than looks.
The trend is particularly visible across Tier-II and Tier-III cities, which are emerging as the next growth centres for electric mobility. States such as Uttar Pradesh, Haryana, Bihar, Rajasthan, West Bengal and Assam are witnessing strong growth in both passenger and cargo E3W deployments. Rural demand is also emerging as a major growth driver, with three-wheeler sales growth in rural markets significantly outpacing urban centres.