March 3rd, 2025
Established leader captures 24% market share while emerging brands Zenmo and Green Evolve show surprising momentum
The electric commercial vehicle revolution continues to unfold as Mahindra Last Mile Mobility Ltd secured the top position in India’s electric three-wheeler (L5 Goods) segment for February 2025, according to the latest industry data.
Market Leaders Maintain Dominance
Mahindra sold 588 units last month, capturing a commanding 24% market share in the competitive last-mile delivery segment. This performance reinforces the company’s strategic focus on electric commercial vehicles following its recent organizational restructuring.
Omega Seiki Private Limited maintained its strong position with 535 units sold, representing 21.85% of the market and continuing its consistent performance in the commercial EV space.
Traditional automotive powerhouse Bajaj Auto rounded out the top three with 430 units, demonstrating its ongoing commitment to electrification despite stronger performance in its conventional vehicle segments.
Emerging Players Show Remarkable Growth
Among the established players, two emerging brands demonstrated particularly noteworthy performance. Zenmo Private Limited recorded an impressive 131 units, marking a significant jump from its January figures and suggesting growing market acceptance of its newer models.
Even more striking was Green Evolve Private Limited’s performance, which surged to 68 units—a substantial month-over-month growth that industry analysts attribute to the company’s innovative payload-to-range optimization and expanded dealership network.
Established Names Face Challenges
Not all manufacturers shared in the growth story. Euler Motors, which had shown strong momentum in late 2024, registered a slowdown with 198 units sold in February. Similarly, Piaggio Vehicles Private Limited moved 120 units, maintaining its market presence but not showing the growth seen by some competitors.
Smaller players including 3EV Industries, Atul Auto, and E Royce Motors reported more modest numbers, indicating the ongoing consolidation in this highly competitive segment.
Sector Implications
The February figures reflect broader trends in India’s commercial EV ecosystem, with fleet operators increasingly prioritizing total cost of ownership over initial acquisition costs.
“What we’re seeing is a maturation of the electric three-wheeler goods segment,” explains Rajiv Kumar, Director at Future Mobility Research. “Operators are now evaluating these vehicles based on payload efficiency, range reliability, and after-sales support rather than just purchase incentives.”
The coming months will likely determine whether emerging players like Zenmo and Green Evolve can sustain their growth trajectory and challenge the established hierarchy of Mahindra, Omega Seiki, and Bajaj in this rapidly evolving market segment.
With new battery technologies coming online and several states implementing stricter emission norms for commercial vehicles in urban centers, the electric three-wheeler goods segment is expected to see accelerated adoption throughout 2025.
