The electric three-wheeler market is expected to reach US$ 866.8 Million in 2023 and US$ 1,523.2 Million by 2033, growing at a CAGR of 5.8% from 2023 to 2033.
Electric cars are rising in popularity as an accessible and sustainable alternative to traditional fossil fuel-powered vehicles. The increased public awareness of pollution has had a big impact on people’s opinions towards electric cars, especially for public transit. Future Market Insight claims that
There is a pressing demand for affordable commercial vehicles because commercial vehicle prices are rising quickly in both developed and emerging nations. The government and automakers are investing more money in the infrastructure needed to charge three-wheeled electric vehicles. The automobile industry is being driven to construct electric three-wheelers as a result of stricter restrictions and guidelines that limit the amount of pollution produced by transportation.
Sales of electric vehicles are rapidly increasing, which is encouraging big investment from automakers. To reach a larger client base, businesses are utilising environmentally friendly raw materials and components.
Manufacturers are creating sophisticated batteries with speedy charging capabilities for e-vehicles. The e-vehicle industry may benefit significantly from recent technological advancements. Many manufacturers are releasing brand-new electric three-wheelers with detachable batteries.
Due to the growing ride-sharing trend, participants in the industry will have better economic possibilities. In large cities, shared mobility options help to lessen gridlock and vehicle pollution. Ride-hailing and electric car sharing so provide a practical and environmentally friendly substitute for owning a personal vehicle.
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The market is most likely to be controlled by the Asia Pacific region. Greater public support for electric vehicles, population growth, widespread usage of affordable mass transit for the last leg, and regular transportation in the area are all factors that contribute to the region’s hegemony.
KEY TAKEAWAYS
- During the projected period, the Chinese electric three-wheeler market is expected to rise at a CAGR of 5.3%.
- The Indian electric three-wheeler market is expected to rise at a CAGR of 6.4% during the forecast period.
- Over the projection period, Japan is expected to be responsible for 14.6% of the global market.
- The UK electric three-wheeler market is estimated to increase at a CAGR of 6.0% during the forecast period.
- The German electric three-wheeler market is expected to constitute for 2.8% of the global market over the forecast period.
- Over the projected period, the US electric three-wheeler market is estimated to account for 3.6% of the global market.
- The 1000 W to 1500 W segment is expected to maintain its dominance during the projected period, accounting for almost 57.1% of the global market share.
- Over the projected period, the passenger carrier segment is estimated to lead the market, accounting for almost 50.7% of the global market.
COMPETITIVE LANDSCAPE
Key players operating in the electric three wheeler market are Mahindra & Mahindra Ltd., Piaggio & C. SpA, Bodo Vehicle Group Co., Ltd., Atul Auto Limited, Terra Motors, Gayam Motor Works, Omega Seiki Pvt Ltd, Baja Auto, Jaingusu Kingdom Vehicle Ltd, E-Tuk Factory, Kinetic Green Energy solution , and others.
These businesses have employed a range of strategies in order to increase their market share for electric three-wheelers. They have employed both organic and inorganic growth tactics, such as new product releases, acquisitions, corporate expansions, and partnerships, to expand their customer base and raise revenue.
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Key Segmentation of the Electric Three Wheeler Market
By Battery Type:
- Lithium-Ion
- Nickel-Metal Hydride
- Lead-Acid
- Others
By Vehicle Type:
- Passenger Carrier
- Load Carrier
By Power Capacity:
- Up to 1000 W
- 1000 W to 1500 W
- Above 1500 W
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
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RECENT DEVELOPMENT
- In August 2021, Bajaj revealed the debut of electric three-wheelers produced in collaboration with its Austrian partner KTM.
- In October 2020, The Treo Zor, an electric three-wheeler freight version, was revealed by Mahindra Electric Mobility. It is based on the Treo Platform and is available in three configurations: pickup, delivery van, and flatbed.
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