According to Future Market Insight, 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.
As an affordable and environmentally beneficial alternative to conventional fossil fuel-powered automobiles, electric cars are becoming more and more popular. People’s opinions towards electric automobiles, particularly for public transportation, have been significantly impacted by the growing public awareness of pollution.
Due to the rapidly rising costs of commercial cars in both industrialised and developing countries, there is an urgent need for economical commercial vehicles. More money is being spent by the government and automakers on the infrastructure required to charge three-wheeled electric vehicles. Due to tougher regulations and rules restricting the amount of pollution created by transportation, the automobile industry is being forced to develop electric three-wheelers
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.
For e-vehicles, manufacturers are developing sophisticated batteries with quick charging options. Recent technology developments might have significant prospects for the e-vehicle business. New electric three-wheelers from numerous manufacturers are being released with replaceable batteries.
Participants in the business will have more economic prospects thanks to the expanding ride-sharing trend. Shared mobility solutions in major cities aid in reducing traffic jams and automobile pollution. As a result, ride-hailing and electric car sharing offer a convenient and sustainable alternative to owning a personal automobile.
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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.
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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.
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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