The electric three-wheeler market Size 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.
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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In modern autos, fully autonomous and self-driving gearboxes are widely wanted. The necessity for artificial intelligence (AI) in the automotive sector has grown as a result of the creation of customised solutions by AI integration suppliers.
The growing use of EVs and hybrid vehicles, which gain from features like park-guided systems that increase operational efficiency, user convenience, and vehicle protection, also happens to be a moment when AI units are being used.
The research and development of ADAS integration are being advanced by automotive enthusiasts’ increased interest in Level 2 ADAS (Advanced Driver Assistance Systems).
The new car makers’ OEM-based AI chips help with a variety of vehicle operations. Artificial intelligence (AI) supports every component, including the lighting, cruise control, air conditioning, assisted parking, and others.
The rapidly increasing sales of electric vehicles are driving automakers to invest heavily. 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 market for electric cars could be significantly improved by recent technological advancements. Many manufacturers are releasing brand-new electric three-wheelers with detachable batteries.
Business players will have improved financial opportunities as a result of the expanding ride-sharing trend. The availability of shared transport choices in big cities contributes to a reduction in traffic congestion and automobile emissions. A practical and greener alternative to having a personal automobile is ride-hailing and electric car sharing.
The region of Asia-Pacific is most likely to have an impact on the market. A multitude of reasons, including as rising public support for electric vehicles, population growth, widespread use of moderately priced mass transit for the last leg, and frequent mobility in the area, all have an impact on the region’s hegemony.
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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
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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