Africa Electric Three Wheeler Market to Exhibit Double Digit CAGR until 2023

Rising fuel prices, increasing pollution levels and various advantages such as economical pricing and ease of maintenance associated with electric three-wheelers to fuel Africa electric three-wheeler market through 2023  

According to TechSci Research report, “Africa Electric Three-Wheeler Market By Vehicle Type, By Battery Capacity, By Battery Type, By Country, Competition Forecast & Opportunities, 2013-2023”, electric three-wheeler market in Africa is forecast to grow at a CAGR of more than 16% during 2018 – 2023. The double-digit growth in the market is expected to be aided by government efforts aimed at encouraging the use of clean fuel vehicles amid rising pollution levels across the region. Moreover, rising fuel prices, technological advancements, increasing research & development activities, low-cost maintenance of electric three-wheelers as compared to traditional three-wheelers, and growing consumer inclination towards electric vehicles are anticipated to have a positive impact on the region’s three-wheeler market during the forecast period. 

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Electric passenger carrier segment accounted for the largest share in the region’s electric three-wheeler market in 2017 and the trend is anticipated to continue in the coming years as well, on the back of increasing consumer preference for these vehicles. Moreover, electric passenger carriers are the widely accepted means of transportation in the region. Lead acid battery is the most commonly used battery type in Africa electric three-wheeler market, owing to its economical pricing and low maintenance cost.

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“Over the coming years, consumer inclination towards alternative fuel technology other than petrol, diesel, CNG, etc., is anticipated to increase, owing to the rising prices of these fuels. Moreover, government subsidies and incentives for buying electric vehicles, and growing presence and widening product portfolios of various companies are further expected to boost revenues for three-wheeler manufacturers operating in Africa during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Africa Electric Three-Wheeler Market By Vehicle Type, By Battery Capacity, By Battery Type, By Country, Competition Forecast & Opportunities, 2013-2023” has analyzed the potential of electric three-wheeler market across the region, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

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