Electric Three Wheeler Market to Grow at a CAGR of 6.50% During the Forecast Period
Rising demand for emission free public transportation is driving the growth in global electric three-wheeler market in the forecast period, 2023-2027
According to TechSci Research report, “Electric Three Wheeler Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”. The global electric three-wheeler market stood at USD1,387.98 million in 2017 and is expected to grow at a steady CAGR of 6.50% during the forecast period to reach USD 2,323.50 million in 2027 on account of rising demand for emission free public transportation and increasing environmental concerns.
Electric three-wheelers classified into passenger carrier and load carrier, are battery powered electric vehicles equipped with three wheels, designed to be driven by a single driver. The propulsion system and accessory system of an electric three-wheeler is powered exclusively by a zero-emissions on-board electricity source stored on board.
The growing number of market participants and presence of Chinese unorganized market will also contribute significantly to the global electric three-wheeler industry’s growth over the next five years. The growth in ongoing research and development to develop more efficient batteries that can be charged in lesser time intervals and have more kilometer’s range. Apart from research and development in the three-wheeler industry, factors such as growing health concerns, increasing environmental concerns, growing electric three-wheeler manufacturing, rising demand for emission free public transportation, lower maintenance and running cost accompanied with rising government support for electric vehicles through subsidies and incentives are expected to propel the market in the upcoming five years, boosting the electric three-wheeler industry worldwide. Factors such as high cost of replacing a battery, shortage of skilled mechanics, lower kilometers range, lacking charging infrastructure combined with shortfall of awareness are some of the primary challenges limiting the market’s development.
Browse over 184 market data Figures and spread through 110 Pages and an in-depth TOC on “ Global Electric Three-Wheeler Market”
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The global electric three-wheeler market is segmented into based on vehicle type, battery capacity, battery type, region, and competitional landscape. Based on vehicle type, the market is further fragmented into passenger carrier and load carrier with passenger carrier holding the dominating market share of 58.77% in 2021 in terms of volume. The significant market share of passenger carrier can be attributed to the reasons such as affordable form of public transportation, last mile connectivity etc. Owing to growing research and development to carry heavier cargo, the load carrier electric three-wheelers are anticipated to be the fastest growing segment in the forecast years.
Based on battery capacity, the market is bifurcated into >101Ah and <101Ah. As capacity of a battery is designed based on numerous factors such as kilometer range, application of electric three-wheeler, charging time, battery weight, battery size. Significant number of electric three-wheeler manufacturers have been targeting batteries that can hold charge for prolong periods and can be driven for longer distances, as a result electric three-wheelers having battery capacity >101Ah is holding the commanding volume share of 64.82% in 2021 in global electric three-wheeler market. Moreover, based on battery type, the global electric three-wheeler market is further bifurcated into lithium ion and lead acid. Among them the lithium-ion batteries is projected to witness the fastest growth owing to factors such as improved discharge, higher charge efficiency, longer life span accompanied with the ability to deep cycle while maintaining power.
Based on region, the global electric three-wheeler market is majorly dominated by Asia Pacific region. Owing to China, the region accounted for the highest sales of electric three-Wheelers in the world in 2021, registering market share of over 80.71% in volume terms in Asia Pacific and the trend is expected to continue in the forthcoming years as well. Asia Pacific region is home to some of the largest electric three-wheeler manufacturers in the world. Furthermore, Asia Pacific leads over the other regions in terms of number of people, universities, industries, etc. Moreover, as masses in Asia Pacific prefer travelling by affordable public transportation, the electric three-wheelers market in the region is anticipated to grow with a steady CAGR of 4.43% in terms of volume, in the forecast years.
Key market players in the electric three-wheeler market include:
- Jiangsu Jinpeng Group Co., Ltd.
- Mahindra & Mahindra Ltd.
- Piaggio Group
- Atul Auto Ltd.
- Changzhou Yufeng Vehicle Co., Ltd.
- Lohia Auto Industries
- Kinetic Green Energy & Power Solutions Ltd.
- Skyride Automotive
- Shado Group International Pte. Ltd
- Beevatech Limited
Global electric three-wheeler market is fragmented with a lot of well-established players having presence in several countries Jiangsu Jinpeng Group Co., Ltd., Mahindra & Mahindra Ltd., Piaggio Group, Atul Auto Ltd., Changzhou Yufeng Vehicle Co., Ltd., Lohia Auto Industries, Kinetic Green Energy & Power Solutions Ltd., Skyride Automotive, Shado Group International Pte. Ltd, Beevatech Limited, etc. are major electric three-wheeler players are holding a significant position in the global electric three-wheeler market.
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“Asia Pacific holds the largest volume shares of 98.80%in the market and is anticipated to be leading region in the upcoming market on the account of rising demand for emission free public transportation of electric three-wheelers. Furthermore, the market’s growth is being aided by the quick increase in research and development in the field, as well as the increasing environment concerns. New market players are advised to invest and focus on the research and development of the electric three-wheelers and services for the brand establishment. Collaborations and regulated deals with the established market players would help the prospects of the new market player.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Electric Three Wheeler Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Vehicle Type (Passenger Carrier, Load Carrier), By Battery Capacity (<101Ah, >101Ah), By Battery Type (Lead Acid, Li-ion), By Region”, has evaluated the future growth potential of global electric three-wheeler market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global electric three-wheeler market.
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