Increasing pollution levels and economical pricing of electric three-wheelers to drive demand for electric three-wheelers through 2023
According to TechSci Research report, “Global Electric
Three-Wheeler Market By Vehicle Type,
By Battery Capacity, By Battery Type, By Region, Competition Forecast
& Opportunities, 2013-2023”, the global
electric three-wheeler market is anticipated to surpass $ 6 billion by 2023 on
the back of increasing government support in the form of subsidies on electric
three-wheelers, availability of easy financing options, and ease of maintenance
as compared to traditional three-wheelers. Moreover, growing inclination of
consumers towards electric vehicles due to rising pollution levels is further
anticipated to boost sales of electric three-wheelers across the globe during
the forecast period.
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With a majority volume share in 2017, passenger carrier segment dominated the global electric three-wheeler market, followed by load carrier segment. On account of growing requirement for technologically advanced and sustainable automobiles to curb the rising pollution levels across the globe, the demand for electric three-wheelers is expected to surge at a robust pace during the forecast period. Among battery types, lead acid battery based electric three-wheelers dominated the market in 2017, backed by their economical pricing as compared to lithium ion batteries. Moreover, lead acid batteries are easier to maintain and have low running per km cost, which is further contributing to their high demand. The electric three-wheeler market was witnessed to be largely concentrated in the APAC region, majorly owing to government support and easy availability of financing options.
Entry of various automobile manufacturers such as
Lohia, Kinetic, Clean Motion, Hero, and various Chinese companies,
coupled with increasing R&D focus to manufacture technologically advanced
and affordable electric three-wheelers is anticipated to intensify the market
competition in the global electric three-wheeler market over the course of next
five years. “Rising inclination towards alternative and cleaner technologies
other than petrol, diesel and CNG is likely to aid the growth of electric
three-wheeler market in the coming years, globally. Moreover, electric
three-wheelers have several advantages over the conventional three-wheelers;
the key one, in addition to running on cleaner technology, being low vehicle
maintenance. These factors are expected to result in significantly boosting
electric three-wheeler sales in the coming years, especially in the
Asia-Pacific region.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Electric Three Wheeler Market By Vehicle Type, By Battery Capacity, By Battery Type, By Region, Competition Forecast & Opportunities, 2013-2023” has analysed the potential of electric three-wheeler market across the country, and provides statistics and information on market sizes, 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 analyses emerging trends along with essential drivers and key challenges faced by the global electric three-wheeler market.