Government Subsidies to Drive South America Electric Three Wheeler Market at 8% until 2023

Rising pollution, government initiatives towards encouraging use of clean fuel vehicles and increasing fuel prices to drive South America electric three-wheeler market through 2023

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According to TechSci Research report, “South America 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 South America is projected to exhibit a CAGR of around 8% until 2023. Government initiatives such as subsidies on electric vehicles, increasing research & development activities and various advantages associated with electric three-wheelers such as low-cost maintenance are some of the key factors expected to positively influence the region’s electric three-wheeler market. Growing pollution levels and rising fuel prices are also anticipated to push the sales of electric three-wheelers in South America during the forecast period.

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Lead acid battery accounted for a 100% share in the region’s electric three-wheeler market in 2017, as it is more economical as compared to lithium ion battery. Moreover, lead acid batteries have low self-discharge as well as low maintenance requirements. In 2017, passenger carrier segment dominated the market, and the segment is anticipated to maintain its market dominance in the coming years as well, owing to passenger carrier being a widely accepted means of transportation in the region. Some of the major electric three-wheeler players operating in the region include ChongQing Zongshen, Xianghe Qiangsheng, Hero Electric Vehicles, Terra Motors India and Clean Motion.  

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“Electric three-wheelers offer various benefits over traditional three-wheelers, such as they are cleaner than combustible three-wheelers, owing to which several governments across the South America are encouraging the use of electric vehicles amid rising concerns related to increasing pollution levels across the region. Also, people are becoming increasingly aware about the cost benefits and environment friendliness of electric three-wheelers. Thus, in the coming years, demand for electric three-wheelers is anticipated to grow in South America.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“South America 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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