India Electric Three Wheeler Market Offers a Billion Dollar Opportunity: TechSci Research Report

Rising demand for clean energy vehicles due to increasing pollution levels coupled with favorable government initiatives to promote the use of such vehicles to drive India electric three wheeler market

According to TechSci Research report, “India Electric Three Wheeler Market By Vehicle Type, By Battery Capacity, Competition Forecast & Opportunities, FY2013 – FY2023”, India electric three wheeler market is projected to cross $ 1.1 billion by FY 2023. Growing three-wheeler sales coupled with increasing focus on rising air pollution levels in the country are two of the key reasons buoying demand for electric three wheelers across the country. Moreover, Government of India is constantly making efforts to promote the use of electric vehicles in order to bring the rising pollution levels under control. The government has introduced many incentive schemes, such as FAME (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles) so that more and more manufacturers as well as customers opt for electric vehicles. Additionally, rising number of research and development activities on the back of various ventures by leading companies is further anticipated to positively influence the electric three-wheeler market in the country during the forecast period.

Browse 34 market data Figures and Tables spread through 81 Pages and an in-depth TOC on  “India Electric Three Wheeler Market” 

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On the basis of vehicle type, India electric three-wheeler market is broadly segmented into passenger carriers and load carriers. With a volume share of around 99% in FY 2017, passenger carrier segment dominated India electric three-wheelers market. Moreover, in the year FY 2017, electric three-wheelers with battery capacity of less than 101Ah grabbed the largest market share in volume terms, and this trend is expected to continue through the forecast period, predominantly on account of lower prices of such electric three-wheelers. During FY 2018 – FY 2023, the country’s electric three-wheelers market is witnessed to be largely concentrated in the North region, followed by the West region.

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Hero Electric Vehicles Pvt Ltd. is the market leader in India electric three-wheeler market. However, with entry of various automobile manufacturers such as Lohia, Kinetic, Clean Motion, etc., and their increasing research and development efforts to manufacture technologically advanced and affordable electric three-wheelers is anticipated to intensify the competition in India electric three-wheeler market in the coming years. “Continuously rising pollution and degrading air quality across various major cities in India has pushed the government to take various initiatives. Keeping in view this concern, the Government of India is focusing on replacing the conventional vehicles running on fossil fuels with the ones running on electricity. These initiatives coupled with other incentives and rising focus from the industry as well as the consumer side is expected to boost electric three-wheeler sales in the country in the ensuing years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Electric Three-Wheeler Market By Vehicle Type, By Battery Capacity, Competition Forecast & Opportunities, FY2013 – FY2023” has analyzed 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 analyzes emerging trends along with essential drivers and key challenges faced by the India electric three-wheeler market.

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