Reports Description
The increasing demand for affordable commercial vehicles is boosting the market.
According to Custom Market Insights (CMI), The size of the Global Electric Three Wheelers Market was worth around USD 680 million in 2021 and is predicted to grow to around USD 1100 million by 2030 with a compound annual growth rate (CAGR) of roughly 5% between 2022 and 2030. The report analyses the Electric Three Wheelers market’s drivers and restraints and their impact on demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Three Wheelers market.
Electric Three-Wheelers Market: Overview
The electric three-wheeler, commonly referred to as an e-rickshaw, is a wheeled vehicle driven by electricity that offers comfort to its driver and passengers or is used to transport cargo and people.
For the passenger’s safety and security, the electric three-wheeler is outfitted with a fire extinguisher, a toolbox, and first aid supplies. It also has GPS capabilities. It is envisioned as the typical mode of transportation for urban and suburban areas. Electric motors powered by rechargeable batteries propel the electric three-wheelers. Furthermore, unlike older models of electric three-wheelers, which require the battery to be removed from the vehicle to be charged, the newest models of electric three-wheelers have plug-in charging alternatives. It is anticipated that the rise in government assistance and efforts to transform the automotive sector into a more honed sector would further accelerate the growth of the global electric three-wheeler market.
Electric Three-Wheelers Market: COVID–19 Impact Analysis
Worldwide, businesses and industries have been impacted by the COVID-19 epidemic. Federal officials had to enact lockdown and containment measures because of the coronavirus outbreak, which prompted people worldwide to stay inside their houses. The automotive sector was experiencing raw material and component scarcity, which halted the manufacturing of automobiles in all key markets. The producers of electric three-wheelers felt the pandemic’s effects on the demand for electric vehicles and the supply chain. However, as soon as the lockdown was released, demand for electric three-wheelers increased, and the eased disruption of the supply chain further fueled the market growth.
Electric Three-Wheelers Market: Growth Drivers
Surging demand for affordable commercial vehicle
The market for electric three-wheelers will expand as there is a rising need for cheap business vehicles. There is a desire for affordable business cars due to the rising price of commercial vehicles in developed and developing nations.
Furthermore, important factors, including the rise in disposable income and urbanization, propel the market for electric three-wheelers. Because of growing consumer preferences for greener transportation options, the market for electric three-wheelers is predicted to grow quickly throughout the projected period. The electric three-wheeler market will experience revenue growth influenced by battery price reductions. The market for electric three-wheelers will experience slower growth due to growing worries about environmental pollution.
Rising demand for shared mobility
In the forecasted period of 2022 to 2030, the growing shared mobility trend will offer lucrative prospects to industry participants. In cities, shared mobility services reduce traffic congestion and vehicle pollution. As a result, technological advancements in ride-hailing and automobile sharing provide a practical and sustainable alternative to owning a personal vehicle. In the upcoming years, ride-hailing services are anticipated to impact this industry greatly, decreasing the need for manual work and generating time and financial savings. Additionally, the market for electric three-wheelers will have lucrative chances in the future due to an increase in R&D efforts and the emergence of new markets.
Electric Three-Wheelers Market: Segmentation Analysis
The moringa market is segmented into battery, power, and end-use in our research scope. By battery, the lithium-ion battery segment is anticipated to hold the largest share globally throughout the forecast period. Their benefits, such as longer battery life due to higher energy density, compact size, quicker charging, and little maintenance, are credited with the growth. The need for lithium-ion batteries has been further fueled by the rise in electric, hybrid, and plug-in electric vehicles. Due to its widespread use, lithium costs have been falling over the past year, which has also contributed to the growth curve.
The CAGR for the lead-acid battery segment is anticipated to be the highest over the projected period. Due to their capacity to deliver a strong power surge, lead-acid batteries are frequently utilized in EVs, establishing them as a dependable energy source. Batteries’ storage capacity and longevity have risen thanks to technological advancements in their packaging and design. The market is growing due to boosted sales of electric three-wheelers in nations like China and India, as well as the emergence of electric mobility start-ups in the North American, European, and Asian regions.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 680 Million |
| Projected Market Size in 2030 | USD 1100 Million |
| CAGR Growth Rate | 5% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Prominent Players | Mahindra Electric Mobility Limited (Mahindra and Mahindra), Atul Auto Limited, Piaggio Vehicle Pvt (Piaggio & C.SpA), Euler Motors, Terra Motors, Omega Seiki Pvt Ltd, Gayam Motor Works, E-Tuk Factory, Bodo Vehicle Group Co. Ltd., Baja Auto, Jaingusu Kingdom Vehicle Ltd, and Others |
| Key Segment | By Battery, Power, End-Use, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Insights:
- As per the analysis shared by our research analyst, the Electric Three Wheelers market is estimated to grow annually at a CAGR of around 5% over the forecast period (2022-2030).
- In terms of revenue, the Electric Three Wheelers market was valued at around USD 680 million in 2021 and is projected to reach USD 1100 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on battery segmentation, the lithium-ion battery segment was estimated to hold the maximum market share in 2021.
- Based on power segmentation, the 1000 W to 1500 W segment was the leading revenue-generating category in 2021.
- Based on end-use segmentation, the passenger carrier segment was the leading revenue-generating category in 2021.
- Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.
Recent Development
- 2020: Treo Zor, a three-wheeled electric cargo type, was introduced by Mahindra Electric Mobility. It comes in three different configurations, including pickup, delivery van, and flatbed, and was built on the Treo platform.
- 2018: A partnership between Mahindra & Mahindra Ltd. and LG Chem was launched in cutting-edge Li-ion battery technology.
Regional Landscape
In 2021, the Asia Pacific region had the biggest market share of almost 60%. The region’s domination is ascribed to some variables, including the increasing popularity of electric vehicles, strong demographic increase, widespread usage of reasonably priced public transportation for the final leg of the journey, and everyday commuting within the region. Three-wheelers are commonly used as passenger and cargo transport in China and India, two significant regional markets. Additionally, the Indian government is supporting the promotion of electric three-wheelers and other electric vehicles by launching programs like PLI and FAME, which offer subsidies and incentives for E-3W.
Due to renowned vehicle manufacturers aggressively investing in developing a portfolio of electric mobility options, the European region is also anticipated to experience market expansion. Additionally, these firms are investing in researching and developing cutting-edge technologies for electric transportation solutions. For instance, the European Union has started a research and development program called EU-LIVE that is supported by the Horizon 2020 program and aims to provide models and solutions for mobility for L-category cars. These activities are promoting market expansion even further.
Competitive Landscape
The market participants are working on creating an economical, more capable, and optimally long-charging electric three-wheeler product portfolio. The leading players are making large investments in creating advanced electric motors, battery technology, and powertrains. The manufacturer also uses government subsidies and rebates that assist bring down the cost of the vehicle. The market for electric three-wheelers is also seeing a trend of new electric mobility startups vying for market share by going up against established companies.
List of the prominent players in the global Electric Three Wheelers market:
- Mahindra Electric Mobility Limited (Mahindra and Mahindra)
- Atul Auto Limited
- Piaggio Vehicle Pvt (Piaggio & C.SpA)
- Euler Motors
- Terra Motors
- Omega Seiki Pvt Ltd
- Gayam Motor Works
- E-Tuk Factory
- Bodo Vehicle Group Co. Ltd.
- Baja Auto
- Jaingusu Kingdom Vehicle Ltd
The global Electric Three Wheelers market is segmented as follows:
By Battery
- Lithium-ion
- Lead Acid
- Others
By Power
- Up to 1000W
- 1000W to 1500W
- Above 1500W
By End-Use
- Goods Carrier
- Passenger Carrier
On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
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