Middle East and Africa electric three wheeler market registered sales of over USD15,748.91 thousand in 2021 and the market is forecast to grow at CAGR of over 11% through 2030. Growing demand for emission-free public transportation systems and initiatives taken by the government are driving the growth of electric three wheeler market in Middle East and Africa.
The demand for electric three-wheelers in Middle East and Africa has witnessed significant growth owing to its affordable application in last-mile cargo and logistic needs. For electric three-wheelers has low total cost of ownership and is considered one of the crucial factors for business growth. Startups are producing electric three-wheelers at an affordable price that are more efficient in order to solve this issue of commutation and help business to carry heavy loads easily around the cities. The introduction of electric three-wheelers is expected to provide convenience to people in multiple ways and would cause lesser harm to the environment.
Middle East and Africa three-wheeler market is segmented based on vehicle type, battery capacity, battery type, and country type. In terms of battery type, market can be segregated into lead acid and lithium ion. Based on vehicle type, the market is further fragmented into the passenger carrier and load carrier, based on battery capacity market is bifurcated into the <101Ah and >101Ah. The demand for high power capacity batteries has increased significantly in the past few years in the Middle East and Africa. The battery capacity greater than 101Ah segment accounted for 21.51% market share in terms of units sold in 2021 and the CAGR for the segment is 12.78% in the forecast period.
Some of the leading companies operating in the market include Jiangsu Jinpeng Group Co., Ltd., Jiangsu Yufeng Vehicle Industry Co., Ltd., Jiangsu East Yonsland Vehicle Manufacturing Co., Ltd Company, Piaggio Commercial SA (PTY) Ltd, Xianghe Qiangsheng Electric Tricycle Factory and others.