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
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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Pages and an in-depth TOC on "South America Electric Three Wheeler
Market"
https://www.techsciresearch.com/report/south-america-electric-three-wheeler-market/3321.html
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.
About TechSci Research
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