Middle East and Africa Electric Three-Wheeler Market to Grow at 14.38% CAGR through 2030F
Growing adoption of emission-free vehicles drive the Middle
East and Africa electric three-wheeler market growth in the forecast period, 2023-2030F.
According
to TechSci Research report, “Middle East and Africa Electric Three-Wheeler Market - By Country,
Competition, Forecast and Opportunities, 2017-2030F” The Middle East and Africa electric
three-wheeler market value in the year 2021 was USD15,748.91 thousand, which is
anticipated to grow with a CAGR of 14.38% during the forecast period
2023-2030F, to achieve the market value of USD50,808.07 thousand by 2030F. The
market is anticipated to grow on account of surging demand for fuel-efficient
transportation and public commuting vehicles. Recent decade has been inclining
toward the use of fuel-efficient and green fuel adaptation to save the
environment. Growing concerns regarding degradation of the environment is a
major factor driving the growth of the Middle East and Africa electric
three-wheeler market in the upcoming five years. Adverse conditions of
environmental degradation include depleting natural fuels and non-renewable
energy resources. Decreasing levels of the natural resources are to the
scarcity level where the threat of these natural resources getting extinct is
real. Thus, the consumers and the government worldwide are actively invested in
the adoption of green fuel and electric vehicles adoption. Rising investment in
the electric battery charging infrastructure for the recharging of these
electric vehicles further supports the growth of the Middle East and Africa
electric three-wheeler market in the next five years.
Cost of fuel is a global
concern, and the demand to reduce the cost or find alternatives for
non-renewable fuel further influences the growth of the market. Governments all
around the world are actively promoting the use of electric vehicles to inflict
the diversion from over consumption of petroleum products. Use of public
transport, electric vehicles, lightweight commercial vehicles running on the
battery are rapidly gaining popularity and with aided help from the government,
they are anticipated to substantiate the growth of the Middle East and Africa
electric three-wheeler market in the future five years.
Browse over 66 market data
Figures spread through 119 Pages and an in-depth TOC on “Middle East
and Africa Electric Three-Wheeler Market”
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The Middle East and Africa
electric three-wheeler market is segmented by vehicle type, battery capacity,
battery type, country-wise analysis, and competitional landscape. Based on
vehicle type, the market is bifurcated into passenger carrier and load carrier.
Load carrier vehicles are anticipated to hold the largest revenue shares of the
market and dominate the market segment in the upcoming five years on account of
increasing demands from the transportation sector. Higher freight movement and
growing demand for the cost-efficient fright movement further drive the growth
of the segment and the growth of the Middle East and Africa electric
three-wheeler market in the next five years. Passenger carriers are also
expected to show substantial growth in recent years, growing on the backbone of
the growing demand for short-distance travels.
Based on battery type, the
market is distributed between lead acid and lithium acid. Lead acid battery
segment is anticipated to hold the largest revenue shares of the market and
dominate the market segment in the upcoming five years on the ground of easily
chargeable batteries' availability. Growing charging infrastructure and rising
adoption of the technologically advanced automobile are further anticipated to
aid the growth of the Middle East and Africa electric three-wheeler market in
five years. By battery capacity, the market is distinguished between less than
101Ah and more than 101Ah.
A partial list of market
players holding major revenue shares of the Middle East and Africa electric
three-wheeler market include:
·
Chongqing
Zongshen Vehicle Co., Ltd (Zongshen Industrial Group Co. Ltd)
·
Saera
Electric Auto Pvt. Ltd. (Mayuri)
·
Kinetic
Green Energy & Power Solutions Ltd.
·
Jiangsu
Jinpeng Group Co., Ltd.
·
Jiangsu
Yufeng Vehicle Industry Co., Ltd.
·
Ningbo
Dowedo International Trade Co., Ltd
·
Xianghe
Qiangsheng Electric Tricycle Factory
·
Terra
Motors Corporation
·
Piaggio
Commercial SA (PTY) Ltd
·
Jiangsu
East Yonsland Vehicle Manufacturing Co., Ltd
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“United Arab Emirates and
Egypt were leading the Middle East and Africa electric three-wheeler market in
2017. The domination of the country is anticipated to be taken over by Turkey
by 2030F due to a sudden drop in revenues of UAE in 2021. Sales of commercial
vehicles in the UAE dropped considerably and resulted in slowing the growth of
the market. The government of Egypt placed a complete ban on three-wheelers and
their imports and replaced the market with CNG minivans. Turkey is expected to
facilitate its growth through 2030 on the grounds of the rapid adaption of
electric vehicles in the country. Moreover, the government in the country has
reduced the tax incentives imposed on electric vehicles. Only 45% tax is
charged over the hybrid and electric vehicles in the country instead of the
earlier 90% tax values. Increasing the establishment of the charging
infrastructure and favorable schemes and plans would further push forward the
growth of the market in the country. New market players entering the market may
focus on technological advancement and increasing the production of electric
& hybrid electric three-wheelers. Demands for the electric vehicles are
anticipated to expedite in future years, thus supporting the new market players
in the brand establishment,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Middle East and Africa Electric Three-Wheeler
Market By Vehicle Type (Passenger Carrier and Load Carrier), Battery Capacity (<101Ah
and >101Ah), By Battery Type (Lead Acid and Lithium Ion), By Country, By Company,
Forecast & Opportunities, 2017- 2030F”, has evaluated the future
growth potential of Middle East and Africa electric three wheeler market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Middle East and Africa electric three-wheeler
market.
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