Electric Three Wheeler Market to Grow at a CAGR of 6.50% During the Forecast Period
Rising demand for emission free public
transportation is driving the growth in global electric three-wheeler market in
the forecast period, 2023-2027
According
to TechSci Research report, “Electric Three Wheeler Market - Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”. The global electric three-wheeler market stood at
USD1,387.98 million in 2017 and is expected to grow at a steady CAGR of 6.50%
during the forecast period to reach USD 2,323.50 million in 2027 on account of rising
demand for emission free public transportation and increasing environmental
concerns.
Electric three-wheelers classified into passenger
carrier and load carrier, are battery powered electric vehicles equipped with three
wheels, designed to be driven by a single driver. The propulsion system and accessory
system of an electric three-wheeler is powered exclusively by a zero-emissions on-board
electricity source stored on board.
The growing number of market participants and
presence of Chinese unorganized market will also contribute significantly to
the global electric three-wheeler industry's growth over the next five years. The
growth in ongoing research and development to develop more efficient batteries
that can be charged in lesser time intervals and have more kilometer’s range.
Apart from research and development in the three-wheeler industry, factors such
as growing health concerns, increasing environmental concerns, growing electric
three-wheeler manufacturing, rising demand for emission free public
transportation, lower maintenance and running cost accompanied with rising government
support for electric vehicles through subsidies and incentives are expected to propel
the market in the upcoming five years, boosting the electric three-wheeler
industry worldwide. Factors such as high cost of replacing a battery, shortage
of skilled mechanics, lower kilometers range, lacking charging infrastructure combined
with shortfall of awareness are some of the primary challenges limiting the
market's development.
Browse over 184 market data
Figures and spread through 110
Pages and an in-depth TOC on " Global Electric Three-Wheeler Market"
The
global electric three-wheeler market is segmented into based on vehicle type,
battery capacity, battery type, region, and competitional landscape.
Based on
vehicle type, the market is further fragmented into passenger carrier and load carrier
with passenger carrier holding the dominating market share of 58.77% in 2021 in
terms of volume. The significant market share of passenger carrier can be
attributed to the reasons such as affordable form of public transportation,
last mile connectivity etc. Owing to growing research and development to carry
heavier cargo, the load carrier electric three-wheelers are anticipated to be
the fastest growing segment in the forecast years.
Based
on battery capacity, the market is bifurcated into >101Ah and <101Ah. As
capacity of a battery is designed based on numerous factors such as kilometer
range, application of electric three-wheeler, charging time, battery weight,
battery size. Significant number of electric three-wheeler manufacturers have
been targeting batteries that can hold charge for prolong periods and can be
driven for longer distances, as a result electric three-wheelers having battery
capacity >101Ah is holding the commanding volume share of 64.82% in 2021 in global
electric three-wheeler market. Moreover, based on battery type, the global
electric three-wheeler market is further bifurcated into lithium ion and lead acid.
Among them the lithium-ion batteries is projected to witness the fastest growth
owing to factors such as improved discharge, higher charge efficiency, longer
life span accompanied with the ability to deep cycle while maintaining power.
Based
on region, the global electric three-wheeler market is majorly dominated by Asia
Pacific region. Owing to China, the region accounted for the highest sales of electric
three-Wheelers in the world in 2021, registering market share of over 80.71% in
volume terms in Asia Pacific and the trend is expected to continue in the
forthcoming years as well. Asia Pacific region is home to some of the largest
electric three-wheeler manufacturers in the world. Furthermore, Asia Pacific
leads over the other regions in terms of number of people, universities, industries,
etc. Moreover, as masses in Asia Pacific prefer travelling by affordable public
transportation, the electric three-wheelers market in the region is anticipated
to grow with a steady CAGR of 4.43% in terms of volume, in the forecast years.
Key market players in the electric three-wheeler
market include:
- Jiangsu Jinpeng Group Co., Ltd.
- Mahindra & Mahindra Ltd.
- Piaggio Group
- Atul Auto Ltd.
- Changzhou Yufeng Vehicle Co., Ltd.
- Lohia Auto Industries
- Kinetic Green Energy & Power Solutions Ltd.
- Skyride Automotive
- Shado Group International Pte. Ltd
- Beevatech Limited
Global electric three-wheeler market is fragmented
with a lot of well-established players having presence in several countries Jiangsu Jinpeng Group Co., Ltd., Mahindra & Mahindra Ltd., Piaggio
Group, Atul Auto Ltd., Changzhou Yufeng Vehicle Co., Ltd., Lohia Auto
Industries, Kinetic Green Energy & Power Solutions Ltd., Skyride
Automotive, Shado Group International Pte. Ltd, Beevatech Limited, etc. are
major electric three-wheeler players are holding a significant position in the global electric three-wheeler
market.
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“Asia Pacific holds the largest volume shares of 98.80%in the market and
is anticipated to be leading region in the upcoming market on the account of rising
demand for emission free public transportation of electric three-wheelers.
Furthermore, the market's growth is being aided by the quick increase in research
and development in the field, as well as the increasing environment concerns. New
market players are advised to invest and focus on the research and development
of the electric three-wheelers and services for the brand establishment. Collaborations and regulated deals with the established market players
would help the prospects of the new market player.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based Global management
consulting firm.
“Electric Three Wheeler Market - Global Industry Size, Share, Trends,
Competition, Opportunity and Forecast, 2017-2027, Segmented By Vehicle Type
(Passenger Carrier, Load Carrier), By Battery Capacity (<101Ah, >101Ah),
By Battery Type (Lead Acid, Li-ion), By Region”, has evaluated the future
growth potential of global 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 global electric three-wheeler market.
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