Retrofitted Electric Three-Wheeler Market to be dominated by Asia-pacific region through 2027
Increased government initiatives and subsidies and the
changing preference for electric vehicles over conventional vehicles are
expected to drive the demand for the global retrofitted electric three-wheeler
market in the forecast period, 2023-2027.
According
to TechSci Research report, “Retrofitted Electric Three-Wheeler Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”,
the global retrofitted electric three-wheeler market is anticipated to grow at
a steady rate in the forecast period, 2023-2027. Generally, public
transportation vehicle is auto-rickshaws, and the good transportation vehicle
is three-wheeler tempos in the majority of the small, medium, and big towns of
developed and developing countries across the globe. Three-wheeler can also be
used in last-mile connectivity services. The cost-benefits of retrofitted
electric vehicles and the favorable government policies supporting the adoption
of electric vehicles worldwide are the primary factors driving the global
retrofitted electric three-wheeler market.
In
India, electric vehicle maker Omega Seiki Mobility is setting up a retrofit
facility near Chandigarh at an investment of USD 25 million. The leading
authorities are taking preventive measures to ensure the safety of passengers
while driving the retrofitted electric vehicles. Such as, the central
government of India has framed standards for retrofitted vehicles which state
that the retro fitment kit needs to be tested and certified. The retrofitted
vehicle needs to be homologated either by ARAI or ICAT as per BIS standards.
Leading authorities are also promoting the use of electric vehicles over
traditional vehicles by providing subsidies and income tax rebates on the
purchase and manufacturing of electric vehicles, which is increasing the
penetration of electric vehicles in developing and developed parts of the
world.
However,
the lack of standardization of charging infrastructure and awareness about the
benefits of using retrofitted electric three-wheeler in developing countries
may hinder the market growth in the forecast period.
Browse over XX market data Figures spread through 110
Pages and an in-depth TOC on " Global Retrofitted Electric
Three-Wheeler Market"
The
global retrofitted electric three-wheeler market is segmented into vehicle
type, battery capacity, battery type, regional distribution, and company.
Based
on vehicle type, the global retrofitted electric three-wheeler market is
divided into passenger carrier and load carrier. The load carrier segment holds
the dominant market share and is expected to maintain its dominance over the
forecast period, 2023-2027. The flourishing e-commerce industry is driving the
growing logistics industry, which in turn is increasing the number of load
carrier vehicles on the road. They emit greenhouse emissions that are harmful
to the environment and create the need for zero-emission electric vehicles.
Retrofitted electric three-wheeler load carriers are expected to gain
significant momentum in the forecast period due to the high demand from the
retail and logistics industry and the rise in the environmental concerns of the
related authorities.
Based
on battery type, the global retrofitted electric three-wheeler market is
divided into lithium-ion and lead acid. The lithium-ion battery is expected to
capture the highest market share in the forecast period. There are numerous
advantages of using lithium-ion batteries, which is the reason they witness
high demand for different applications. Lithium-ion batteries have a high
power-to-weight ratio and improved discharge and charge efficiency. They boast
of having a longer life span and the ability to deep cycle while maintaining
power. Lithium-ion batteries are lightweight and maintenance-free. Most of the
components of lithium-ion batteries can be recycled and, therefore high demand.
Their high demand is making the market players make high-end investments in
R&D activities and improve the performance of lithium-ion batteries.
Major
market players operating in the global retrofitted electric three-wheeler
market is:
- Etrio
- RACEnergy
- Altigreen
- Power Global
- Loop Moto
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“The rise in the demand for shared
mobility services to lower city congestion and reduce vehicle emissions is
driving the demand for retrofitted electric three-wheeler vehicles. Governments
in developing countries are supporting the use of public transportation
services to fulfill the transportation services demand of the growing
population. Retrofitted electric there-wheeler are expected to witness high
demand in the emerging economies due to the established public transportation
services and growing inclination of people towards the sustainable mode of
transportation over conventional vehicles. Market players are setting up manufacturing
plants in developing countries to capture the market and are making significant
investments to maintain of performance of retrofitted electric vehicles. The
growing sales of electric vehicles and the availability of electric retrofit
kits in the market are expected to propel the global retrofitted electric
there-wheeler market growth till 2027” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Retrofitted Electric Three-Wheeler
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027, Segmented By Vehicle
Type (Passenger Carrier, Load Carrier), By Battery Capacity (<101Ah,
>101Ah), By Battery Type (Lithium-Ion, Lead Acid), and By Region”, has evaluated the future
growth potential of global retrofitted 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 retrofitted electric three-wheeler
market.
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