Report Description

India Electric Three-Wheeler Market is growing and is expected to generate new opportunity in the forecast years as the adoption of electric vehicles is on rise in the country, both in passenger and Load carrier sector. The penetration of the electric three-wheeler is rising, with the increase in the adoption of last mile delivery services. The market is being driven by the government's strict pollution control regulations, rising public awareness of the dangers of emissions from gasoline and diesel vehicles, and an increase in the adoption of electric vehicles.

Recent Developments

The market for electric three-wheelers in India is expanding due to the industry's increased focus on environment friendly products because of rising emissions standards. In addition, many new startups and joint ventures in the region are introducing and developing products in response to consumer demand. Companies in the country are introducing new vehicles, and in the upcoming years, many new launches are anticipated by players. For example, Piaggio recently introduced an electric three-wheeler in India, a growing startup named, Omega Seiki Mobility has also developed and delivered electric three-wheeler in the Indian market, whereas many other companies are also developing electric three-wheeler for the Indian market. Recently, Three Wheels United has signed a pact with Piaggio Vehicles to procure 3,300 electric three wheelers. In 2022, Piaggio has launched electric Ape FX Max three-wheeler and has received orders for 24,000 units.

E-rickshaws are ruling the passenger category, as India has in house manufacturing of all these vehicles, the adoption of these E-rickshaws in the country is on rise because of the cost effectiveness, the drivers’ ability to increase their profitability as compared to the ICE vehicles, and the rising prices of fuels. All this is leading to the rise in demand of electric three wheelers in the country.

Another factor driving the market expansion is the demand for solutions like last-mile and short-distance travel. Customers' daily schedules are more predictable, especially for those who use public transportation like electric three-wheelers to get to and from work every day. Electric vehicles are the best alternative for these issues because their main concerns are safety, comfort, and cost effectiveness. Due to greater technological advancements in battery charging, battery swapping, and other infrastructure expansions in the area, the market for electric three-wheelers is growing.

Increased used of Electric Three Wheelers in Public Commute

The lower maintenance and operating cost of electric three wheelers compared to ICE vehicles is increasing the penetration of the electric three wheelers in the public commute. The use of lead acid batteries in these vehicles also helps to keep their costs down making them more competitive in the market. The country is seeing an increase in innovation and new product development, with increasing effectiveness. Many new startups and other established players are also manufacturing vehicles in-house to compete for the price in the market, and the adoption of Electric Three Wheelers in public commute is expected to rise. As a result, there will be an increase in demand for these vehicles nationwide.

Government Emission Norms and Subsidies

The government in the country is restricting the use of old ICE vehicles and introducing new emission norms.  encouraging the use of electric vehicles by providing subsidies to new electric vehicle owners and manufacturers. Furthermore, many state governments in the country are providing benefits and other additional state subsidies for developing infrastructure and charging stations to increase electric vehicle adoption. And these state governments in the country are also attracting investments from different companies to establish charging infrastructure for electric three-wheelers. Government subsidies are encouraging the use of electric vehicles in the country, and adoption of electric three wheelers will increase in the coming years.

Lack of Charging Facilities

The lack of proper charging facilities in the country is a challenge in the growth of the electric vehicles in the country. Battery swapping eliminates charging time and is highly preferred for public transportation three-wheelers, but widespread adoption is hampered by a lack of infrastructure and battery standards in the area. Slow infrastructure development in rural areas may be one factor contributing to the slow growth. Similarly, the lack of defined charging standards in the country, as well as the use of universal batteries in all vehicles, pose growth challenges.

The COVID-19 also hampered all manufacturing and operational activities; all charging station setup operations were halted due to lockdowns and other restrictions imposed by various regional governments.


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Market Segmentation

The India Electric Three-Wheeler Market is segmented by Vehicle Type, Battery Capacity, Battery Type and by Country. Based on Vehicle Type, the market is segmented into Passenger Carrier and Load Carrier. Based on Battery Capacity, the market is segmented into <101Ah and >101Ah. Based on Battery Type, the market is segmented into Lead Acid and Li-ion. The market analysis also studies the Region wise segmentation to devise market.

Company Profiles

Mahindra Electric Mobility Limited, Piaggio Vehicles Pvt. Ltd, Euler Motors Private Limited, Kinetic Green Energy & Power Solutions Ltd, Atul Motors Private Limited, Saera Electric Auto Pvt. Ltd, Lohia Auto Industries Limited, Terra Motors India Private Limited, Omega Seiki Mobility Private Limited, and Vani Electric Vehicles Pvt. Ltd. are the leading companies in the India developing electric three wheelers. There is other several start-ups that are developing efficient electric three wheelers in the country.

 

Attribute

Details

Base Year

2022

Historical Years

2018 – 2022

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion, Volume in Thousand Units, and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

By Vehicle Type

By Battery Capacity

By Battery Type

By Region

Key Companies Profiled

Mahindra Electric Mobility Limited, Piaggio Vehicles Pvt. Ltd, Euler Motors Private Limited, Kinetic Green Energy & Power Solutions Ltd, Atul Motors Private Limited, Saera Electric Auto Pvt. Ltd, Lohia Auto Industries Limited, Terra Motors India Private Limited, Omega Seiki Mobility Private Limited, and Vani Electric Vehicles Pvt. Ltd.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, India Electric Three-Wheeler Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

            ·     India Electric Three-Wheeler Market, By Vehicle Type:

    • Passenger Carrier
    • Load Carrier
  • India Electric Three-Wheeler Market, By Battery Capacity:
    • <101Ah
    • >101Ah

            ·      India Electric Three-Wheeler Market, By Battery Type:

    • Lead Acid
    • Li-ion
  •  India Electric Three-Wheeler Market, By Region:
      • East India
      • West India
      • North India
      • South India

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India Electric Three-Wheeler Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on India Electric Three-Wheeler Market

5.    Voice of Customer

5.1.  Factors Influencing Purchase Decision

5.2.  Aided and Unaided Brand Recall

5.3.  Brand Satisfaction Level

6.    India Electric Three-Wheeler Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Volume

6.1.2.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Vehicle Type (Passenger Carrier & Load Carrier)

6.2.2.     By Battery Capacity (<101Ah & >101Ah)

6.2.3.     By Battery Type (Lead Acid & Li-ion)

6.2.4.     By Region

6.3.  India Electric Three-Wheeler Market Mapping & Opportunity

6.3.1.     Market Mapping & Opportunity by Vehicle Type

6.3.2.     Market Mapping & Opportunity by Region

6.3.2.1.1.             By Region

6.3.3.     East India Electric Three-Wheeler Market Outlook

6.3.3.1.         Market Size & Forecast

6.3.3.1.1.             By Volume

6.3.3.1.2.             By Value

6.3.3.2.         Market Share & Forecast

6.3.3.2.1.             By Vehicle Type (Passenger Carrier & Load Carrier)

6.3.3.2.2.             By Battery Capacity (<101Ah & >101Ah)

6.3.3.2.3.             By Battery Type (Lead Acid & Li-ion)

6.3.3.2.4.             By Country

6.3.4.      West India Electric Three -Wheeler Market Outlook

6.3.4.1.         Market Size & Forecast

6.3.4.1.1.             By Volume

6.3.4.1.2.             By Value

6.3.4.2.         Market Share & Forecast

6.3.4.2.1.             By Vehicle Type (Passenger Carrier & Load Carrier)

6.3.4.2.2.             By Battery Capacity (<101Ah & >101Ah)

6.3.4.2.3.             By Battery Type (Lead Acid & Li-ion)

6.3.5.     North India Electric Three-Wheeler Market Outlook

6.3.5.1.         Market Size & Forecast

6.3.5.1.1.             By Volume

6.3.5.1.2.             By Value

6.3.5.2.         Market Share & Forecast

6.3.5.2.1.             By Vehicle Type (Passenger Carrier & Load Carrier)

6.3.5.2.2.             By Battery Capacity (<101Ah & >101Ah)

6.3.5.2.3.             By Battery Type (Lead Acid & Li-ion)

6.3.6.     South India Electric Three-Wheeler Market Outlook

6.3.6.1.         Market Size & Forecast

6.3.6.1.1.             By Volume

6.3.6.1.2.             By Value

6.3.6.2.         Market Share & Forecast

6.3.6.2.1.             By Vehicle Type (Passenger Carrier & Load Carrier)

6.3.6.2.2.             By Battery Capacity (<101Ah & >101Ah)

6.3.6.2.3.             By Battery Type (Lead Acid & Li-ion)

7.    Overall Developments in the Industry

7.1.  EV Developments

7.2.  Incentives and Subsidies

7.3.  Battery, charger, and other Standards

7.4.  New Players in the Market

7.5.  Key Investments in the Market

7.6.  Technological Developments

7.7.  Key Takeaways

8.    Market Dynamics

8.1.  Drivers

8.1.1.     Increased used of Electric Three Wheelers in Public Commute

8.1.2.     Government Emission Norms and Subsidies.

8.2.  Challenges

8.2.1.     Lack of Charging Facilities

9.    Market Trends

9.1.  Rising Emission Standards

9.2.  Increased Adoption of Cargo Electric Three Wheelers.

10.  Porter’s Five Forces Model

10.1.              Competition Landscape

10.2.              Buyer Power

10.3.              Supplier Power

10.4.              Threat of New Entrants

10.5.              Threat of Substitutes

11.  Competitive Landscape

11.1.              Mahindra Electric Mobility Limited.

11.1.1.  Company Details

11.1.2.  Products & Services

11.1.3.  Financial (As Reported)

11.1.4.  Key Market Focus & Geographical Presence

11.1.5.  Recent Development

11.1.6.  Key Management Personnel

11.2.              Piaggio Vehicles Private Limited.

11.2.1.  Company Details

11.2.2.  Products & Services

11.2.3.  Financial (As Reported)

11.2.4.  Key Market Focus & Geographical Presence

11.2.5.  Recent Development

11.2.6.  Key Management Personnel

11.3.              Euler Motors Private Limited.

11.3.1.  Company Details

11.3.2.  Products & Services

11.3.3.  Financial (As Reported)

11.3.4.  Key Market Focus & Geographical Presence

11.3.5.  Recent Development

11.3.6.  Key Management Personnel

11.4.              Kinetic Green Energy & Power Solutions Ltd.

11.4.1.  Company Details

11.4.2.  Products & Services

11.4.3.  Financial (As Reported)

11.4.4.  Key Market Focus & Geographical Presence

11.4.5.  Recent Development

11.4.6.  Key Management Personnel

11.5.              Atul Motors Private Limited.

11.5.1.  Company Details

11.5.2.  Products & Services

11.5.3.  Financial (As Reported)

11.5.4.  Key Market Focus & Geographical Presence

11.5.5.  Recent Development

11.5.6.  Key Management Personnel

11.6.              Saera Electric Auto Pvt. Ltd.

11.6.1.  Company Details

11.6.2.  Products & Services

11.6.3.  Financial (As Reported)

11.6.4.  Key Market Focus & Geographical Presence

11.6.5.  Recent Development

11.6.6.  Key Management Personnel

11.7.              Lohia Auto Industries

11.7.1.  Company Details

11.7.2.  Products & Services

11.7.3.  Financial (As Reported)

11.7.4.  Key Market Focus & Geographical Presence

11.7.5.  Recent Development

11.7.6.  Key Management Personnel

11.8.              Terra Motors India Private Limited

11.8.1.  Company Details

11.8.2.  Products & Services

11.8.3.  Financial (As Reported)

11.8.4.  Key Market Focus & Geographical Presence

11.8.5.  Recent Development

11.8.6.  Key Management Personnel

11.9.              Omega Seiki Mobility Private Limited.

11.9.1.  Company Details

11.9.2.  Products & Services

11.9.3.  Financial (As Reported)

11.9.4.  Key Market Focus & Geographical Presence

11.9.5.  Recent Development

11.9.6.  Key Management Personnel

11.10.            Vani Electric Vehicles Private Limited.

11.10.1.                Company Details

11.10.2.                Products & Services

11.10.3.                Financial (As Reported)

11.10.4.                Key Market Focus & Geographical Presence

11.10.5.                Recent Development

11.10.6.                Key Management Personnel

12.  Strategic Recommendations

12.1.              Key Focus Areas

12.2.              Target Regions & Countries

12.3.              Target Type

12.4.              Target Category

13.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The rise in the adoption of electric three wheelers in the cargo and passenger segment and the cost effectiveness of electric powertrain is expected to drive the India Electric Three-Wheeler Market in the forecast years.

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The lack of adequate charging infrastructure is the biggest challenge, and at the same time the price of the electric vehicles is also comparatively higher because of high price of the battery pack.

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The major player contributing to India Electric Three-Wheeler Market Mahindra Electric Mobility Limited, Piaggio Vehicles Pvt. Ltd, Euler Motors Private Limited, Kinetic Green Energy & Power Solutions Ltd, Atul Motors Private Limited, Saera Electric Auto Pvt. Ltd, Lohia Auto Industries, Terra Motors India Private Limited, Omega Seiki Mobility Private Limited, and Vani Electric Vehicles Pvt. Ltd.

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With the increase in the adoption of the electric cargo vehicles in the last mile delivery and other supply chain activities is expected to drive the market growth, similarly the increase in quick delivery services in the country is also expected to generate new demand for load carrier category.

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Srishti Verma

Business Consultant
Press Release

India Electric Three-wheeler Market is Grow at Impressive Rate Through 2028

Apr, 2023

The demand of electric three wheelers is expected to rise because the government is promoting electric vehicles by providing subsidies and incentives to the customers and manufacturers.