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2021
Electric Three Wheeler Market

Electric Three Wheeler Market by Vehicle Type (Passenger Carrier and Load Carrier), Power Type (Up to 1000 W, 1000 W to 1500 W and Above 1500 W) and Battery Type (Lithium-ion and Lead Acid): Global Opportunity Analysis and Industry Forecast, 2021–2030
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Pages: 236
Jul 2021 | 4457 Views
Author(s) : Abhay Singh , Sonia Mutreja
Tables: 119
Charts: 57
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Electric Three Wheeler Market Statistics 2030 -

The global electric three wheeler market was valued at $677.40 million in 2020, and is projected to reach $1,100.60 million by 2030, registering a CAGR of 5.3% from 2021 to 2030.    

The COVID-19 outbreak severely impacted the automotive sector on a global level, which in turn leads to considerable drop in automotive sales, insufficiency of raw material, and others. Countries, especially in South Asia, are witnessing loss of vehicle production, owing to factory halt and availability of workforce. Furthermore, the loss of production is expected to witness an upsurge if the lockdown is further extended.

Electric three wheelers are electrically powered vehicles that are equipped with high torque motors and longer durability batteries. Three wheelers with a combination of one single wheel in front and two wheels at the back are known as tricycles whereas the one with two front wheels and a single back wheel is known as a tadpole. Electric three wheelers have a wider application in different industries such as passenger commuting within city as well as transportation of goods and services from one place to another. Moreover, with the increased inclination toward electric vehicles, the three wheeler manufacturing companies have introduced numerous electric propelled three wheelers, which creates a positive impact on the growth of the global electric three wheeler market.

Electric-Three-Wheeler-Market,-2021-2030

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Factors such as inclination toward use of electric three-wheeler as an eco-friendly & efficient solution for commute, rise in trend of last mile connectivity and increase in demand for affordable commercial vehicle supplements the growth of the global market. Moreover, lack of standardization of EV charging and high cost of battery are the factors that are hampering the growth of the global electric three wheeler market.

However, factors such as growth in trend of shared mobility and greater availability of credit and financing options are expected to provide lucrative opportunities for the growth of the global electric three wheeler market.

The electric three wheeler market has been segmented into power type, vehicle type, battery type and region. Based on the power type, the global market has been categorized as up to 1000 W, 1000 W to 1500 W and above 1500 W. Based on vehicle type, the global market has been segmented into passenger carrier and load carrier. Based on battery type, the global market has been segmented into lithium-ion and lead acid. By region, the global market has been studied across North America, Europe, Asia-Pacific and LAMEA. 

The key players profiled in the global electric three wheeler market include Atul Auto Limited., Chongqing Zongshen Tricycle Manufacture Co. Ltd., J.S. Auto Pvt. Ltd., Kinetic Green Energy & Power Solutions Ltd., Mahindra & Mahindra Ltd., Piaggio & C.SpA., Scooters India Limited, Terra Motors Corporation, Bodo Vehicle Group Co. Ltd., and E-Tuk Factory BV. 

Electric Three Wheeler Market
By Vehicle Type

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Load Carrier is projected as the most lucrative segments

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Inclination toward use of electric three-wheeler as an eco-friendly & efficient solution for commute

Continuously growing global carbon emission by combustion of fuel has been one of the foremost concerns for governments and environmentalists from the past few years. Which as result, bolsters the demand for electric three-wheeler across the globe; thereby, supplementing the growth of the market. Furthermore, increase in fuel prices at international level, growth in pollution, and traffic congestion, especially in urban areas have further increased the acceptance of electric three-wheeler across the globe. In March 2019, cab giant Ola launched an entire fleet of Bajaj and Piaggio auto-rickshaws in the Liverpool area with the aim of overtaking Uber. In addition, relatively higher running and maintenance cost of petrol/CNG & diesel propelled three-wheeler leads to shift in preference for electric three-wheeler for the shorter transits, which, in turn, drive the market growth.

Increase in demand for affordable commercial vehicle

Rise in expenditure on the commercial vehicle in developed and developing countries is creating the need for affordable commercial vehicles. For instance, in January 2021, Tata Motors increased the prices across its commercial vehicle range, which is paving the way for affordable three-wheeler for commercial use. Furthermore, three-wheeler mobility depends on the affordability, maneuverability, and door-to-door accessibility. In many middle- and low-income countries such as India, Africa, Nigeria and others, three-wheelers offer significantly cheaper and faster travel option along with better route flexibilities as compared to other means of transports. In many low- and mid-income countries, three-wheelers can also be linked to enhanced employment opportunities, which further bolster the demand for three-wheelers in the global market. 

Electric Three Wheeler Market
By Power Type

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Above 1500 W is projected as the most lucrative segments

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Lack of standardization of EV charging

The electric vehicles battery source does not have any alternative source for charging. The shortage of charging points in most of the cities is a major challenging factor for growth of the global electric three wheeler market. Furthermore, thin and inconsistent infrastructure, and range anxiety can create a problem for electric vehicle and can put the traveler at risk. Moreover, the implementations of supportive infrastructure required for electric vehicle in developing countries are less. Charging such vehicles in rural areas is a bigger issue where many people don’t have a dedicated parking spot, which makes it difficult to charge an electric car at home. 

Furthermore, as the technology is not matured enough, apart from China, the sales of the electric vehicles are extremely less as compared to the internal combustion engine (ICE) vehicle sale. In addition, although Tesla, an American electric vehicle and clean energy company based in Palo Alto, California, is expanding its network of chargers, they are designed specifically for Tesla vehicles. The automotive industry has standardized 120- and 240-volt plugs, which are primarily used in homes but have not yet set a standard on the plugs or ports that can charge vehicles in 30 minutes or less. Thus, all these factors coupled with the different prices at charging stations altogether are responsible for hindering the growth of the global electric three wheeler market.

Electric Three Wheeler Market
By Battery Type

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Lithium-ion is projected as the most lucrative segments

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Growth in trend of shared mobility

Shared mobility services reduce city congestion and decrease overall vehicle emissions. Therefore, digitally enabled car sharing and ride-hailing manage travel needs in the smartest way and also provide a hassle-free and environmentally sound alternative to private car ownership. This sharing & ride hailing activity that includes the entire process from travel planning till payments can be handled by a single mobile app. In the coming years, ride hailing services are projected to play a major role in this space by reducing the manual tasks and minimizing the overall time & cost. This trend is further expected to strengthen the growth of the three-wheeler market. 

The number of users relying on ride-sharing applications has increased in recent years. For instance, Uber launched its ride hailing services in 30 cities for expanding its business across the globe. To create awareness and promote new services, the key players offer discounts, free ride, and coupon facilities to customers. Moreover, California-based company Lyft Inc. is providing free rides to patients. Furthermore, Lyft also invested in several partnerships, most noticeably in healthcare transportation, which provides new mobility options for non-drivers, including older people, younger people, people with disabilities, and people without access to a vehicle. The shared transportation is taking a back seat amid the pandemic. However, the benefits of shared mobility such as reduced congestion, reduced emission, and low cost are anticipated to strengthen the demand for three-wheeler during the forecast period. 

Electric Three Wheeler Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

LAMEA would exhibit the highest CAGR of 10.2% during 2021-2030.

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Covid-19 Impact Analysis

  • The COVID-19 outbreak severely impacted the automotive sector on a global level, which in turn leads to considerable drop in automotive sales, insufficiency of raw material, and others.
  • Many small and big players in the automotive sector are witnessing issues such as halt in production activities, mandated plant closures by the government, and others.
  • Various companies operating in the automotive industry are stepping up by reconfiguring their supply chain, production, and services for delivery of critical medical supplies.
  • In addition, amid pandemic many different players are trying to devise different approaches in order to keep up with the condition by using three-wheeler for medical supplies as it provides affordable transportation with excellent maneuverability.
  • Countries, especially in South Asia, are witnessing loss of vehicle production, owing to factory halt and availability of workforce. Furthermore, the loss of production is expected to witness an upsurge if the lockdown is further extended.

Key Benefits For Stakeholders

  • This study presents analytical depiction of the global electric three wheeler market analysis along with current trends and future estimations to depict imminent investment pockets.
  • The overall electric three wheeler market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global electric three wheeler market with a detailed impact analysis.
  • The current electric three wheeler market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Vehicle Type

  • Passenger Carrier
  • Load Carrier

By Power Type

  • Up to 1000W
  • 1000W to 1500W
  • Above 1500W

By Battery Type

  • Lithium-ion
  • Lead acid

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany 
    • France 
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan 
    • South Korea
    • Singapore
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Players

  • Atul Auto Limited.
  • Chongqing Zongshen Tricycle Manufacture Co. Ltd.
  • J.S. Auto Pvt. Ltd.
  • Kinetic Green Energy & Power Solutions Ltd.
  • Mahindra & Mahindra Ltd.
  • Piaggio & C.SpA.
  • Scooters India Limited
  • Terra Motors Corporation
  • Bodo Vehicle Group Co. Ltd.
  • E-Tuk Factory BV.
 

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Electric Three Wheeler market is supplemented by numerous developments carried out by the top electric three wheeler manufacturers which has led to the growth of the market. Moreover, technological advancements in vehicles followed by the need for smart vehicles to commute within cities supplements the growth of the global electric three wheeler market.

Inclination toward use of electric three-wheeler as an eco-friendly & efficient solution for commute followed by increase in demand for affordable commercial vehicle has led to the growth of global electric three wheeler market. Many e-commerce players are very keen to adopt gasoline as well as electric three-wheeler in their fleet, owing to their excellent maneuverability, low maintenance and operating cost ever for the shorter transits. In addition, the current adoption rate of electric three-wheeler is foreseen to significantly bring down the upfront cost in coming years. Increase in penetration of electric vehicles will also help in reducing environmental impact. However, the high cost of battery and lack of standardization of EV charging are major factors that could hamper the growth of the electric three-wheelers in the global market.

Moreover, rise in investments on building efficient vehicles and technological advancements in electric vehicle systems are expected to provide lucrative opportunities for growth of the global market in the future.

Factors such as inclination toward use of electric three-wheeler as an eco-friendly & efficient solution for commute, rise in trend of last mile connectivity and increase in demand for affordable commercial vehicle supplements the growth of the global market. Moreover, lack of standardization of EV charging and high cost of battery are the factors that are hampering the growth of the global electric three wheeler market. However, factors such as growth in trend of shared mobility and greater availability of credit and financing options are expected to provide lucrative opportunities for the growth of the global electric three wheeler market.

Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by Europe, LAMEA and North America. On the basis of forecast analysis, LAMEA is expected to maintain its lead during the forecast period, owing to increase in demand for cheaper transportation medium followed by Europe as compared to other regions.

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FREQUENTLY ASKED QUESTIONS?

A. The global electric three wheeler market was valued at $677.40 million in 2020, and is projected to reach $1,100.60 million by 2030, registering a CAGR of 5.3%.

A. Introduction of Lithium-ion battery is the upcoming trends in electric three wheelers industry

A. The sample for global electric three wheeler market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. Increased demand for green fuel vehicles and increased sales are the post COVID-19 scenario in electric three wheelers market

A. Vehicle Type is the most influencing segment growing in the electric three wheelers report

A. The company profiles of the top market players of electric three wheeler market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the electric three wheeler market

A. China, India, Japan, South Korea are the key matured markets growing in the global electric three wheelers report

A. Introduction of electric thre wheeler in different industries are the known and unknown adjacencies impacting the electric three wheelers market

A. LAMEA will provide more business opportunities for electric three wheelers in future

A. Product development & product launch are the key strategies adopted by the top players to increase their revenue in electric three wheelers

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