Allied Market Research
Loading...
0

Electric Three Wheeler Market Expected to Reach $1.10 Billion by 2030-Allied Market Research

 

Report Code : A12512

quote By vehicle type, the passenger carrier segment dominated the global electric three wheeler market in 2020, in terms of revenue. By power type, the 1000 W to 1500 W segment incurred higher share in 2020. By battery type, the lithium-ion segment held majority of the market share in 2020. Presently, Asia-Pacific is the highest revenue contributor followed by Europe. quote

Abhay Singh
Lead Analyst, Automotive and Transportation at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, “Electric Three Wheeler Market by Vehicle Type, Power Type and Battery Type: Global Opportunity Analysis And Industry Forecast, 2021–2030,” 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.

Asia-Pacific dominates the market, in terms of revenue, followed by Europe, LAMEA and North America. India dominated the global electric three wheeler market share in 2020. South Korea is expected to grow at a significant rate during the forecast period, owing to increase in demand for smart vehicles.

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 is expected to drive the demand for electric three-wheeler across the globe; thereby, supplementing the growth of the market. Furthermore, increase in fuel prices at international level, growing pollution, and traffic congestion especially in urban areas have further increased the acceptance of electric three-wheeler across the globe. 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, boost the market growth.

Many companies in e-commerce, pharma, textiles, and retail, FMCG, and other utility segments such as dairy, poultry, and gas, are preferring electric three-wheelers as a last mile connectivity solution as they offer excellent maneuverability at an affordable price. Furthermore, many players are very keen to convert their last-mile delivery fleet to electric due to their added benefits. The growing adoption of electric vehicles is further reinforcing the demand for electric three-wheeler as well. According to Mahesh Babu, MD & CEO, Mahindra Electric, there is a very vast need for last mile delivery across various countries, especially during the pandemic. With effective integration of advance technology, design, and workflow, many leading players are trying to bring the upfront cost of electric three-wheelers, which further foreseen the preference for three-wheeler as a last mile connectivity solution. For instance, in 2021, Amazon partners with Mahindra Electric to deploy EVs in its delivery fleet. Amazon India announced that its fleet of delivery vehicles will include 10,000 electric vehicles by 2025.

Rise in expenditure on the commercial vehicle in developed and developing countries is creating the need for affordable commercial vehicles. The electric three-wheeler mobility depends on the affordability, maneuverability, and door-to-door accessibility. In many middle- and low-income countries, electric three-wheelers offer significantly cheaper and faster travel option along with better route flexibilities as compared to others means of transports. In many low- and mid-income countries, electric three-wheelers can also be linked to enhanced employment opportunities, which further drives the demand for electric three-wheelers in the global market.

Governments of various countries are introducing various incentive plans, in terms of tax credits and incentives to boost the adoption of electric three-wheeler as a commercial vehicle. For instance, in June 2019, the Indian Government announced a plan to lower the goods & service tax on electric vehicles from 12% to 5% to reinforce the adoption rate of electric vehicles. The government is even waiving off the registration fees and road tax under the EV policy. These subsidies further bring down the overall cost of ownership, which allows the owner to save significant amount of capital annually. All these factors are expected to fuel the demand for electric three-wheelers.

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.

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 rise 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.

Key Findings Of The Study

  • By vehicle type, the load carrier segment is expected to register a significant growth during the forecast period.
  • Depending on battery type, the above 1500 W segment is anticipated to exhibit significant growth in the future.
  • By battery type, the lithium-ion segment is anticipated to exhibit significant growth in the future.
  • LAMEA is anticipated to register the highest CAGR.

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 of 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 unavailability of workforce. Furthermore, loss of production is expected to witness an upsurge if the lockdown is further extended.

The key players operating in the global electric three wheeler market includes Ecomove GmbH, Elaphe Ltd., e-Traction B.V., Lordstown Motors, MW Motors, NSK, NTN Corporation, Schaeffler AG, Nissan Motor Company, LTD., and Ziehl-Abegg SE

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote 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 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 3,718 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Electric Three Wheeler Market"
Purchase Enquiry