Pune, India, June 15, 2022 (GLOBE NEWSWIRE) -- The global electric three wheeler market size is anticipated to reach USD 831.10 million in 2028 from USD 582.46 million in 2021, at a Compound Annual Growth Rate (CAGR) of 5.2%. The global Electric three wheeler market size was USD 574.96 million in 2020.
The increasing demand from Electric three wheeler scooter over traditional ones is expected to drive market growth. Compared to the traditional three-wheelers, the average operation and maintenance costs of an electric three-wheeler are substantially low. Thus, demand for these has increased.
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Report Scope & Segmentation:
|Forecast Period 2021 to 2028 CAGR||5.2%|
|2026 Value Projection||USD 831.10 Million|
|Market Size in 2021||USD 582.46 Million|
|Historical Data for||2017-2019|
|No. of Pages||200|
|Segments covered||Lithium-ion and Lead Acid, Passenger Carrier and Goods Carrier|
|Growth Drivers||Increased Government Initiatives and Subsidies to Promote Electric Three-Wheelers to Drive Growth|
|Asia Pacific to Dominate Backed by Presence Large Number of Turbine Plants|
Asia Pacific to Dominate Backed by Presence Large Number of Turbine Plants
Asia Pacific is expected to remain at the forefront and hold the largest position in the market during the forecast owing to the high demographic growth, a larger middle and lower-middle-class income population, and increasing inclination towards electrification of vehicles in this region. The region's market stood at USD 514.46 million in 2020.
Europe is expected to showcase significant market share in upcoming years, owing to the rapid adoption of vehicle electrification in this region. Electric three-wheeler manufacturers are investing exponentially in R&D for innovating technologically advanced mobility solutions.
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Electric Three Wheeler Market Drivers & Restraints-
Increased Government Initiatives and Subsidies to Promote Electric Three-Wheelers to Drive Growth
The increasing demand for electric vehicles is expected to drive the electric three wheeler market growth. Moreover, initiatives by several governments, such as subsidy schemes and multiple reimbursement policies are expected to boost the market. For instance, the Indian government announced the launch of Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India) in 2015. This scheme offers monetary incentives for the purchase of electric and hybrid electric vehicles.
Highlights of the Report-
The market report offers a comprehensive analysis of various factors such as the key drivers, and restraints which are likely to impact the market growth in upcoming years. The report also provides insights of different regions that are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
- The report provides insights into the political and economic scenarios of the market.
- The report provides a detailed assessment of the growth potential, demographics, and capabilities of the market.
- The report analyses the current and upcoming investment opportunities in the market.
- The report highlights strategies for growth in the upcoming years.
- The report also analyzes the impact of the COVID-19 pandemic.
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Key Players to Focus on New Launches to Strengthen their Market Prospects
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
- October 2020, Mahindra Electric Mobility launched an electric 3-wheeler cargo model, named Treo Zor. This vehicle is developed on Treo platform and is available in 3 different forms, i.e. pickup, delivery van, and flatbed.
List of Players Operating in the Electric Three Wheeler Market are as follows:
- Mahindra Electric Mobility Limited
- Piaggio & C.SpA
- Terra Motors
- Kinetic Green Energy & Power Solutions Ltd.
- Gayam Motor Works Pvt. Ltd
- Lohia Auto Industries
- Omega Seiki Pvt. Ltd
- Bodo Vehicle Group Co. Ltd
- Atul Auto Limited
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Electric Three Wheeler Market Segmentation:
By Battery Type:
- Lead Acid
By Power Type:
- Up to 1000 W,
- 1000 W to 1500 W
- Above 1500
By End Use Type:
- Passenger Carrier
- Goods Carrier
Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter's Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Electric Three Wheeler Market
5. Global Electric Three Wheeler Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
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