The global electric three-wheeler market size reached a value of US$ 596.2 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,059.10 Million by 2027, exhibiting a CAGR of 9.60% during 2022-2027.
Electric three-wheelers or e-rickshaws are electrically powered vehicles that operate with high torque motors and durable batteries. They are generally classified as light commercial vehicles, which have emerged as a convenient and eco-friendly mode of public transportation. Electric three-wheelers find wider application in various industries like passenger commuting within the city as well as transportation of goods and services from one place to another. They are cost-effective, has a compact design and exhibit zero carbon emission, noise-free travel experience with reduced cost of fuel consumption.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Electric Three-Wheeler Market Trends and Drivers:
The global electric three-wheeler market is primarily driven by the rising concerns among individuals regarding high vehicular pollution levels. The increasing international fuel prices, rising pollution levels, and growing traffic congestion are also propelling the demand for electric three-wheelers.
In addition to this, the growing trend of last-mile connectivity and increasing demand for affordable commercial vehicle supplements are another major growth-inducing factors. Nowadays, governments across various countries have initiated various schemes to encourage the use of electric three-wheeler vehicles over conventional vehicles.
They are also offering subsidies and tax abatements, exempting drivers of electric three-wheelers from toll roads or parking fees and enhancing the charging station infrastructure for electric vehicles (EV). Furthermore, the launch of battery-as-a-service (BaaS) has created a positive outlook for the market as it can reduce up-front acquisition costs of electric three-wheelers.
|Electric Three-Wheeler Market Report Scope|
|Market size value in 2021||US$ 596.2 Million|
|Market forecast in 2027||US$ 1,059.10 Million|
|Growth Rate||CAGR of 9.60% from 2022 to 2027|
|Base year for estimation||2021|
Global Electric Three-Wheeler Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these major key players include:
ATUL Auto Limited, Bodo Vehicle Group Co. Ltd., E-Tuk Factory, Goenka Electric Motor Vehicles Private Limited, Jiangsu Jinpeng Group Co. Ltd., Kinetic Green Energy & Power Solutions Ltd., Lohia Auto Industries, Mahindra & Mahindra Limited, Omega Seiki Mobility, Piaggio & C. SpA, Scooters India Limited and Terra Motors Corporation.
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The report has segmented the market on the basis of region, vehicle type, power type and battery type.
Breakup by Vehicle Type:
- Passenger Carrier
- Load Carrier
Breakup by Power Type:
- Up To 1000W
- 1000W To 1500W
- Above 1500W
Breakup by Battery Type:
- Lead Acid
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.