Overview and Scope
An electric three-wheeler is an automobile that runs on electricity and has three wheels, unlike the conventional four seen in most autos. They use less energy than traditional three-wheeler vehicles and are fueled by fossil fuels and serve as the primary means of transportation for micro-transport.
Sizing and Forecast
The electric three-wheeler market size has grown rapidly in recent years. It will grow from $3 billion in 2023 to $3.34 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to urban congestion alleviation, environmental sustainability goals, government incentives and policies, rural mobility enhancement, awareness and advocacy initiatives.
The electric three-wheeler market size is expected to see rapid growth in the next few years. It will grow to $5.12 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to expansion of charging infrastructure, cost competitiveness, e-commerce and last-mile deliveries, global transition towards electrification. Major trends in the forecast period include introduction of affordable models, subscription-based mobility services, focus on ergonomics and comfort, modular and versatile designs, smart and connected vehicles.
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Segmentation & Regional Insights
The electric three-wheeler market covered in this report is segmented –
1) By Vehicle: Passenger Carrier, Load Carrier
2) By Battery: Lithium-Ion, Nickel-Metal Hydride, Lead Acid, Other Types
3) By Power Capacity: Upto 1000 W, 1000 W To 1500 W, Above 1500 W
Asia-Pacific was the largest region in the electric three-wheeler market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric three-wheeler market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing preference for electric vehicles is expected to propel the growth of the electric three-wheeler market going forward. An electric vehicle is a kind of vehicle that is propelled by one or more electric motors. When utilized as an electric vehicle (EV), a three-wheeler runs solely on electricity rather than an internal combustion engine, so increasing preference for electric vehicles is expected to propel the market growth. For instance, in 2022, according to EV Volumes, an Australia-based database of sales statistics of electric vehicles, the global sales of electric vehicles increased by 10.5 million new BEVs and PHEVs by 55% from 2021. Therefore, the growing preference for electric vehicles is driving the growth of the electric three-wheeler market.
Key Industry Players
Major companies operating in the electric three-wheeler market report are Bajaj Auto Limited, Bodo Vehicle Group Co Ltd., TVS Motor Company, Piaggio Group, Chongqing Zongshen Vehicle Co. Ltd., Electrotherm Ltd., Adapt Motors,Euler Motors, Hero Electric Vehicles Pvt Ltd., Okinawa Autotech Internationall Private Limited, Altigreen, Terra Motors Corporation, Mahindra Electric Mobility Limited, ATUL Auto Limited, Sazgar Engineering Works Limited, Kinetic Green Energy & Power Solution Ltd., JS Auto Pvt. Ltd., Omega Seiki Private Limited, Kabira Mobility Pvt. Ltd,Lohia Auto Industries Ltd., E-Tuk Factory BV, Avan Motors, Jiangsu Kingbon Vehicle Co Ltd., Changzhou Yufeng Vehicle Co Ltd., Jiangsu East Yonsland Vehicle Manufacturing Co Ltd., Goenka Electric Motor Vehicles Pvt Ltd., Scooters India Limited, Tunwal E Vehicles Pvt Ltd., Gemopai Electric, Biliti Electric Inc.
The electric three-wheeler market report table of contents includes:
1. Executive Summary
2. Electric Three-Wheeler Market Characteristics
3. Electric Three-Wheeler Market Trends And Strategies
4. Electric Three-Wheeler Market – Macro Economic Scenario
5. Global Electric Three-Wheeler Market Size and Growth
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32. Global Electric Three-Wheeler Market Competitive Benchmarking
33. Global Electric Three-Wheeler Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Three-Wheeler Market
35. Electric Three-Wheeler Market Future Outlook and Potential Analysis
36. Appendix
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