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Electric Three-Wheeler Market Research Report - Global Forecast till 2030

Electric Three-Wheeler Market Research Report: Information By Battery Type (Lithium-Ion, Nickel-Metal Hydride, Lead-Acid and others), By Driving Range (Less Than 50 Miles, 50–100 Miles and above 100 Miles), By Vehicle Type (Passenger Carrier and Utility/Goods Carrier) and Region - Forecast till 2030

ID: MRFR/AM/6669-CR | October 2020 | Region: Global | 125 Pages         

Electric Three-Wheeler Market

Electric Three-Wheeler Market value is predicted to reach USD 5.9 Billion by the end of 2027, with registering a CAGR of 11.10% during the forecast period 2022-2030

Segmentation

By Type Battery Powered Hybrid
By Battery Type Lithium-ion Nickel Metal Hydride Lead Acid Others
By End-User Passenger Carrier Utility Carrier
By Driving Range Type Less than 50 miles 50-100 miles Above 100 miles
By Seat Capacity One Two Three Four & Above

Key Players

  • Terra Motors Corporation
  • Changzhou Yufeng Vehicle Co. Ltd.
  • Xianghe Quiangsheng Electric Tricycle
  • Jiangsu Kingbon Vehicle Co. Ltd
  • Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd
  • Kinetic Green Energy & Power Solutions
  • Piaggio Group
  • Lohia Auto Industries
  • Groupe PSA
  • Mahindra Group
  • Atul Auto Limited
  • Adapt Motors Pvt. Ltd.

Drivers

  • The uses of vehicles to lattice charging stations provide profitable growth opportunities
  • Developments in electric vehicles combined with vigorous investments by the automakers
  • The increasing concerns about environmental pollution
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Electric Three Wheeler Market Overview


Electric three-wheeler market value is predicted to reach USD 5.9 Billion by the end of 2027, with registering a CAGR of 11.10% during the forecast period.


The electric three-wheeler is also known as e-rickshaw, it is an electric powered wheeler which provides comforts to its passenger and drivers or it is used to carry both utility and passengers.


The electric three-wheeler is equipped with GPS enables e rickshaw and fire extinguisher, tool kit and first aid which is placed in the vehicles for the safety and security purposes of the passenger. It is contemplated as the ordinary form of suburban and urban transport. The electric three-wheeler vehicles carry an electric vehicle motor that runs on a rechargeable battery. Furthermost, the latest model of electric three-wheeler vehicles holds plug-in charging options, earlier the battery used to be charged by removing it from the three-wheeler vehicle. The rise in support from governments and the initiatives in order to evolve the automobile industry into a more polished industry is predicted to further boost the global electric three-wheeler market growth due to the rise in demand in the coming years.


This report contains all the information on the global electric three-wheeler market trends, research, and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global electric three-wheeler market analysis and forecast to 2026 is also included in the report.



  • October 2022- India’s biggest two-wheeler producer, Hero MotoCorp, which enrolled in the electric scooter space earlier in October, has B2B vehicles, electric motorcycles, and even autonomous vehicles in its sights over the mid to long-term time frame. Earlier this month, the Pawan Munjal-led company introduced an electric scooter under a new brand-named Vida in the premium class, starting at Rs 1.45 lakh. The company will have several variants and modularity choices with the Vida V1. Also, autonomous vehicles, advanced driver assistance, multiple form factors across electric mobility, B2B (business-to-business) vehicles, and high-performance electric motorcycles are an aspect of Hero MotoCorp’s plans, per a disclosure made by the company.


Covid 19 Analysis


The outbreak of global pandemic covid 19 across the world has ensured a shortage in a severe supply of lithium for electric manufacturers depends on China for supplies of raw materials and lithium cells. The lockdown phase has decreased the production of lithium-ion batteries which in turn affects the electronic market around the globe, the price of the lithium hydroxide used in electric vehicles has increased rapidly due to the same reason.  



  • October 2022- Top EV makers Kinetic Green Energy and Power Solutions Limited has announced a partnership with IndusInd Bank to provide affordable and accessible financing for customers for their variety of electric two-wheelers at Kinetic Green dealerships across India. Kinetic Green has so far engineered, built, and cumulatively sold approximately 60,000 electric vehicles and has reached a mark of Rs 600 crore, the EV maker claimed in a statement. As per the recent scheme, customers will get up to 100 percent LTV (loan to value) at profitable interest rates for flexible tenures. The loan deal will allow financing choices for both self-employed and salaried customers. The scheme also offers the fastest turnaround time for an in-principal consent with its digital process that has minimum certification, according to a company’s stock trade filing. The Founder & CEO of Kinetic Green, Sulajja Firodia Motwani, said that the company is happy to collaborate with IndusInd Bank as a trusted partner to bring affordable and accessible financing options to our customers. IndusInd Bank will be a significant asset to the company’s electric vehicle ecosystem, offering banking and payments the way customers want.


Electric three-wheeler Vehicles market Dynamic



  •         Drivers


The global electric three-wheeler market size is predicted to grow during the forecast period due to major driving factors such as developments in electric vehicles combined with vigorous investments by the automakers. The increasing concerns about environmental pollution is another major factor for the growth of the market.



  •         Opportunities


According to the analysis of the researchers, the global electric three-wheeler market is predicted to witness decent growth during the forecast period.  The uses of vehicles to lattice charging stations provide profitable growth opportunities for the major key players in the global electric three-wheeler market in the coming years.


The rise in demand for eco-friendly vehicles and the rising preferences of the consumers for electric vehicles is predicted to drive the growth of the market during the forecast period.



  •         Restraints


The lack of adequate charging infrastructure is the major restraint of the global electric three-wheeler market during the forecast period.  This is the major factor that is hampering the acceptance of electric three-wheelers across the globe.



  •         Challenges


Proposing land is the main challenge in developing countries as the charging stations require reserved space for different purposes including setup, parking spaces for multiple vehicles, and the use of the charging stations. It is the major challenge for the key players in the market and hence considered as a major factor that is hindering the growth of the electric three wheeler market outlook across the globe.


Cumulative Growth Analysis


The lithium-ion battery market segments are likely to account for the maximum shares in the global electric three-wheeler market revenue as it is 95% more powerful as compared to the other types of batteries. It contains 95% or more energy which can be utilized afterward. On the other hand, its efficiency is about 80% to 85%. The high quality of the battery is likely to get charges faster and more efficiently and the result offers a greater capacity of the battery which is ultimately equal to the depth of discharge.


Value Chain Analysis


According to the reports, the global electric three-wheeler vehicles markets have been segmented on the basis of battery type, driving range, and vehicle. On the basis of battery type, the global electric three-wheeler vehicles market has been segmented into lithium-ion, nickel-metal hybrid, lead-acid, and others. The lithium-ion segment held the largest electric three-wheeler market shares in the year 2019 on the other hand nickel-metal hybrid segments are predicted to register the highest CAGR of 10.43%.


On the basis of driving range, the global electric three-wheeler markets are segmented into less than 50 miles, 50-100 miles, and above 100 miles. The 50-100 miles segment holds the largest share in the market in the year 2019. On the other hand, less than 50 miles or predicted to register the highest CAGR of 10.88% during the forecast period.  On the basis of vehicle type, the market is segmented into passenger carriers and utility/goods carriers.


Global Electric Three-Wheeler Market, By Region, 2019


Electric Three-Wheeler Market
Source: MRFR Analysis


Electric three-wheeler Vehicles Market Segmentation Overview


The electric three-wheeler vehicles market is segmented on the basis of the battery type, driving range. The global electric three-wheeler markets are expected to witness decent growth during the forecast period.


By Application


Based on the application, the electric three-wheeler vehicles market is segmented into lithium-ion, nickel-metal hybrid, lead-acid, and others.


By end-users


Based on the propulsion types, the electric three-wheeler vehicles market is segmented into passenger carriers and utility/goods carriers.



  • September 2022- Jumia, an Africa-based e-commerce player, has collaborated with Biliti Electric, a California-based EV solutions provider, to add electric vans to its delivery fleet in Kenya. The partners say they have effectively finished the pilot project and are scaling the fleet within Kenya in the first phase and across Africa.


Electric three-wheeler market Regional Analysis


According to the reports, on the basis of regions, the electric three-wheeler market industry is segmented on the basis of the Asia Pacific and the rest of the world. The Asia Pacific is the largest electric three-wheeler vehicles market due to the presence of India and China along with that there are other prominent countries such as Bangladesh, Thailand, and Cambodia. The majority of the people are dependent on public transport and the government’s favorable policies in this region are driving the electric three-wheeler market growth. This region is predicted to register a higher CAGR of 11.16% in the global electric three-wheeler vehicles market during the forecast period.  



  • October 2022- Several small companies across Europe are doing their part in boosting the electric shift. For instance, a company called Zeway in France has been working on developing its presence in the market, especially in electric scooters and mopeds. With a single battery type utilized in its model range, the company concentrates on infrastructure and the products, providing a more accessible way to keep the wheels turning.


Electric three-wheeler market Competitive landscape


The market of electric three-wheeler market is highly fragmented due to the various key players which are accounting for a smaller portion of the global market share. These players are focused on investing heavily in the developments and research of electric three-wheelers in order to increase the capacity of load along with the driving range of the vehicles.


Major Market Players



  • Terra Motors Corporation

  • Changzhou Yufeng Vehicle Co. Ltd.

  • Xianghe Quiangsheng Electric Tricycle Factory

  • Jiangsu Kingbon Vehicle Co. Ltd.

  • Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd.

  • Kinetic Green Energy & Power Solutions Ltd.

  • Piaggio Group

  • Lohia Auto Industries

  • Groupe PSA

  • Mahindra Group

  • Atul Auto Limited

  • Adapt Motors Pvt. Ltd.

  • Electrode


Electric three-wheeler market Report Overview


The following report comprises of –



  •         Market overview 

  •         Covid 19 Analysis

  •         Market Dynamic

  •         Drivers

  •         Opportunities

  •         Restraints 

  •         Challenges

  •         Cumulative Growth Analysis

  •         Value Chain Analysis

  •         Segmentation Overview 

  •         By Application 

  •         By End-Users

  •         Regional Analysis

  •         Competitive landscape


Recent Developments



  • In the year 2018 MOVE Summit, Bajaj Auto Limited launched its new electric auto rickshaw in the Indian market. This is the new electric three wheeler which is likely to be launched as Urbanite sub-brand from Bajaj Auto Limited. It is predicted to handle the electric vehicle in the Indian market. When its come of features, this new three wheeler is predicted to have powerful headlamps, a standard fire extinguisher, and fully digital instrument cluster.


  • Piaggio Vehicles has launched an e3W for cargo supplying clients, Ape’ E-Xtra FX. The vehicle is covered under the latest subsidy scheme by the Indian government and comes equipped with battery swapping technology.




Market segments


Based on type, the global electric three-wheeler market can be bifurcated into



  •         Battery Powered

  •         Hybrid


Based on battery type, the global electric three-wheeler market can be divided into



  •         Lithium-ion

  •         Nickel Metal Hydride

  •         Lead Acid

  •         Others


Based on end-user, the global electric three-wheeler market can be classified into



  •         Passenger Carrier

  •         Utility Carrier


Based on driving range type, the global electric three-wheeler market can be segregated into



  •         Less than 50 miles

  •         50-100 miles

  •         Above 100 miles


Based on seat capacity, the global electric three-wheeler market can be split into



  •         One

  •         Two

  •         Three

  •         Four & Above


Based on region, the global electric three-wheeler market can be split into



  •         Asia pacific

  •         Rest of the world



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2027: USD 5.9 Billion
  • 2030 : Significant value
  •   CAGR   11.10% CAGR (2022 to 2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Battery Type, Driving Range and Vehicle Type
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   ATUL Auto Ltd. (India), Saera Electric Auto Pvt. Ltd. (India), and Lohia Auto Industries (India)
      Key Market Opportunities   The uses of vehicles to lattice charging stations provide profitable growth opportunities
      Key Market Drivers

  • Developments in electric vehicles combined with vigorous investments by the automakers
  • The increasing concerns about environmental pollution


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    Frequently Asked Questions (FAQ) :

    The electric three wheelers market can surge at 11.10% CAGR by 2030.

    ATUL Auto Ltd. (India), Saera Electric Auto Pvt. Ltd. (India), and Lohia Auto Industries (India) are some key players of the electric three wheelers market.

    The reduced price of lithium battery can impel the global electric three wheelers market growth.

    The changing dynamics of automobile industry can benefit the electric three wheelers market in APAC.