ID: MRFR/AM/6669-CR | October 2020 | Region: Global | 125 pages
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 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.
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.
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.
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.
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.
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 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 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 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.
Major Key Players
Global Electric Three-Wheeler Market, By Region, 2019
Source: MRFR Analysis
The 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.
Based on the application, the market is segmented into lithium-ion, nickel-metal hybrid, lead-acid, and others.
Based on the propulsion types, the market is segmented into passenger carriers and utility/goods carriers.
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 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 market during the forecast period.
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.
The following report comprises of –
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.
Based on type, the global electric three-wheeler market can be bifurcated into
Based on battery type, the global electric three-wheeler market can be divided into
Based on end-user, the global electric three-wheeler market can be classified into
Based on driving range type, the global electric three-wheeler market can be segregated into
Based on seat capacity, the global electric three-wheeler market can be split into
Based on region, the global electric three-wheeler market can be split into
|Market Size||2027: USD 5.9 Billion|
|CAGR||11.10% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|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||
Frequently Asked Questions (FAQ) :
The electric three wheelers market can surge at 11.10% CAGR by 2026.
The electric three wheelers market can value at USD 5.9 Billion by 2027.
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.