| Status : Published | Published On : Jun, 2024 | Report Code : VRAT9632 | Industry : Automotive & Transportation | Available Format :
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Page : 197 |
Global Electric Three Wheeler Market - Analysis and Forecast (2025-2030)
Industry Insights By Battery Type (Li-ion and Lead Acid), By End-Use (Passenger Carrier and Goods Carrier), By Driving Range (less than 50 miles, 50-100 miles and above 100 miles) and By Geography (North America, Asia-Pacific, Europe and Rest of the World)
Industry Overview
The Global Electric Three Wheeler Market is anticipated to grow from USD 1.1 billion in 2023 to USD 1.6 billion in 2030 at a CAGR of 2.1% during the forecast period from 2025 to 2030.
Increasing demand for sustainable and efficient transportation solutions is fueling the global electric three-wheeler market growth. These vehicles have environmental benefits, cost-effectiveness, and adaptability that are enhancing their popularity in urban and suburban locales. The market is boosting because of the pitch in e-commerce and online shopping which has increased the adoption of electric three-wheelers for last-mile delivery. Battery and motor efficiency enables longer driving ranges and quicker charging times due to the improvement of technological advancements. Electric three-wheelers is a preferred choice for both personal and commercial applications as the integration of digital technologies such as GPS navigation and real-time tracking is improving user experience and operational efficiency.
Market Segmentation
Insight by Battery Type
According to battery type, the Global Electric Three Wheeler Market is segregated into Li-ion and Lead Acid.
Insight by End-Use
The global Global Electric Three Wheeler Market is bifurcated based on end-use, into Passenger Carrier and Goods Carrier. The passenger carrier segment is leading the vehicle type segment with respect to the electric three-wheeler market revenue. This is due to the rising consumer preference for electric vehicles over fossil fuel vehicles.
Insight by Driving Range
The Global Electric Three Wheeler Market is segmented based on driving range, as less than 50 miles, 50-100 miles and above 100 miles. The 50-100 miles segment dominated the market during the forecast period. Developments in electric vehicles with dynamic investments by automakers and increasing concerns about environmental pollution are the major factors for the growth of the market.
Global Electric Three Wheeler Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 1.9 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 3.6 Billion |
|
Growth Rate |
16.3% |
|
Segments Covered in the Report |
By Battery Type, By End-Use, By Driving Range |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Asia-Pacific, Europe and Rest of the World |
Industry Dynamics
Growth Drivers
The average cost of operation and maintenance of electric three-wheelers are substantially low as compared to conventional three-wheelers hence several countries in the world have a high rate of usage of three-wheelers, which were traditionally powered by IC engines. As many of these internal combustion engine three-wheelers are inefficient emitting substantial amounts of particulate matter and black carbon. The expenditure on R&D of electric three-wheeler manufacturers is increasing due to the growing emission control norms that shall eventually allow them to market them as the future of intracity mobility.
Governments and organizations across the world have initiated various schemes and initiatives, which encourage buyers to choose electric three-wheelers over conventional vehicles. Such activities are predicted to propel the integration of electric three-wheelers and this may help the transformation from fossil fuels-based mobility to electric mobility, thereby, driving the growth of the market. The market is driven by the factors like increase in adoption of electric vehicles, strict government norm for pollution control and increasing awareness about harmful effects of emissions from gasoline and diesel vehicles.
Restraints
The major factors that are the main restraints for the growth of three-wheeler vehicles market are the low range of distance covered and heavy battery pack. Lack of charging infrastructure is a top limit to electric vehicle adoption, especially in the United States and the United Kingdom. Public charging is critical for supporting electric vehicle growth, even though most electric vehicles are charged at work or home. Furthermore, higher initial costs and a lack of standardized charging infrastructure also hinders the market.
Geographic Overview
- North America
- Europe
- Asia Pacific (APAC)
- Rest of the World
Geographically, the Global Electric Three Wheeler Market is classified into North America, Europe, Asia Pacific and Rest of the World. Asia-Pacific dominates the Global Electric Three Wheeler Market in terms of market share. India has surpassed China to become the world's largest market for electric three wheelers.
Competitive Insights
The Electric 3-Wheeler Market is highly fragmented, with several players accounting for a smaller portion of market share. One of the primary business strategies adopted by manufacturers in the global electriv three wheeler vehicle industry to benefit clients.
Terra Motors Corporation manufactures electric two and three wheelers from Japan. Terra Motors has business operations in South East Asia and South Asia. Terra Motor’s mission is to create the sustainable world with innovations. Company designs and manufactures electric two wheelers and three wheelers. Company has production plant in India, Bangladesh, Vietnam and Japan.
Changzhou Yufeng Vehicle is a manufacturer & supplier of battery-powered commercial tricycles. The company develops electric three-wheelers for both passenger and cargo transportation. Its primary markets include Eastern Asia, Southeast Asia, and the Middle East.
Key Players Covered in the Report
Some of the prominent companies in the electric three-wheeler market are Mahindra Electric, Terra Motors Corporation, Changzhou Yufeng Vehicle Co. Ltd., Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd., Kinetic Green Energy & Power Solutions Ltd., Xianghe Quiangsheng Electric Tricycle Factory, Jiangsu Kingbon Vehicle Co. Ltd., Piaggio Group, Lohia Auto Industries , Groupe PSA, Adapt Motors Pvt. Ltd., Atul Auto Limited, Electrode. These players are investing heavily in research and development of electric three-wheeler in increasing the load capacity along with the driving range of the vehicle.
Recent Development by Key Players
Mahindra Last Mile Mobility Limited (MLMML), a division of Mahindra, has collaborated with IRP Systems, which is known for producing top-quality electric powertrains. IRP Systems will assist Mahindra in launching electric three-wheelers, increasing EV penetration in the last-mile transportation system.
Japanese electric vehicle maker Terra Motors shall invest rupees 50 crore to develop the charging infrastructure in Tamil Nadu. The company signed a memorandum of understanding with the State Government for the same.
The global Electric Three Wheeler Market report offers a comprehensive market segmentation analysis along with estimation for the forecast period 2025–2030.
Segments Covered in the Report
- Battery Type
- Li-ion
- Lead Acid
- End-Use
- Passenger Carrier
- Goods Carrier
- Driving Range
- Less than 50
- 50 to 100 miles
- Above 100 miles
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of the World
- Brazil
- Saudi Arabia
- South Africa
- U.A.E
- Other Countries
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Electric Three Wheeler Market