IMARC Group, a leading market research company, has recently releases report titled Electric Three Wheeler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. The study provides a detailed analysis of the industry, including theglobalelectric three wheeler marketshare, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is theelectric three wheeler market?
The global electric three-wheeler market size reachedUS$ 661Million in 2022. Looking forward, IMARC Group expects the market to reachUS$ 1,152Million by 2028, exhibiting agrowth rate (CAGR) of 9.3%during 2023-2028.
What are Electric Three Wheeler?
Electric three-wheeler, also known as e-rickshaw, refers to the convenient and eco-friendly mode of transportation. It comprises a motor, battery, controller, shocker, meter, brakes, rear suspension, steering, gearbox, accelerator, handle, and wiring harness. It is manufactured from various materials, such as iron, aluminum, steel, and dicyclopentadiene (DCPD) material. It is simple, easy to maneuver, produces less noise, and is widely available in different sizes, shapes, colors, and designs. It is easy to use and accessible and reduces the carbon footprint as compared to conventional internal combustion engine (ICE) vehicles. It is an affordable means of intermediate public transportation over short to medium distances. It assists in providing easy recharging facility and reduces traffic congestion due to its smooth turning while enhancing user experience. As a result, electric three-wheeler finds applications in passenger commuting and transportation of goods and services from one place to another across the globe.
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What are the growth prospects and trends in theelectric three wheeler industry?
At present, the increasing demand for electric three-wheelers due to the preference for ride-sharing among individuals worldwide represents one of the key factors strengthening the growth of the market. Moreover, the growing utilization of electric three-wheelers to reduce environmental pollution is offering a positive market outlook. Apart from this, the rising number of public charging infrastructures around the world is offering lucrative growth opportunities to industry investors.
In addition to this, there is a rise in the demand for safe, secure, sustainable, and fuel-efficient modes of transportation among the masses across the globe. This, coupled with the increasing adoption of electric three-wheelers due to inflating fuel prices around the world, is contributing to the growth of the market. Besides this, the growing utilization of electric three-wheelers due to the increasing consumer awareness about the harmful impacts of carbon dioxide (CO2) and greenhouse gas (GHG) emissions is positively influencing the market.
Additionally, governing agencies of various countries are encouraging the adoption of electric three-wheelers by implementing stringent rules and regulations to support energy-efficient transportation and offering several subsidies and tax rebates, which is propelling the growth of the market. In line with this, the rising demand for affordable commercial vehicles to transport goods and services efficiently is impelling the growth of the market. Furthermore, key players are introducing electric three-wheelers with enhanced distance range and payload capacity, along with windscreen and wiping systems, telematics units and global positioning system (GPS), and lockable glove box, which is supporting the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Vehicle Type:
- Passenger Carrier
- Load Carrier
Breakup by Power Type:
- Up To 1000W
- 1000W To 1500W
- Above 1500W
Breakup by Battery Type:
- Lithium-Ion
- 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
Who are the key players operating in the industry?
The report covers the major market players including:
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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