CHICAGO, May 13, 2024 /PRNewswire/ -- Electric 3 wheeler
Market is projected to grow from USD
1.3 billion in 2024 to USD 1.5
billion by 2030, registering a CAGR of 2.2%, according to a
new report by MarketsandMarkets. The electric 3 wheeler market has
experienced notable growth in recent years, attributed to several
factors including escalating fuel prices, government incentives,
and the introduction of innovative technologies. As governmental
regulations become increasingly stringent, manufacturers of 3
wheelers have redirected their focus towards enhancing efficiency,
embracing emission-free propulsion, integrating innovative
technologies, and adhering to revised environmental standards. In
coming years, the market landscape is expected to undergo
significant transformation due to the rising adoption of electric 3
wheelers and the expansion of charging infrastructure across
numerous countries, both in terms of network coverage and capacity.
Recent advancements in the electric 3 wheeler sector have led to
introducing batteries featuring enhanced specifications, regarded
as the cornerstone of any electric 3 wheeler. These advancements in
battery technology are projected to elevate the performance and
extend the range of electric 3 wheelers along with cost
reductions.
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Browse in-depth TOC on "Electric 3 wheeler
Market"
281 - Tables
74 - Figures
326 -
Pages
Electric 3 wheeler Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
USD 1.3
billion
|
Estimated Value by
2030
|
USD 1.5
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 2.2%
|
Market Size Available
for
|
2020–2030
|
Forecast
Period
|
2024-2030
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Motor Type, Motor
Power, Battery Capacity, Range, Battery Type, Payload Capacity,
End-Use, and Region
|
Geographies
Covered
|
Asia Pacific, Europe,
North America, Rest of the World
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Partnership with
delivery and logistics fleet operators
|
Key Market
Drivers
|
Advancements in battery
technology coupled with reducing battery prices
|
The mid-motor segment be the largest segment during the
forecast period.
The mid-motor type segment be the largest segment during the
forecast period. Mid motors are gaining traction in the electric 3
wheeler market for their balanced approach to electric propulsion,
offering optimized weight distribution and handling dynamics. Mid
motors, centrally located within the vehicle chassis, transmit
power to the drivetrain through a mechanical linkage, thereby
facilitating more precise control over torque distribution and
wheel traction. This design enhances stability and maneuverability,
making mid-motor-equipped electric 3 wheelers well-suited for
various applications, including last-mile logistics. Their superior
handling characteristics, particularly in challenging road
conditions or uneven terrain, are a key advantage of mid
motors.
By optimizing weight distribution, mid motors contribute to
improved stability and traction, ensuring a smooth and controlled
driving experience for operators and passengers alike.
Additionally, the mechanical linkage of mid motors allows for
modular battery configurations, facilitating scalability and
customization according to specific operational requirements or
regulatory constraints. Mid motors are emerging as a versatile and
adaptable solution in the market, bridging the gap between
performance and practicality in electric 3 wheelers as the
electrification trend continues to gain momentum.
5-8 KWH segment to be the largest segment during
the forecast period.
5-8 KWH segment to be the largest segment during the forecast
period. E-rickshaws and electric autorickshaws are equipped with
batteries ranging from 5 to 8 kWh, distinguished by their
superior energy density and thermal stability. These batteries are
designed for high-performance electric 3 wheelers and offer optimal
current output, thermal resilience, and extended lifecycles. Their
size allows them to accommodate heavy battery packs with
low-density cells, ensuring sufficient range for long-distance
travel. As consumer perceptions shift towards electric 3 wheelers
as viable alternatives for short-distance commuting and inter-city
travel, manufacturers prioritize developing vehicles with higher
battery capacities. Electric 3 wheelers within the 5-8 kWh
range offer reduced range-related concerns, affordability, and
enhanced value propositions, particularly in the shared mobility
sector. This segment is witnessing rapid growth, addressing
last-mile connectivity needs and poised for further expansion,
especially in Asia Pacific
countries facing transportation challenges.
Asia Pacific to be the
fastest-growing market for electric 3 wheelers during the forecast
period.
Asia Pacific to be the
fastest-growing market for electric 3 wheelers during the forecast
period. Countries such as Sri
Lanka, Bangladesh,
Vietnam, and Thailand plan to rapidly increase the demand
for electric 3 wheelers. The region also has established market
such as China and India. During the forecast period,
Sri Lanka is expected to be the
fastest-growing country in Asia
Pacific. There is an increasing demand for green technology
vehicles in Sri Lanka. SL Mobility
and Ideal Motors are the prominent manufacturers of electric 3
wheelers in the country. Due to the growth in sales of overall
alternate fuel vehicles, the Sri Lankan electric 3 wheeler market
is expected to grow. Similarly, The Thai government is rolling out
policies to promote EVs as part of its plans to create an
EV manufacturing hub. The government is determined to improve
air quality, develop smart cities nationwide, and meet its target
of reaching carbon neutrality by 2050 and net-zero greenhouse gas
emissions by or before 2065. Such initiatives will drive the
electric 3 wheeler market in Asia
Pacific region.
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Electric 3 Wheeler Market Dynamics:
Drivers:
- Low operating and maintenance costs
- Government incentives and subsidies
- Advancements in battery technology and reducing battery
prices
- Established market for 3 wheelers in urban transportation
- Stringent emission norms and environmental regulations
Restraints:
- Lack of charging infrastructure
- Limited power output, range, and speed
Opportunities:
- Automobile manufacturer- and customer-oriented policies to
promote electric 3 wheeler sales
- Partnerships between OEMs and delivery and logistics fleet
operators
Challenge:
- Limited battery capacity
- High initial investments compared to ICE variants
- Lack of compatibility, interchangeability, and
standardization
Key Market Players of Electric 3 Wheeler
Industry:
Prominent players in the electric 3 wheeler market include
Mahindra&Mahindra Ltd. (India), YC Electric Vehicle (India), Saera Electric Auto Pvt. Ltd.
(India), Piaggio Group
(Italy), and Citylife Electric
Vehicles (India). among
others.
The break-down of primary participants is as mentioned
below:
- By Company Type: OEMs – 24%, Tier I – 67%, Tier II and Tier III
– 9%
- By Designation: CXOs – 33%, Managers – 52%, Executives –
15%
- By Country: North America –
6%, Europe – 8%, Asia Pacific – 68%, and Rest of the World –
18%
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Electric 3 Wheeler Industry Recent
Developments:
- In February 2024, Car &
General partnered with Piaggio Vehicles Pvt. Ltd. (PVPL), a
subsidiary of Piaggio Group, to introduce electric 3 wheelers in
the Kenyan market. These vehicles, known as Piaggio Ape Electrik,
will be available in two variants: the Ape E-City FX Max for
passenger transport and the Ape E-Xtra FX Max for cargo
transportation.
- In January 2024, At the third
edition of the Tamil Nadu Global Investors Meet, Terra Motors
Corporation signed a memorandum of understanding with the Tamil
Nadu Government. Under the MOU, the company intends to invest
USD 41.66 billion in developing
charging infrastructure in Tamil Nadu.
- In January 2024, Omega Seiki
Mobility partnered with Kissan Mobility to deploy 500 electric 3
wheelers for last-mile delivery purposes. This partnership, valued
at USD 2.40 million, encompasses
various applications across sectors, including e-commerce,
fast-moving consumer goods, and durables segments.
Electric 3 Wheeler Market Size - Key Benefits of
Buying the Report:
- This report will help market leaders/new entrants in this
market with information on the closest approximations of revenue
numbers for the overall electric 3 wheeler ecosystem and its
subsegments.
- This report will help stakeholders understand the competitive
landscape and gain more insights to better position their
businesses and plan suitable go-to-market strategies.
- This report will also help stakeholders understand the market's
pulse and provide information on key market drivers, restraints,
challenges, and opportunities.
This report provides insights on:
- Analysis of key drivers (Low operating and maintenance
costs, Government incentives and subsidies, Advancements in battery
technology and reducing battery prices, and Established market for
3 wheelers in urban transportation), restraints (Lack of
charging infrastructure, and Limited power output, range, and
speed), challenges (Automobile manufacturer- and
customer-oriented policies to promote electric 3 wheeler sales, and
Partnerships between OEMs and delivery and logistics fleet
operators), and opportunities (Limited battery capacity,
High initial investments compared to ICE variants, and Lack of
compatibility, interchangeability, and standardization).
- Product Development/Innovation: Detailed insights
on upcoming technologies, research & development activities,
and new product & service launches in the electric 3 wheeler
market.
- Market Development: Comprehensive information about
lucrative markets - the report analyses the electric 3 wheeler
market across varied regions.
- Market Diversification: Exhaustive information
about new products & services, untapped geographies, recent
developments, and investments in the electric 3 wheeler
market.
Related Reports:
Electric Vehicle Market - Global Forecast
2030
EV Charging Station Market - Global Forecast
to 2030
Electric Commercial Vehicle Market - Global
Forecast to 2030
Electric Scooter and Motorcycle Market -
Global Forecast to 2028
Get access to the latest updates on Electric 3 Wheeler
Companies and Electric 3 Wheeler Industry Growth
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