The Asia Pacific region to dominate the Electric Three Wheelers market in 2021
According to Custom Market Insights (CMI), The size of the Global Electric Three Wheelers Market was worth around USD 680 million in 2021 and is predicted to grow to around USD 1100 million by 2030 with a compound annual growth rate (CAGR) of roughly 5% between 2022 and 2030. The report analyses the Electric Three Wheelers market’s drivers and restraints and their impact on demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Three Wheelers market.
Electric Three-Wheelers Market: Overview
Three-wheeled vehicles powered by electricity and equipped with powerful motors and long-lasting batteries are known as electric three-wheelers. Tadpoles have two front wheels and one rear wheel, but tricycles have a single front wheel and two back wheels. Several businesses can use electric three-wheelers, including the transportation of people within cities and goods and services from one place to another.
Browse the full “Electric Three Wheelers Market Size, Trends and Insights By Battery (Lithium-ion, Lead Acid, Others), By Power (Up to 1000W, 1000W to 1500W, Above 1500W), By End-Use (Goods Carrier, Passenger Carrier), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at ReportURL
Due to consumers’ growing preference for electric vehicles over traditional vehicles fueled by fossil fuels, the industry is anticipated to expand. The increasing amount of greenhouse emissions in the atmosphere has encouraged society to explore environmentally friendly transportation solutions, particularly electric three-wheelers. Furthermore, the development of new startups, including Arcimoto, Nobecars, and others, is blooming in the field of electric three-wheelers.
Major obstacles to expanding the electric three-wheeler sector include the lack of standardized charging infrastructure and expensive batteries. Drivers’ concerns about vehicle range are exacerbated by the scarcity of charging infrastructures, such as standardized charging ports and uniform charging capacity requirements. Further limiting industry expansion are safety worries about lithium-ion batteries catching fire. This is encouraging governments worldwide to establish stricter rules governing the safety requirements for manufacturing batteries and other components.
The market for Electric Three Wheelers is segmented into battery, voltage, and end-use. In 2021, the passenger carrier market share was almost 60%. The demand for three-wheelers as a form of public transportation for daily and last-mile commuting is blamed for the sector’s growth. Public transportation is preferred over private commutes in developing nations with many middle-income residents.
The market for electric three-wheeler passenger carriers is expanding due to electric three-wheelers becoming a more viable and cost-effective choice. Additionally, national and state governments have established incentives to encourage the establishment of sustainable public transportation in rural and urban areas of the nation, thereby increasing market expansion.
Due to its low operating costs, the 1000 W to 1500 W market category held the largest market share of over 40% in 2021. The market’s need for powerful electric three-wheelers is another factor in the segment’s rise.
Due to its high rate of population growth, sizeable middle-class and lower-middle-class population, and growing propensity for electrification of vehicles, Asia Pacific is predicted to maintain its leadership and hold the greatest market share during 2022-2030.
Due to its quick adoption of vehicle electrification, Europe is predicted to hold a sizable market share in the next years. Manufacturers of electric three-wheelers devote more money than ever to research and development to provide cutting-edge mobility solutions.
|Feature of the Report||Details|
|Market Size in 2021||USD 680 Million|
|Projected Market Size in 2030||USD 1100 Million|
|CAGR Growth Rate||5% CAGR|
|Prominent Players||Mahindra Electric Mobility Limited (Mahindra and Mahindra), Atul Auto Limited, Piaggio Vehicle Pvt (Piaggio & C.SpA), Euler Motors, Terra Motors, Omega Seiki Pvt Ltd, Gayam Motor Works, E-Tuk Factory, Bodo Vehicle Group Co. Ltd., Baja Auto, Jaingusu Kingdom Vehicle Ltd, and Others|
|Key Segment||By Battery, Power, End-Use, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfil your requirements for research.|
Key Players Insights
Manufacturers are turning to tactics like expanding their production capacity, introducing new cars to the market, and establishing alliances. For instance, a partnership between Atul Genentech Private Limited, a subsidiary of Valeo, Atul Auto Limited, and Honda Powerpack Energy has been established to provide an electric powertrain by Valeo for their electric three-wheeler that will be used in conjunction with Honda’s swappable battery system. The three domain experts’ cooperation will hasten the market’s transition to the electrification of three-wheelers.
Some of the prominent players
- Mahindra Electric Mobility Limited (Mahindra and Mahindra)
- Atul Auto Limited
- Piaggio Vehicle Pvt (Piaggio & C.SpA)
- Euler Motors
- Terra Motors
- Omega Seiki Pvt Ltd
- Gayam Motor Works
- E-Tuk Factory
- Bodo Vehicle Group Co. Ltd.
- Baja Auto
- Jaingusu Kingdom Vehicle Ltd
The global Electric Three Wheelers market is segmented as follows:
- Lead Acid
- Up to 1000W
- 1000W to 1500W
- Above 1500W
- Goods Carrier
- Passenger Carrier
On the basis of Geography
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America