Electric Three-Wheeler Market Size Analysis, Industry Outlook, & Region Forecast, 2022-2030
Electric three wheelers Market Scope
Electric three wheelers or e-rickshaws are vehicles aimed at providing comfortable rides without emissions. Developments in lithium batteries and investments in charging infrastructure can lead to favorable opportunities for e-rickshaw manufacturers. The global Electric Three Wheelers Market report by Market Research Future (MRFR) comprises opportunities and the latest trends for the forecast period. It also contains insights as well as suggestive measures during the COVID-19 pandemic during the forecast period.
The global electric three wheelers market is expected to witness a 20.35% CAGR during the forecast period.
Major drivers of the market are the decline in battery prices, low operational costs of electric three wheelers, demand for clean transportation modes, and initiatives by prominent players. Supportive government policies for establishing charging infrastructure and centers for maintenance and repair can bode well for the market. Incentives offered by nations for lowering fuel emissions and adoption of environment-friendly vehicles can fuel the market growth over the forecast period.
The COVID-19 impact on the industry seems negligible as consumers seek affordable vehicles in light of the pandemic. The large potential of electrification in India and China owing to three-wheelers being used for office commutes are likely to bode well for the market. The expansion of the eCommerce sector and the need for last-mile connectivity can fuel the demand in the global electric three wheelers market.
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But the global electric three wheelers market is restrained by lack of range, low awareness levels in underdeveloped countries, and limited battery capacity.
Competitive Analysis
Electric three-wheelers are witnessing increasing adoption, particularly in developing economies, along with the development of concept mobility solutions in developed countries in Europe. According to MRFR analysis, the top 5 players in the market are Piaggio & C. SpA, Mahindra & Mahindra Ltd, Terra Motors Corporation, Kinetic Green Energy & Power Solutions Ltd, and Jiangsu Kingbon Vehicle Co. Ltd. These companies are innovating and expanding to high growth markets for electric three-wheelers.
Piaggio & C. SpA has a long history of manufacturing high-quality three-wheelers for passenger and cargo applications. The company’s extensive manufacturing process is expected to help it better transition its most popular three-wheeler vehicles on to electric power and hence provide customers the same level of confidence in their products.
Mahindra & Mahindra Ltd have recently tweaked their strategy to focus on electric three-wheelers. The company has noticed huge growth opportunities in this market, especially in India and South America. The extensive distributor network is expected to help the company reach new customers and grow their market share. It launched its Treo series of electric three-wheelers in India last year to enter the competition, which is mostly dominated by the unorganized sector.
Terra Motors Corporation is one of the burgeoning startups in the global electric three-wheeler market. The company’s focus on the south Asian market has led to its expansion in countries such as India, Bangladesh, Nepal, and in countries in Africa. The company has invested millions of dollars in research and development and assembly and manufacturing.
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Electric three wheelers Market Segmentation
The global electric three wheelers market is segmented by type, battery type, and battery capacity.
On the basis of type, the global market has been segmented into passenger carriers and goods carriers.
On the basis of battery type, the global electric three wheelers market is divided into lithium ion and lead acid. The lithium ion segment is expected to register the fastest CAGR during the forecast period in the global electric three wheelers market. The decreasing prices of Li-ion batteries and their higher capacity to lead acid batteries making them lighter and more efficient are major factors expected to drive the demand for lithium ion battery over the forecast period.
On the basis of battery capacity, the global market has been segmented into < 1,000 W and >1,000 W. The >1000 W segment is expected to register highest growth rate due to the increasing demand for electric three wheelers in leisure and sports activities.
Regional Analysis
Geographically, the global electric three wheelers market has been segmented into four major regions, which are North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The electric three wheelers market in APAC is expected to hold the largest market share in electric three wheelers market and expected to lead the market through the forecast period. This can be due to the increasing government initiatives for welcoming electric mobility, stringent government policies scrapping lead-acid powered vehicles, and increasing demand for electric three wheelers from China and India. The presence of China, which is the largest market for electric three wheelers, can facilitate market growth. The foray of big players in India into the electric vehicle space and the low manufacturing costs of e-rickshaws can bode well for the market.
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