According to Future Market Insight, the electric three-wheeler market is expected to reach US$ 866.8 Million in 2023 and US$ 1,523.2 Million by 2033, growing at a CAGR of 5.8% from 2023 to 2033.
Electric automobiles are increasingly preferred over traditional vehicles fueled by fossil fuels as an environmentally benign and cost-effective mode of transportation. The growing public awareness of pollution has had a significant impact on people's attitudes towards electric vehicles, particularly for public transportation.
There is a great demand for affordable commercial vehicles due to the fast rising costs of these vehicles in both developed and emerging nations. The government and automakers are increasing their spending on three-wheeled electric car charging infrastructure. Tighter rules and standards governing transportation-related pollution are driving the motor industry to create electric three-wheelers.
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The market for electric vehicles is rapidly rising, prompting major investment from automakers. Businesses are utilising ecologically friendly components and raw materials in order to reach a larger customer base.
Increasing government and automobile manufacturer investments in the expansion of charging infrastructure for three-wheel electric vehicles.
Smart batteries with quick charging technologies are being developed by manufacturers for e-vehicles. New technology developments might lead to profitable opportunities in the e-vehicle business. New electric three-wheelers with changeable batteries are being introduced by several manufacturers.
The expanding movement of ride sharing will give additional economic possibilities for industry players. Shared mobility solutions assist to alleviate traffic congestion and automobile pollution in major cities. As a result, electrically powered car sharing and ride-hailing give an environmentally friendly and flexible alternative to personal vehicle ownership.
The Asia Pacific region is most likely to control the market. Factors contributing to the region's hegemony include greater citizen backing for electric vehicles, expanding population, extensive use of cost-effective mass transportation for the final stretch, and regular transportation in the region.
KEY TAKEAWAYS
During the projected period, the Chinese electric three-wheeler indsutry is expected to rise at a CAGR of 5.3%.
The Indian electric three-wheeler market is expected to rise at a CAGR of 6.4% during the forecast period.
Over the projection period, Japan is expected to be responsible for 14.6% of the global market.
The UK electric three-wheeler market is estimated to increase at a CAGR of 6.0% during the forecast period.
The German electric three-wheeler market is expected to constitute for 2.8% of the global market over the forecast period.
Over the projected period, the US electric three-wheeler market is estimated to account for 3.6% of the global market.
The 1000 W to 1500 W segment is expected to maintain its dominance during the projected period, accounting for almost 57.1% of the global market share.
Over the projected period, the passenger carrier segment is estimated to lead the market, accounting for almost 50.7% of the global market.
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COMPETITIVE LANDSCAPE
Key players operating in the electric three wheeler market are Mahindra & Mahindra Ltd., Piaggio & C. SpA, Bodo Vehicle Group Co., Ltd., Atul Auto Limited, Terra Motors, Gayam Motor Works, Omega Seiki Pvt Ltd, Baja Auto, Jaingusu Kingdom Vehicle Ltd, E-Tuk Factory, Kinetic Green Energy solution , and others.
These businesses have employed a range of strategies in order to increase their market share for electric three-wheelers. They have employed both organic and inorganic growth tactics, such as new product releases, acquisitions, corporate expansions, and partnerships, to expand their customer base and raise revenue.
RECENT DEVELOPMENT
In August 2021, Bajaj revealed the debut of electric three-wheelers produced in collaboration with its Austrian partner KTM.
In October 2020, The Treo Zor, an electric three-wheeler freight version, was revealed by Mahindra Electric Mobility. It is based on the Treo Platform and is available in three configurations: pickup, delivery van, and flatbed.
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