The global electric three-wheeler market is expected to reach USD 2,323.50 million by 2027, growing at a steady CAGR of 6.50%, as per the TechSci Research report titled “Electric Three Wheeler Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”.
The market was valued at USD 1,387.98 million in 2017. The increasing demand for emission-free public transportation and growing environmental concerns are driving the market growth. Electric three-wheelers, which are classified as passenger carriers and load carriers, are battery-powered electric vehicles designed to be driven by a single driver. The vehicle’s propulsion and accessory system are exclusively powered by zero-emission onboard electricity. The global electric three-wheeler industry will also benefit significantly from the growing number of market players and the presence of the Chinese unorganized market over the next five years.
The market growth is also attributed to ongoing research and development in developing more efficient batteries that can be charged in less time and provide a longer range of kilometers. In addition to research and development, factors such as increasing health and environmental concerns, growing manufacturing of electric three-wheelers, rising demand for emission-free public transportation, lower maintenance and running costs, and government support through subsidies and incentives for electric vehicles are expected to drive the market growth over the next five years. However, some primary challenges that limit the market’s development include the high cost of battery replacement, shortage of skilled mechanics, lower kilometer range, lacking charging infrastructure, and lack of awareness.
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The global electric three-wheeler market is segmented into based on vehicle type, battery capacity, battery type, region, and competitional landscape.
The global electric three-wheeler market is further divided into passenger carrier and load carrier based on vehicle type, with passenger carrier accounting for the majority market share of 58.77% in terms of volume in 2021. This is due to the fact that passenger carrier electric three-wheelers are considered an affordable form of public transportation and offer last mile connectivity. The load carrier segment is expected to grow at the fastest rate during the forecast period as a result of ongoing research and development to enable heavier cargo to be carried.
The market is bifurcated based on battery capacity into >101Ah and <101Ah, with electric three-wheelers having a battery capacity of >101Ah holding the highest volume share of 64.82% in 2021, as manufacturers aim to increase battery life and range. Additionally, the market is divided into lithium-ion and lead acid based on battery type, with lithium-ion batteries projected to grow at the fastest rate due to their improved discharge, higher charge efficiency, longer lifespan, and deep cycle capabilities.
The Asia Pacific region dominates the global electric three-wheeler market in terms of region, with China accounting for the highest sales of electric three-wheelers in the world in 2021, representing a market share of over 80.71% in volume terms in Asia Pacific. This trend is expected to continue in the coming years due to the presence of some of the largest electric three-wheeler manufacturers in the world in the region, as well as a large population and preference for affordable public transportation. As a result, the electric three-wheeler market in the Asia Pacific region is projected to grow at a steady CAGR of 4.43% in terms of volume during the forecast period.
Key market players in the electric three-wheeler market include:
- Jiangsu Jinpeng Group Co., Ltd.
- Mahindra & Mahindra Ltd.
- Piaggio Group
- Atul Auto Ltd.
- Changzhou Yufeng Vehicle Co., Ltd.
- Lohia Auto Industries
- Kinetic Green Energy & Power Solutions Ltd.
- Skyride Automotive
- Shado Group International Pte. Ltd
- Beevatech Limited
Global electric three-wheeler market is fragmented with a lot of well-established players having presence in several countries Jiangsu Jinpeng Group Co., Ltd., Mahindra & Mahindra Ltd., Piaggio Group, Atul Auto Ltd., Changzhou Yufeng Vehicle Co., Ltd., Lohia Auto Industries, Kinetic Green Energy & Power Solutions Ltd., Skyride Automotive, Shado Group International Pte. Ltd, Beevatech Limited, etc. are major electric three-wheeler players are holding a significant position in the global electric three-wheeler market.
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“Asia Pacific holds the largest volume shares of 98.80%in the market and is anticipated to be leading region in the upcoming market on the account of rising demand for emission free public transportation of electric three-wheelers. Furthermore, the market’s growth is being aided by the quick increase in research and development in the field, as well as the increasing environment concerns. New market players are advised to invest and focus on the research and development of the electric three-wheelers and services for the brand establishment. Collaborations and regulated deals with the established market players would help the prospects of the new market player.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Electric Three Wheeler Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Vehicle Type (Passenger Carrier, Load Carrier), By Battery Capacity (<101Ah, >101Ah), By Battery Type (Lead Acid, Li-ion), By Region”, has evaluated the future growth potential of global electric three-wheeler market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global electric three-wheeler market.
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