Electric Three Wheeler Market
PUBLISHED: 2023 ID: SMRC23147
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Electric Three Wheeler Market

Electric Three Wheeler Market Forecasts to 2028 - Global Analysis By Type (Hybrid, Battery Powered and Other Types), Driving Range (Less Than 50 Miles, 50-100 Miles and Above 100 Miles), Battery Type (Lead Acid, Lithium ion, Nickel-Metal Hydride and Other Battery Types), Power Type (Up to 1000W, 1000 W to 1500 W and Above 1500 W), Battery Capacity (Below 3kWh, 3 - 6kWh and Above 6kWh), Seat Capacity, End User and By Geography

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5.0 (77 reviews)
Published: 2023 ID: SMRC23147

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $0.77 BN

Projected Year Value (2028)

US $1.40 BN

CAGR (2022 - 2028)

9.0%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Electric Three Wheeler Market is accounted for $0.77 billion in 2022 and is expected to reach $1.40 billion by 2028 growing at a CAGR of 9.0% during the forecast period. Electric three-wheelers are powered by electricity and have batteries with a longer lifespan and high torque motors. Tricycles are three-wheelers with a single front wheel and two rear wheels; a tadpole is a three-wheeler with two front wheels and one back wheel. Electric three-wheelers are used more often in a variety of industries, including passenger transportation within cities and the delivery of products and services.

According to the study of Crisil Research, 43% to 48% of new three-wheelers in India will be electric vehicles by the end of 2024.



Market Dynamics:

Driver:

Increasing demand for affordable commercial vehicle

The market for electric three-wheelers will expand as a result of rising consumer demand for reasonably priced commercial vehicles. Demand for inexpensive business automobiles has been sparked by the rising price of commercial vehicles in both developed and developing nations. Furthermore, significant developments including the rise in disposable income and rising urbanisation are propelling the market for electric three-wheelers. Due to growing consumer preferences for greener transportation options, the market for electric three-wheelers is expected to grow quickly throughout the projected period.

Restraint:

High cost of charging infrastructure

Owing to the high price of batteries, three-wheeler electric vehicles are much more expensive than three-wheelers fuelled by fossil fuels. As a result, customers in emerging nations' middle and lower middle classes are still more likely to favour conventional fuel automobiles. Thus, changing the batteries might push up their running costs even further, which is thus anticipated to limit market expansion in the short term. Additionally, the absence of infrastructure for charging and the scarcity of charging stations in underdeveloped nations are anticipated to impede market expansion.

Opportunity:

Rising preference for electric vehicles over fossil fuel vehicles

The demand for electric vehicles in society, especially for public transport, has been greatly influenced by the growing awareness of automobile emissions and related environmental consequences. The use of three-wheelers, which are often powered by IC engines, is common in many nations with sizable populations and low to intermediate income levels. However, a lot of these three-wheelers with IC engines are now outdated and inefficient and produce a lot of carbon dioxide and particulate matter. To strengthen their positions among the major participants in the market for electric three-wheelers, they have boosted their spending on R&D of E-three-wheelers.

Threat:

Dearth of electric vehicle charging standardization

The lack of standardised electric car charging, however, will further hamper industry expansion. Electric vehicles have no other means of charging. The development of the global market for electric three-wheelers is hampered by the dearth of charging facilities in many locations. Additionally, range anxiety and inadequate or uneven infrastructure may be problems for electric cars and harm passengers. However, the companies' lack of knowledge would hinder the market for electric three-wheeler's revenue growth.

Covid-19 Impact

The supply chain and production of electrical equipment, including the hardware components of electric three-wheelers, have been seriously impacted by the COVID-19 epidemic. The government's lifting of the different containment measures, which would aid in reviving the economies, is anticipated to be followed by a rapid uptick in the electronics equipment and automobile industries. From 2021 on, it is projected that the production of electronics goods would pick up speed, which is further anticipated to favourably impact the manufacture of electronics products and automotive products, including hardware components for electric three-wheelers.

The lithium-ion segment is expected to be the largest during the forecast period

The lithium-ion segment is estimated to have a lucrative growth. The energy density of these batteries is greater than that of lead-acid batteries. As a result, the battery size may be reduced while still having the same amount of storage. In addition, lead-acid batteries require an average of 10 hours to fully charge, compared to 3 to 4 hours for lithium-ion batteries. Additionally, lithium-ion batteries have the biggest market share among electric cars and will continue to be the top shareholder during the projection period.

The 1000 W to 1500 W segment is expected to have the highest CAGR during the forecast period

The 1000 W to 1500 W segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the reductions in operational costs. The creation of high-energy propelled cars by well-known manufacturers is credited with this expansion. Manufacturers are being forced to spend in R&D and boost vehicle power capacities in order to satisfy the ever-increasing demands due to the rising trend towards electrification of cars and the rising demand for E-3Ws, particularly in developing nations.

Region with highest share:

Asia Pacific is projected to hold the highest market share during the forecast period owing to the region's rapid demographic expansion, increased number of middle- and lower-class residents, and growing propensity for electrification of automobiles. Other than four-wheeled vehicles, transportation is also electrified. Since its debut, shared electric-assist bicycles, electric scooters, and E-three-wheelers have become widely available across this region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the lower adoption of three-wheelers in this region than in other regions. However, a sizeable portion of E-3Ws are employed for commercial activities, such as the delivery of supplies and merchandise inside urban or industrial areas.



Key players in the market

Some of the key players profiled in the Electric Three Wheeler Market include Kinetic Green Energy & Power Solutions Ltd., Bodo Vehicle Group Co. Ltd, Mahindra Electric Mobility Limited, E-tuk, Omega Seiki Pvt. Ltd, Piaggio & C. SpA, Lohia Auto Industries, Terra Motors, Gayam Motor Works Pvt. Ltd, Atul Auto Limited, Terra Motors Corporation, Changzhou Yufeng Vehicle Co. Ltd., Xianghe Quiangsheng Electric Tricycle Factory, Groupe PSA, Adapt Motors Pvt. Ltd. and Electrode.

Key Developments:

In November 2020, Omega Seiki Announces the Launch of Smart Electric Three Wheeler Range Omega Seiki Mobility expands its E3W range by introducing a new range of smart EVs, including Stream (electric passenger rickshaw), Ride (e-rickshaw), and Sun Ri (E-3W cargo). These new products are 99% localized and are manufactured, claiming the vision of Make in India.

In October 2020, Mahindra Electric Mobility revealed its new electric 3-wheeler cargo model, Treo Zor. The Treo Zor is developed on the Treo platform and is available in 3 different structures: pickup, delivery van, and flatbed.

In December 2019, Piaggio Group Launches the Electric-3Ws, Ape E-City Piaggio Group, an Italian company, makes its foray into electric vehicles by unveiling its new Electric Three Wheeler ‘Ape E-City’ with battery swap technology for the Indian market.

Types Covered:
• Hybrid
• Battery Powered
• Other Types

Driving Ranges Covered:
• Less Than 50 Miles
• 50–100 Miles
• Above 100 Miles

Battery Types Covered:
• Lead Acid
• Lithium ion
• Nickel-Metal Hydride
• Other Battery Types

Power Types Covered:
• Up to 1000W
• 1000 W to 1500 W
• Above 1500 W

Battery Capacities Covered:
• Below 3kWh
• 3 - 6kWh
• Above 6kWh

Seat Capacities Covered:
• One
• Two
• Three
• Four
• Above Four

End Users Covered:
• Passenger Carrier
• Load Carrier

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Electric Three Wheeler Market, By Type
5.1 Introduction
5.2 Hybrid
5.3 Battery Powered
5.4 Other Types

6 Global Electric Three Wheeler Market, By Driving Range
6.1 Introduction
6.2 Less Than 50 Miles
6.3 50–100 Miles
6.4 Above 100 Miles

7 Global Electric Three Wheeler Market, By Battery Type
7.1 Introduction
7.2 Lead Acid
7.3 Lithium ion
7.4 Nickel-Metal Hydride
7.5 Other Battery Types

8 Global Electric Three Wheeler Market, By Power Type
8.1 Introduction
8.2 Up to 1000W
8.3 1000 W to 1500 W
8.4 Above 1500 W

9 Global Electric Three Wheeler Market, By Battery Capacity
9.1 Introduction
9.2 Below 3kWh
9.3 3 - 6kWh
9.4 Above 6kWh

10 Global Electric Three Wheeler Market, By Seat Capacity
10.1 Introduction
10.2 One
10.3 Two
10.4 Three
10.5 Four
10.6 Above Four

11 Global Electric Three Wheeler Market, By End User
11.1 Introduction
11.2 Passenger Carrier
11.3 Load Carrier

12 Global Electric Three Wheeler Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa

13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies

14 Company Profiling
14.1 Kinetic Green Energy & Power Solutions Ltd.
14.2 Bodo Vehicle Group Co. Ltd
14.3 Mahindra Electric Mobility Limited
14.4 E-tuk
14.5 Omega Seiki Pvt. Ltd
14.6 Piaggio & C.SpA
14.7 Lohia Auto Industries
14.8 Terra Motors
14.9 Gayam Motor Works Pvt. Ltd
14.10 Atul Auto Limited
14.11 Terra Motors Corporation
14.12 Changzhou Yufeng Vehicle Co. Ltd.
14.13 Xianghe Quiangsheng Electric Tricycle Factory
14.14 Groupe PSA
14.15 Adapt Motors Pvt. Ltd.
14.16 Electrode

List of Tables
1 Global Electric Three Wheeler Market Outlook, By Region (2020-2028) ($MN)
2 Global Electric Three Wheeler Market Outlook, By Type (2020-2028) ($MN)
3 Global Electric Three Wheeler Market Outlook, By Hybrid (2020-2028) ($MN)
4 Global Electric Three Wheeler Market Outlook, By Battery Powered (2020-2028) ($MN)
5 Global Electric Three Wheeler Market Outlook, By Other Types (2020-2028) ($MN)
6 Global Electric Three Wheeler Market Outlook, By Driving Range (2020-2028) ($MN)
7 Global Electric Three Wheeler Market Outlook, By Less Than 50 Miles (2020-2028) ($MN)
8 Global Electric Three Wheeler Market Outlook, By 50–100 Miles (2020-2028) ($MN)
9 Global Electric Three Wheeler Market Outlook, By Above 100 Miles (2020-2028) ($MN)
10 Global Electric Three Wheeler Market Outlook, By Battery Type (2020-2028) ($MN)
11 Global Electric Three Wheeler Market Outlook, By Lead Acid (2020-2028) ($MN)
12 Global Electric Three Wheeler Market Outlook, By Lithium ion (2020-2028) ($MN)
13 Global Electric Three Wheeler Market Outlook, By Nickel-Metal Hydride (2020-2028) ($MN)
14 Global Electric Three Wheeler Market Outlook, By Other Battery Types (2020-2028) ($MN)
15 Global Electric Three Wheeler Market Outlook, By Power Type (2020-2028) ($MN)
16 Global Electric Three Wheeler Market Outlook, By Up to 1000W (2020-2028) ($MN)
17 Global Electric Three Wheeler Market Outlook, By 1000 W to 1500 W (2020-2028) ($MN)
18 Global Electric Three Wheeler Market Outlook, By Above 1500 W (2020-2028) ($MN)
19 Global Electric Three Wheeler Market Outlook, By Battery Capacity (2020-2028) ($MN)
20 Global Electric Three Wheeler Market Outlook, By Below 3kWh (2020-2028) ($MN)
21 Global Electric Three Wheeler Market Outlook, By 3 - 6kWh (2020-2028) ($MN)
22 Global Electric Three Wheeler Market Outlook, By Above 6kWh (2020-2028) ($MN)
23 Global Electric Three Wheeler Market Outlook, By Seat Capacity (2020-2028) ($MN)
24 Global Electric Three Wheeler Market Outlook, By One (2020-2028) ($MN)
25 Global Electric Three Wheeler Market Outlook, By Two (2020-2028) ($MN)
26 Global Electric Three Wheeler Market Outlook, By Three (2020-2028) ($MN)
27 Global Electric Three Wheeler Market Outlook, By Four (2020-2028) ($MN)
28 Global Electric Three Wheeler Market Outlook, By Above Four (2020-2028) ($MN)
29 Global Electric Three Wheeler Market Outlook, By End User (2020-2028) ($MN)
30 Global Electric Three Wheeler Market Outlook, By Passenger Carrier (2020-2028) ($MN)
31 Global Electric Three Wheeler Market Outlook, By Load Carrier (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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