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Global Electric Three-Wheeler Market: By End-Use: Passenger Carrier, Goods Carrier; By Battery Type: Li-Ion, Lead Acid; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; Industry Events and Developments

Global Electric Three-Wheeler Market Outlook

The global electric three-wheeler market reached a value of about USD 714.7 million in 2021. The market is further estimated to grow at a CAGR of 5.10% in the forecast period of 2022-2027 to reach a value of around USD 966.9 million by 2027.

 

Use of Li-Ion Batteries in Electric Three-Wheelers to Surge over the Forecast Period

Based on battery type, the demand for Li-ion batteries in electric three-wheelers is expected to increase in the forecast period. The lithium-ion batteries are environmentally friendly as they contain relatively low levels of toxic heavy metals found in other types, such as lead acid batteries. It is lightweight and compact, thereby occupying less space. The time taken to charge a Li-ion battery is much less, and the fast-charging technologies are adding to its advantage. Lithium is a highly reactive element and can store large amounts of energy, which allows lithium-ion batteries to pack a high energy capacity in a small size. As a result of this, lithium-ion batteries have the ability to last much longer between charges than other batteries and also maintain their high level of performance. The longer shelf life of lithium-ion batteries, when compared to lead acids, is invigorating the market expansion. It needs no active maintenance, and, thus, one-time purchase guarantees longevity.

 

Market Segmentation

An electric three-wheeler is a vehicle that is driven by one or more electric motors. It is used for multiple purposes, such as carrying passengers or transporting goods. It is environment-friendly, easy to use, cost-effective, and requires no fossil fuels for its operation.

The market for electric three-wheeler, by end-use, is divided into:

  • Passenger Carrier
  • Goods Carrier

Based on battery type, the market is segmented into:

  • Li-Ion
  • Lead Acid

The regional markets for electric three-wheeler can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Rising Eco-Consciousness to Drive the Market Growth of Electric Three-Wheeler

The rising demand for electric three-wheelers owing to their environment-friendly nature is driving the growth of the market. The growing necessity to reduce dependence on fossil fuels such as petroleum for energy efficiency and limit greenhouse emissions is leading to the increasing sales of electric vehicles, thereby bolstering the market. There is a rising shift towards electric three-wheelers due to their multiple advantages, such as reduced operating and maintenance expenses and ease of operation. Additionally, three-wheelers provide easy options of replacing discharged batteries with charged ones, unlike four-wheelers. The rapid development of the charging infrastructure and the availability of environment-friendly batteries like lithium-ion is further invigorating the market growth. Electric three-wheelers are also used in various applications like carrying passengers, goods, and garbage disposal, among others, and electrification reduces the running cost of vehicles. The government initiatives towards producing electric vehicles to boost e-mobility are likely to play a critical role in the market expansion of electric three-wheelers. In March 2022, under its electric vehicle policy, the Delhi Government in India launched electric autos in order to support self-employment and accelerate the transition from fuel-based vehicles to EVs in the country. Over the forecast period, the advancements in electric vehicle battery technologies and the increasing penetration of market players are expected to further stimulate the market growth of electric three-wheelers.

 

Key Players in the Global Electric Three-Wheeler Market

The report gives a detailed analysis of the following key players in the global electric three-wheeler market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Terra Motors Corporation
  • Mahindra Electric Mobility Limited
  • Piaggio & C. SpA
  • Kinetic Green Energy & Power Solutions Ltd.
  • Wuxi SAIGE Electric Vehicle Tech Co.,Ltd
  • BILITI Electric Inc.
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2021
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • End-Use
  • Battery Type
  • Region
Breakup by End-Use
  • Passenger Carrier
  • Goods Carrier
Breakup by Battery Type
  • Li-Ion
  • Lead Acid
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Terra Motors Corporation
  • Mahindra Electric Mobility Limited
  • Piaggio & C. SpA
  • Kinetic Green Energy & Power Solutions Ltd.
  • Wuxi SAIGE Electric Vehicle Tech Co.,Ltd
  • BILITI Electric Inc.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface 
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments  
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Region
7    Industry Opportunities and Challenges
8    Global Electric Three-Wheeler Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Electric Three-Wheeler Historical Market (2017-2021) 
    8.3    Global Electric Three-Wheeler Market Forecast (2022-2027)
    8.4    Global Electric Three-Wheeler Market by End-Use
        8.4.1    Passenger Carrier
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Goods Carrier
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
    8.5    Global Electric Three-Wheeler Market by Battery Type
        8.5.1    Li-Ion
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Lead Acid
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
    8.6    Global Electric Three-Wheeler Market by Region
        8.6.1    Market Share
            8.6.1.1    North America
            8.6.1.2    Europe
            8.6.1.3    Asia Pacific
            8.6.1.4    Latin America
            8.6.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    Terra Motors Corporation
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    Mahindra Electric Mobility Limited
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Piaggio & C. SpA
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Kinetic Green Energy & Power Solutions Ltd.
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Wuxi SAIGE Electric Vehicle Tech Co.,Ltd
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    BILITI Electric Inc.
            11.2.6.1    Company Overview
            11.2.6.2    Product Portfolio
            11.2.6.3    Demographic Reach and Achievements
            11.2.6.4    Certifications
        11.2.7    Others
12    Industry Events and Developments

 

List of Figures and Tables

1.    Global Electric Three-Wheeler Market: Key Industry Highlights, 2017 and 2027
2.    Global Electric Three-Wheeler Historical Market: Breakup by End-Use (USD Million), 2017-2021
3.    Global Electric Three-Wheeler Market Forecast: Breakup by End-Use (USD Million), 2022-2027
4.    Global Electric Three-Wheeler Historical Market: Breakup by Battery Type (USD Million), 2017-2021
5.    Global Electric Three-Wheeler Market Forecast: Breakup by Battery Type (USD Million), 2022-2027
6.    Global Electric Three-Wheeler Historical Market: Breakup by Region (USD Million), 2017-2021
7.    Global Electric Three-Wheeler Market Forecast: Breakup by Region (USD Million), 2022-2027
8.    North America Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2017-2021
9.    North America Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2022-2027
10.    Europe Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2017-2021
11.    Europe Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2022-2027
12.    Asia Pacific Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2017-2021
13.    Asia Pacific Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2022-2027
14.    Latin America Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2017-2021
15.    Latin America Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2022-2027
16.    Middle East and Africa Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2017-2021
17.    Middle East and Africa Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2022-2027
18.    Global Electric Three-Wheeler Market Structure

Key Questions Answered in the Report

In 2021, the global electric three-wheeler market attained a value of nearly USD 714.7 million.

The market is assessed to grow at a CAGR of 5.10% between 2022 and 2027.

The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach almost USD 966.9 million by 2027.

The major market drivers include the expanding use of Li-ion batteries, development of EV charging infrastructure, reduced operating and maintenance expenses associated with three-wheeler EVs compared to four-wheelers, ease of operation, energy efficiency, and cost-effectiveness.

The key trends guiding the growth of the market include the rising eco-consciousness, reduced dependency on fossil fuels, government initiatives, advancements in battery technologies, and increasing penetration of market players.

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The different end uses of electric three-wheelers include passenger carrier and goods carrier.

The significant battery types of electric three-wheelers include Li-ion and lead acids.

The major players in the market are Terra Motors Corporation, Mahindra Electric Mobility Limited, Piaggio & C. SpA, Kinetic Green Energy & Power Solutions Ltd., Wuxi SAIGE Electric Vehicle Tech Co.,Ltd, and BILITI Electric Inc., among others.

Analyst Review

The global electric three-wheeler market attained a value of nearly USD 714.7 million in 2021, driven by the multiple advantages of electric three-wheelers, such as environmental friendliness and reduced dependency on fossil fuels. Aided by the government initiatives, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 5.10%. The market is estimated to reach about USD 966.9 million by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market for electric three-wheeler, by end-use, is divided into passenger carrier and goods carrier. Based on battery type, the market is segmented into Li-ion and lead acids. The major regional markets for electric three-wheeler are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Terra Motors Corporation, Mahindra Electric Mobility Limited, Piaggio & C. SpA, Kinetic Green Energy & Power Solutions Ltd., Wuxi SAIGE Electric Vehicle Tech Co.,Ltd, and BILITI Electric Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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