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Electric Three-Wheeler Market

Global Electric Three-Wheeler Market Size, Share, Forecast: By End-Use: Passenger Carrier, Goods Carrier; By Battery Type: Li-Ion, Lead Acid; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032

Global Electric Three-Wheeler Market Outlook

The global electric three-wheeler market reached a value of about USD 789.46 million in 2023. The market is further estimated to grow at a CAGR of 5.1% in the forecast period of 2024-2032 to reach a value of around USD 1,239.92 million by 2032.

 

electric three wheeler market

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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

 

electric three wheeler market by segments

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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

 

electric three wheeler market by region

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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 2023, 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 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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    Opportunities and Challenges in the Market
8    Global Electric Three-Wheeler Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Electric Three-Wheeler Historical Market (2018-2023) 
    8.3    Global Electric Three-Wheeler Market Forecast (2024-2032)
    8.4    Global Electric Three-Wheeler Market by End-Use
        8.4.1    Passenger Carrier
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Goods Carrier
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Electric Three-Wheeler Market by Battery Type
        8.5.1    Li-Ion
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Lead Acid
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)    
    8.6    Global Electric Three-Wheeler Market by Region
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2023) 
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2023) 
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2023) 
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2023) 
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2023) 
            8.6.5.2    Forecast Trend (2024-2032)
9    North America Electric Three-Wheeler Market Analysis
    9.1    Unite States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Electric Three-Wheeler Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Electric Three-Wheeler Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Electric Three-Wheeler Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Electric Three-Wheeler Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Terra Motors Corporation
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Mahindra Electric Mobility Limited
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Piaggio & C. SpA
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Kinetic Green Energy & Power Solutions Ltd.
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Wuxi SAIGE Electric Vehicle Tech Co.,Ltd
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    BILITI Electric Inc.
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    Others
16    Key Trends and Developments in the Market

 

List of Figures and Tables

1.    Global Electric Three-Wheeler Market: Key Industry Highlights, 2018 and 2032
2.    Global Electric Three-Wheeler Historical Market: Breakup by End-Use (USD Million), 2018-2023
3.    Global Electric Three-Wheeler Market Forecast: Breakup by End-Use (USD Million), 2024-2032
4.    Global Electric Three-Wheeler Historical Market: Breakup by Battery Type (USD Million), 2018-2023
5.    Global Electric Three-Wheeler Market Forecast: Breakup by Battery Type (USD Million), 2024-2032
6.    Global Electric Three-Wheeler Historical Market: Breakup by Region (USD Million), 2018-2023
7.    Global Electric Three-Wheeler Market Forecast: Breakup by Region (USD Million), 2024-2032
8.    North America Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2018-2023
9.    North America Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2024-2032
10.    Europe Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2018-2023
11.    Europe Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Asia Pacific Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Asia Pacific Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Latin America Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Latin America Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Middle East and Africa Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Middle East and Africa Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Global Electric Three-Wheeler Market Structure

Key Questions Answered in the Report

In 2023, the global electric three-wheeler market attained a value of nearly USD 789.46 million.

The market is assessed to grow at a CAGR of 5.1% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach almost USD 1,239.92 million by 2032.

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 789.46 million in 2023, 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 2024-2032, growing at a CAGR of 5.1%. The market is estimated to reach about USD 1,239.92 million by 2032.

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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