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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 (2018-2028); 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 2023-2028 to reach a value of around USD 966.9 million by 2027.
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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
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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
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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 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 | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by End-Use |
|
| Breakup by Battery Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| 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 (2018-2022)
8.3 Global Electric Three-Wheeler Market Forecast (2023-2028)
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 (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Goods Carrier
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
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 (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Lead Acid
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Electric Three-Wheeler Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
9 North America Electric Three-Wheeler Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Electric Three-Wheeler Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Electric Three-Wheeler Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Electric Three-Wheeler Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Electric Three-Wheeler Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
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 2028
2. Global Electric Three-Wheeler Historical Market: Breakup by End-Use (USD Million), 2018-2022
3. Global Electric Three-Wheeler Market Forecast: Breakup by End-Use (USD Million), 2023-2028
4. Global Electric Three-Wheeler Historical Market: Breakup by Battery Type (USD Million), 2018-2022
5. Global Electric Three-Wheeler Market Forecast: Breakup by Battery Type (USD Million), 2023-2028
6. Global Electric Three-Wheeler Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Electric Three-Wheeler Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Electric Three-Wheeler Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Electric Three-Wheeler Market Forecast: Breakup by Country (USD Million), 2023-2028
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 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 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 2023-2028, 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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