Global Electric Three Wheelers Market - Industry Trends and Forecast to 2029

Global Electric Three Wheelers Market, By Type (Battery Powered, Hybrid), Battery Type (Lithium-Ion, Nickel Metal Hydride, Lead Acid, Others), Driving Range Type (Less than 50 miles, 50-100 miles, Above 100 miles), Seat Capacity (One, Two, Three, Four, Above), End User (Passenger Carrier, Utility Carrier) – Industry Trends and Forecast to 2029

Market Analysis and Size

In recent years, the market for electric three wheelers is anticipated to grow rapidly during the forecast period of 2022-2029. Electric three-wheelers are passenger or cargo-carrying automobiles that are generally classified as light commercial vehicles. Ride hailing services and short-range freight haulers both use electric three-wheelers. Electric three-wheelers, as all electric vehicles, are gaining popularity due to their use of renewable energy sources that help to reduce pollution.

• Data Bridge Market Research analyses that the electric three wheelers market was valued at USD 814.03 million in 2021 and is expected to reach USD 3,540.05 million by 2029, registering a CAGR of 20.17% during the forecast period of 2022 to 2029.

Market Definition

Electric three-wheelers are three-wheeled vehicles propelled by electricity and fitted with high-torque motors and long-lasting batteries. Tricycles are three-wheelers with one single front wheel and two back wheels, whereas tadpoles have two front wheels and a single back wheel. Electric three-wheelers can be used in a variety of industries, including passenger transportation within cities and the movement of products and services from one location to another.

COVID-19 Impact on Electric Three Wheelers Market

COVID-19 has wreaked havoc on nearly every industry, including infrastructure, transportation, oil and gas, manufacturing, and others. Most countries enacted lockdown limitations to combat the COVID-19 pandemic, which have now been gradually removed on a phase-by-phase and industry-by-industry basis. The worldwide spread of the global pandemic COVID-19 has resulted in a significant scarcity of lithium for electric producers who rely on China for raw materials and lithium cells. The lockout has reduced lithium-ion battery output, which has a global impact on the electrical industry; the price of lithium hydroxide, which is used in electric vehicles, has risen significantly as a result of the same reason. 

The Market Dynamics of the Electric Three Wheelers Market Include:

• Rising inclination towards the use of electric three-wheelers as an eco-friendly and efficient solution for commute will improve the market’s growth rate.

Continuously rising worldwide carbon emissions from fuel consumption have been a major concern source for governments and environmentalists in recent years. As a result, demand for electric three-wheelers is increasing over the world, bolstering the market's growth. Furthermore, rising international fuel prices, rising pollution, and growing traffic congestion have raised the global adoption of electric three-wheelers, particularly in urban areas.

• Increasing demand for affordable commercial vehicle will act as major market driver. 

A growing demand for affordable commercial vehicles will enhance the electric three wheelers market's growth. The increasing cost of commercial vehicles in both developed and developing countries has created a demand for low-cost commercial cars.

Furthermore, the electric three wheelers market is also being driven by significant factors such as the upsurge in the level of disposable income and increasing urbanization. Electric three wheelers market is estimated to rise rapidly over the forecast period because of rising preferences towards cleaner transportation modes. The reducing prices of batteries will influence the revenue growth of electric three wheelers market. Another significant factor involving the rising concerns about environmental pollution will cushion the growth rate of electric three wheelers market.  

• Rising trend of shared mobility will boost new market opportunities.

The rise in shared mobility trend will extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Shared mobility services alleviate traffic congestion and car emissions in cities. As a result, technologically enabled car sharing and ride-hailing give a convenient and environmentally friendly alternative to private car ownership. Ride hailing services are expected to play a significant role in this field in the coming years, reducing manual labor and saving time and money.  

Moreover, an increase in the number of research and development activities and emerging new markets will create profitable opportunities for the electric three-wheelers market in the future.

Restraints/Challenges faced by the Electric Three Wheelers Market

• Supply chain disruptions will pose a threat to the unprecedentedly growing market demand

With the rising number of restrictions around the globe due to COVID-19 pandemic, there has been a hit in the demand and also have a negative impact on supply chain. This factor will obstruct the growth rate of electric three wheelers market. 

• The dearth of electric vehicle charging standardization will challenge the market’s growth rate

However, the dearth of standardization of electric vehicle charging will further pose challenges for the growth of market. There are no other charging options for electric vehicles. The lack of charging stations in most places impedes the worldwide electric three-wheeler market's growth. Furthermore, insufficient and inconsistent infrastructure and range anxiety might be an issue for electric vehicles and endanger passengers.

However, the lack of awareness among the players will stymie the revenue growth of electric three wheelers market. Also, technical limitations and high cost associated with charging infrastructure will act as major market restrain that will further hinder the growth of electric three wheelers market during the above mentioned forecast period.

This electric three wheelers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the electric three wheelers market contact Data Bridge Market Research for an Analyst Brief, Our team will help you take an informed market decision to achieve market growth.

Recent Development

• In October 2021, Euler Motors had launched HiLoad electric three-wheeler cargo in India at Rs 3.5 lakh. This product is available in four variants. The business claims the HiLoad electric is India's most powerful three-wheeler cargo, with a 12.4 kWh liquid-cooled battery pack providing a 151km range on a single charge in its lightest form.

Global Electric Three Wheelers Market Scope

The electric three wheelers market is segmented on the basis of type, battery type, driving range type, seat capacity and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Battery Powered
• Hybrid

Electric three wheelers market on the basis of type has been segmented as battery powered, and hybrid.

Battery Type

• Lithium-Ion
• Nickel Metal Hydride
• Lead Acid
• Others

Based on battery type, electric three wheelers market has been segmented into lithium-ion, nickel metal hydride, lead acid, and others.

Driving Range Type

• Less than 50 miles
• 50-100 miles
• Above 100 miles

On the basis of driving range type, electric three wheelers market has been segmented into less than 50 miles, 50-100 miles, and above 100 miles.

Seat Capacity

• One
• Two
• Three
• Four
• Above

On the basis of seat capacity, electric three wheelers market has been segmented into one, two, three, and four and above.

End User

• Passenger Carrier
• Utility Carrier

Electric three wheelers has also been segmented on the basis of end user into passenger carrier, and utility carrier.

Electric Three Wheelers Market Regional Analysis/Insights

The electric three wheelers market is analyzed and market size insights and trends are provided by country, type, battery type, driving range type, seat capacity and end user as referenced above.

The countries covered in the electric three wheelers market report are the U.S., Canada, Mexico in North America, Germany, Poland, Ireland, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Chile, Rest of South America as a part of South America, U.A.E, Saudi Arabia, Egypt, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

Asia-Pacific dominates the electric three wheelers market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the strict government policies in this region. Additionally, increasing demand of electric vehicle and surging number of initiatives by government in India and China will further flourish the market’s growth rate in this region.

North America on the other hand is projected to exhibit the highest growth rate during the forecast period due to the low adoption rate of three-wheelers in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Electric Three Wheelers Market Share Analysis

The electric three wheelers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to electric three wheelers market.

Some of the major players operating in the electric three wheelers market are:

• Kinetic Green Energy & Power Solutions Ltd. (India)
• Electrotherm (India)
• Piaggio & C. SpA (Italy)
• Mahindra Electric Mobility Limited (Bengaluru)
• Terra Motors Corporation (Japan)
• JIANGSU KINGBON VEHICLE CO., LTD (China)
• Hero Electric (India)
• Clean Motion (Sweden)
• Scooters India (India)
• LOHIA AUTO INDUSTRIES (India)
• ATUL Auto Limited (Rajkot)
• Mayuri E-Rickshaw (India)
• KSL Cleantech Limited (Kolkata)
• Bodo Vehicle Group Co., Ltd (China)
• ENTICE IMPEX PVT LTD (India)
• KAL (Thiruvananthapuram)
• E-Tuk Factory (Netherlands)
• Mahindra & Mahindra Ltd (Mumbai)