How Has The Electric Three-Wheeler Market Size Evolved Historically?
The electric three-wheeler market has seen considerable growth due to a variety of factors.
•Recent years have seen a swift enlargement in the size of the electric three-wheeler market. Its progression is forecasted to escalate from $3.3 billion in 2024 to $3.69 billion in 2025, surging at a compound annual growth rate (CAGR) of 12.0%.
The expansion during the historic period is credited to mitigating urban traffic congestion, the pursuit of environmental sustainability objectives, governmental incentives and regulations, the improvement of rural mobility, and initiatives aimed at raising awareness and advocacy.
What Will Be The Electric Three-Wheeler Market Size In The Future?
The electric three-wheeler market is expected to maintain its strong growth trajectory in upcoming years.
• The anticipated expansion of the electric three-wheeler market is predicted to be accelerated in upcoming years, foreseeing its growth up to $5.65 billion by 2029 with a compound annual growth rate (CAGR) of 11.2%.
This growth within the projected period can be accredited to factors such as the evolution of charging infrastructures, competitive pricing, the increase in e-commerce and last-mile deliveries, along with the global shift towards electric vehicles. Forecast trends encompass the launch of cost-effective models, adoption of subscription-based mobility services, emphasis on ergonomics and convenience, modular and versatile designs, along with the introduction of smart and connected vehicles.
What Key Factors and Trends are Driving the Growth of the Electric Three-Wheeler Market?
The expanding inclination towards electric vehicles is anticipated to foster the progression of the electric three-wheeler market in the foreseeable future. An electric vehicle, powered by one or more electric engines, operates solely on electricity when used as an Electric Vehicle (EV), as opposed to an internal combustion engine. Thus, the rising preference for such vehicles is predicted to boost the market's growth. For example, the U.S. Energy Information Administration, a government-based agency in the U.S., reported in November 2023 that hybrid, plug-in hybrid, and battery-electric vehicles (BEVs) accounted for 17.7% of fresh light-duty vehicle sales in the U.S. during the third quarter of 2023. So far in this year, these vehicles held a share of 16.0% in all new light-duty vehicle sales, marking a rise from 12.5% in 2022 and 9.0% in 2021. Consequently, the escalating fondness for electric vehicles is fueling the development of the electric three-wheeler market.
What are the Market Segments in the Electric Three-Wheeler Market?
The electric three-wheeler market covered in this report is segmented –
1) By Vehicle: Passenger Carrier, Load Carrier
2) By Battery: Lithium-Ion, Nickel-Metal Hydride, Lead Acid, Other Types
3) By Power Capacity: Up to 1000 W, 1000 W To 1500 W, Above 1500 W
Subsegments:
1) By Passenger Carrier: Electric Auto Rickshaws (Tuk-Tuks), Electric Tricycles For Personal Use, Electric Three-Wheeled Taxis
2) By Load Carrier: Electric Cargo Rickshaws, Electric Delivery Tricycles, Electric Three-Wheeled Vans And Trucks
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What Trends are Shaping the Electric Three-Wheeler Market?
One notable trend gaining momentum in the electric three-wheeler market is product innovation. To retain their market standing, premier firms in this sector are developing groundbreaking products. Illustratively, in December 2022, Piaggio & C. SpA, a vehicle production company from Italy, unveiled two new electric three-wheelers specifically designed for commercial delivery, namely the Ape E-City FX Max and Ape E-Xtra FX Max. These vehicles come equipped with a reserve range of up to 5 km to mitigate range anxiety and feature modified seat height for an improved driving view and control. With the integration of sophisticated telematics 2.0, drivers can navigate more efficiently, and fleet administrators can oversee and operate their fleets with greater efficacy.
Who Are the Key Players in the Electric Three-Wheeler Market?
Major companies operating in the electric three-wheeler market include:
• Bajaj Auto Limited
• Bodo Vehicle Group Co Ltd.
• TVS Motor Company
• Piaggio Group
• Chongqing Zongshen Vehicle Co. Ltd.
• Electrotherm Ltd.
• Adapt Motors
• Euler Motors
• Hero Electric Vehicles Pvt Ltd.
• Okinawa Autotech International Private Limited
• Altigreen
• Terra Motors Corporation
• Mahindra Electric Mobility Limited
• ATUL Auto Limited
• Sazgar Engineering Works Limited
• Kinetic Green Energy & Power Solution Ltd.
• JS Auto Pvt. Ltd.
• Omega Seiki Private Limited
• Kabira Mobility Pvt. Ltd
• Lohia Auto Industries Ltd.
• E-Tuk Factory BV
• Avan Motors
• Jiangsu Kingbon Vehicle Co Ltd.
• Changzhou Yufeng Vehicle Co Ltd.
• Jiangsu East Yonsland Vehicle Manufacturing Co Ltd.
• Goenka Electric Motor Vehicles Pvt Ltd.
• Scooters India Limited
• Tunwal E Vehicles Pvt Ltd.
• Gemopai Electric
• Biliti Electric Inc.
What are the Regional Insights into the Electric Three-Wheeler Market?
Asia-Pacific was the largest region in the electric three-wheeler market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric three-wheeler market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
