Electric Three-Wheeler Market Status (2017-2021) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2022-2028
Report Description
The global Electric Three-Wheeler market size is estimated at USD 707.4 million in 2021, expanding at a CAGR 6.8% from 2022-2028 to reach 1,400.5 million USD in 2028.
Market Dynamics
Fuel emissions from traditional automobiles produce a large quantity of carbon dioxide in the atmosphere, resulting in air pollutants and environmental heating on a worldwide scale. As a result, automakers and authorities are putting a significant amount of money into creating and marketing electric vehicles. Numerous authorities and groups have also developed different incentive programs and attempts to persuade purchasers to choose three-wheelers with electric power over conventional cars.
The growing public knowledge of automotive pollutants and their negative effects on the climate has boosted society's demand for electric cars, particularly for public transit. Several nations with big populations and poor to middle tiers have a significant percentage of three-wheeler use, which has typically been powered by IC engines.
Additionally, key variables including an increase in disposable revenue and increased urbanization are driving the electrical three-wheeler industry. Due to increased demand for greener means of travel, the industry for electrical three-wheelers is expected to grow fast throughout the projected period.
Regional Insights
Electric three-wheelers are a fast-growing industry in the Asia Pacific. Numerous economies in the area have a significant prevalence of three-wheelers, which has resulted in an increase in the need for reduced and fuel-efficient commute options as a result of stricter emission standards and rising crude oil costs. Throughout the second quarter of the fiscal year 2022, Bajaj Auto will commercialize its first electric three-wheeler. This demonstrates that the Indian industry is projected to see a considerable upsurge in efficient and economical electric three-wheelers. Manufacturers are forming strategic alliances to expand their presence in the electric three-wheeler industry.
Due to important automobile businesses and the increasing implementation of electrical vehicles in this area, Europe represents the second-largest proportion of the worldwide industry. Companies of electric three-wheelers are pouring money into research and development to develop highly enhanced mobility products.
Segment Dynamics
The Electric Three-Wheeler market is fragmented into the Battery, Power Sizes, and end-user segments. Based on the Battery, the lithium-ion Battery segment is anticipated to dominate the market. By Power Size, the 1000W to 1500W Power segment is projected to grow at the highest CAGR during the forecast period. By end-user, the passenger car segment is expected to hold the majority of the market share.
Competitive Insights
Companies' most typical tactics for expanding their business range are new innovation and marketing efforts. Green Energy & Power Solutions Ltd., Terra Motors Corporation, Piaggio & C. SpA, Kinetic, and Mahindra Electric Mobility Limited are some of the crucial players who are utilizing techniques to expand their client core and obtain a substantial share of the worldwide electric three-wheeler industry, allowing them to keep their label title. For an instance, Mahindra Electric Mobility Ltd confirmed the debut of their newest electric 3-wheeler freight variant, called Treo Zor, in India in Oct 2020. The freight would be available in three different configurations depending on the Treo platform: pickups, transit vans, and plain beds.
The report begins with an overview of the Industry Chain structure, and describes the industry environment, then analyses the market size and forecast of Electric three-wheelers by Battery, end-user, region, and Power Size. In addition, this report introduces the market competition situation among the vendors, and the company profile, besides, market price analysis, and value chain features are covered in this report.
Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products etc.):
- Adapt Motors Pvt. Ltd.
- Atul Auto Limited.
- Bodo Vehicle Group Co. Ltd.
- Changzhou Yufeng Vehicle Co. Ltd.
- Electrode
- E-Tuk Factory B
- Groupe PSA
- J.S. Auto Pvt. Ltd.
- Jiangsu Kingbon Vehicle Co. Ltd.
- Kinetic Green Energy & Power Solutions Ltd.
- Lohia Auto Industries
- Mahindra & Mahindra Ltd.
- Piaggio & C.SpA.
- Scooters India Limited
- Terra Motors Corporation
- Xianghe Quiangsheng Electric Tricycle Factory
Battery Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Lithium-ion
- Lead acid
Power Size Coverage (Market Size & Forecast, Main Consumer Analysis etc.):
- Up to 1000W
- 1000W to 1500W
- Above 1500W
End User Coverage (Market Size & Forecast, Main Consumer Analysis etc.):
- Passenger Carrier
- Load Carrier
Region Coverage (Regional Consumption, Demand & Forecast by Countries etc.):
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Spain etc.)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
- South America (Brazil, Mexico, Argentina etc.)
- Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)
Table Of Content
1. Electric Three-Wheeler Market Overview
1.1. Product Overview and Scope of Electric Three-Wheeler
1.2. Global Market Growth Prospects and Revenue Estimates
1.3. Global Electric Three-Wheeler Market Size Growth Rate Analysis by Battery 2021 VS 2028
1.3.1. Lithium-ion
1.3.2. Lead acid
1.4. Global Electric Three-Wheeler Consumption Comparison by Power Size: 2021 VS 2028
1.4.1. Up to 1000W
1.4.2. 1000W to 1500W
1.4.3. Above 1500W
1.5. Global Electric Three-Wheeler Consumption Comparison by End User: 2021 VS 2028
1.5.1. Passenger Carrier
1.5.2. Load Carrier
1.6. Global Electric Three-Wheeler Market Size Estimates and Forecasts by Region: 2021 VS 2028
1.6.1. North America Electric Three-Wheeler Estimates
1.6.2. Europe Electric Three-Wheeler Estimates
1.6.3. China Electric Three-Wheeler Estimates
1.6.4. Japan Electric Three-Wheeler Estimates
2. Market Competition by Manufacturers
2.1. Global Electric Three-Wheeler Revenue Market Share by Manufacturers (2020)
2.2. Electric Three-Wheeler Market Share by Company Battery (Tier 1, Tier 2 and Tier 3)
2.3. Global Electric Three-Wheeler Average Price by Manufacturers (2017-2021)
2.4. Manufacturers Electric Three-Wheeler Production Sites, Area Served, Product Types
2.5. Electric Three-Wheeler Market Competitive Situation and Trends
2.5.1. Electric Three-Wheeler Market Concentration Rate
2.5.2. Mergers & Acquisitions, Expansion
3. Global Electric Three-Wheeler Consumption by Region (2017-2021)
3.1. Global Electric Three-Wheeler Consumption by Region
3.2. Global Electric Three-Wheeler Consumption Market Share by Region
3.2.1. North America
3.2.2. North America Electric Three-Wheeler Consumption Growth Rate (2017-2021)
3.2.3. North America Electric Three-Wheeler Consumption, Price and Gross Margin (2017-2021)
3.2.4. North America Electric Three-Wheeler Consumption by Country
3.2.4.1. U.S.
3.2.4.2. Canada
3.2.5. Europe
3.2.6. Europe Electric Three-Wheeler Consumption Growth Rate (2017-2021)
3.2.7. Europe Electric Three-Wheeler Consumption, Price and Gross Margin (2017-2021)
3.2.8. Europe Electric Three-Wheeler Consumption by Country
3.2.8.1. Germany
3.2.8.2. U.K.
3.2.8.3. France
3.2.8.4. Italy
3.2.8.5. Spain
3.2.9. Asia Pacific
3.2.10. Asia Pacific Electric Three-Wheeler Consumption Growth Rate (2017-2021)
3.2.11. Asia Pacific Electric Three-Wheeler Consumption, Price and Gross Margin (2017-2021)
3.2.12. Asia Pacific Electric Three-Wheeler Consumption by Country
3.2.12.1. China
3.2.12.2. India
3.2.12.3. Japan
3.2.12.4. Indonesia
3.2.12.5. Malaysia
3.2.12.6. Australia
3.2.12.7. South Korea
3.2.13. South America
3.2.14. South America Electric Three-Wheeler Consumption Growth Rate (2017-2021)
3.2.15. South America Electric Three-Wheeler Consumption, Price and Gross Margin (2017-2021)
3.2.16. South America Electric Three-Wheeler Consumption by Country
3.2.16.1. Brazil
3.2.16.2. Mexico
3.2.16.3. Argentina
3.2.17. Middle East and Africa
3.2.18. Middle East and Africa Electric Three-Wheeler Consumption Growth Rate (2017-2021)
3.2.19. Middle East and Africa Electric Three-Wheeler Consumption, Price and Gross Margin (2017-2021)
3.2.20. Middle East and Africa Electric Three-Wheeler Consumption by Country
3.2.20.1. Saudi Arabia
3.2.20.2. Kuwait
3.2.20.3. UAE
3.2.20.4. South Africa
4. Global Electric Three-Wheeler Consumption by Battery (2017-2021)
4.1. Global Electric Three-Wheeler Price by Battery (2017-2021)
4.2. Global Electric Three-Wheeler Revenue Market Share by Battery (2017-2021)
4.2.1. Lithium-ion
4.2.2. Lead acid
5. Global Electric Three-Wheeler Consumption by Power Size (2017-2021)
5.1. Global Electric Three-Wheeler Price by Power Size (2017-2021)
5.2. Global Electric Three-Wheeler Revenue Market Share by Power Size (2017-2021)
5.2.1. Up to 1000W
5.2.2. 1000W to 1500W
5.2.3. Above 1500W
6. Global Electric Three-Wheeler Consumption by End User (2017-2021)
6.1. Global Electric Three-Wheeler Price by End User (2017-2021)
6.2. Global Electric Three-Wheeler Revenue Market Share by End User (2017-2021)
6.2.1. Passenger Carrier
6.2.2. Load Carrier
7. Key Companies Profiled
7.1. Adapt Motors Pvt. Ltd.
7.1.1. Adapt Motors Pvt. Ltd. Electric Three-Wheeler Corporation Information
7.1.2. Adapt Motors Pvt. Ltd. Electric Three-Wheeler Product Portfolio
7.1.3. Adapt Motors Pvt. Ltd. Electric Three-Wheeler Consumption, Price and Gross Margin (2017-2021)
7.1.4. Adapt Motors Pvt. Ltd. Main Business and Markets Served
7.1.5. Adapt Motors Pvt. Ltd. Recent Developments/Updates
7.2. Atul Auto Limited.
7.3. Bodo Vehicle Group Co. Ltd.
7.4. Changzhou Yufeng Vehicle Co. Ltd.
7.5. Electrode
7.6. E-Tuk Factory B
7.7. Groupe PSA
7.8. J.S. Auto Pvt. Ltd.
7.9. Jiangsu Kingbon Vehicle Co. Ltd.
7.10. Kinetic Green Energy & Power Solutions Ltd.
7.11. Lohia Auto Industries
7.12. Mahindra & Mahindra Ltd.
7.13. Piaggio & C.SpA.
7.14. Scooters India Limited
7.15. Terra Motors Corporation
7.16. Xianghe Quiangsheng Electric Tricycle Factory
8. Marketing Channel, Distributors and Customers
8.1. Marketing Channel
8.2. Electric Three-Wheeler Distributors List
8.3. Electric Three-Wheeler Customers
9. Market Dynamics
9.1. Electric Three-Wheeler Industry Trends
9.2. Electric Three-Wheeler Growth Drivers
9.3. Electric Three-Wheeler Market Challenges
9.4. Electric Three-Wheeler Market Restraints
10. Global Electric Three-Wheeler Consumption and Demand Forecast, by Region (2022-2028)
10.1. Global Forecasted Demand Analysis of Electric Three-Wheeler, by Regions and Country
10.1.1. North America Forecasted Consumption of Electric Three-Wheeler by Country
10.1.2. Europe Market Forecasted Consumption of Electric Three-Wheeler by Country
10.1.3. Asia Pacific Market Forecasted Consumption of Electric Three-Wheeler by Region
10.1.4. Latin America Forecasted Consumption of Electric Three-Wheeler by Country
10.1.5. Middle East and Africa Forecasted Consumption of Electric Three-Wheeler by Country
11. Global Electric Three-Wheeler Consumption and Demand Forecast, by Device Segments (2022-2028)
11.1. Global Forecasted Consumption of Electric Three-Wheeler by Battery Segments (2022-2028)
11.2. Global Consumption and Price Forecast by Power Segment Segments (2022-2028)
11.3. Global Forecasted Growth Rate of Electric Three-Wheeler by End-User Segments (2022-2028)
12. Research Finding and Conclusion
13. Methodology and Data Source
13.1. Methodology/Research Approach
13.1.1. Research Programs/Battery
13.1.2. Market Size Estimation
13.1.3. Market Breakdown and Data Triangulation
13.2. Data Source
13.2.1. Secondary Sources
13.2.2. Primary Sources
13.3. Author List
13.4. Disclaimer
Research Methodology
Our research studies are primarily performed in five phases which include Secondary Research, Primary Research, Subject Matter Expert Advice, Quality Check, and Final Review. The process opted for conducting thorough research to make authentic business reports is briefly described below-
Secondary Research-
- Based on the understanding of requirements, we conducted secondary research to identify the Segment specifications, qualitative and quantitative data along with the factors responsible for the growth of the market.
- The secondary sources referred for the study include press releases, company annual reports, and research papers related to the industry.
- Various sources such as industry magazines, trade journals, government websites, and associations were also reviewed for gathering precise analysis on opportunities for business expansions in the market.
- Moreover, quantitative as well as qualitative data were also extracted from paid databases, which included Reuters, Factiva, Bloomberg, One Source, and Hoovers, which proved to be useful for in-depth technical study of the market.
Primary Research-
- The research carried out during the desk research was verified by primary interviews. Primary research was scheduled with a number of industry experts for conducting telephonic interviews, and also our team send questionnaires through their official emails.
- The secondary data collected was then verified by various industry participants which included Segment managers, marketing managers, VPs, CEOs, purchasing managers, subject matter experts.
- An interview with the mentioned participants aids invalidation of our research findings regarding the Segment.
- It helps in the provision of first-hand data on factors such as market size, growth, regional trends, market trends, and competition in the industry. This approach makes our findings precise in order to help our clients in strategic decision-making processes.
Subject Matter Advice-
- The secondary and primary research key findings were then validated by the in-house subject matter experts having extensive experience in the market research industry.
- Specific requirements of the clients were reviewed by the experts to check for completion of the market study. Experts help in channelizing the representation skills of the analyst in terms of providing data that can be easily understood by our customers.
Quality Check-
- The analysis done by the research team was further reviewed to check for data accuracy provided to suit the clients’ specific requirements.
- This revision was done in various phases to check the data authenticity and to remove negligible errors in the final compilation.
Final Review-
- After the quality check, a final review of the report was done to look after the presentation, formatting, and to recheck if all the requirements of the clients were addressed. The next phase remains dispatch of the report to the client.
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