Chicago, May 20, 2024 (GLOBE NEWSWIRE) -- Electric 3-wheeler Market is projected to grow from USD 1.3 billion in 2024 to USD 1.5 billion by 2030, registering a CAGR of 2.2%, as per the recent study by MarketsandMarkets™. Increasing environmental concerns and a push for sustainability are prompting consumers and businesses to shift towards electric vehicles. Government regulations and incentives are further accelerating this transition.
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List of Key Players in Electric 3-wheeler Market:
- Mahindra&Mahindra Ltd. (India)
- YC Electric Vehicle (India)
- Saera Electric Auto Pvt. Ltd. (India)
- Piaggio Group (Italy)
- Citylife Electric Vehicles (India)
Drivers, Opportunities and Challenges in Electric 3-wheeler Market:
- Driver: Advancements in battery technology coupled with reducing battery prices
- Restraint: Limited power output, range, and speed
- Opportunity: Partnership with delivery and logistics fleet operators
- Challenge: High initial investments than ICE variants
Key Findings of the Study:
- Passenger carriers to be the largest segment during the forecast period.
- Lithium-ion battery to be the largest segment during the forecast period.
- Asia Pacific is expected to lead the electric 3 wheeler during the forecast period.
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The electric 3 wheeler market is projected to grow from USD 1.3 billion in 2024 to USD 1.5 billion by 2030, at a CAGR of 2.2%. With the increasing stringency of government mandates, 3 wheeler manufacturers' focus has shifted to efficiency, emission-free propulsion, innovative technologies, and revised environmental standards. The growing adoption of electric 3 wheelers with improving charging infrastructure in various countries will change the market scenario in the coming years. With the introduction of new technology, batteries with improved specifications are being launched for use in EVs including 3 wheelers.
Government initiatives have been driving market growth for electric 3 wheelers. India for instance, has set an ambitious target of making 80% of all 3 wheelers sold in the country to be electric by 2030. The Indian government has also established a project called the Faster Adoption and Manufacturing of (Hybrid and) Electric (FAME) Vehicles for the faster production and adoption of electric vehicles in India. Similarly, in China, the government is vigorously promoting electric 3 wheelers, which are quickly becoming the preferred means of transportation for many people. The Malaysian government aggressively encourages the use of electric 3 wheelers by providing subsidies. The government of Bangladesh has taken several initiatives to promote the use of electric 3 wheelers, including providing subsidies and tax exemptions. Further, the government of South Africa has implemented measures aimed at promoting the adoption of EVs within the nation.
Electric 3-wheeler load carriers of medium-weight goods have a payload capacity of 300–500 kg. Many e-commerce and logistics companies use electric 3-wheelers with a 300–500 kg payload capacity. The electric 3-wheeler market has rapidly evolved with ongoing engineering and loading capacity developments. This is driving the 300–500 kg payload capacity segment. Companies such as Mahindra&Mahindra Ltd., Atul Auto Ltd., Piaggio Group, Lohia Auto Industries, and Kinetic Green offer electric 3-wheelers with a 300–500 kg payload capacity. Jiangsu Jinpeng Group Co., Ltd. also offers Electric Rickshaw (X3) and Electric Tricycle (TL) with a payload capacity of 400 kg and 332 kg, respectively. Developments by leading OEMs and large sales volume of such cargo electric 3 wheelers is expected to drive the electric 3 wheeler industry during the forecast period.
Asia Pacific to be the fastest-growing market for electric 3 wheelers during the forecast period.
Asia Pacific to be the fastest-growing market for electric 3 wheelers during the forecast period. Countries such as Sri Lanka, Bangladesh, Vietnam, and Thailand plan to rapidly increase the demand for electric 3 wheelers. The region also has established market such as China and India. During the forecast period, Sri Lanka is expected to be the fastest-growing country in Asia Pacific. There is an increasing demand for green technology vehicles in Sri Lanka. SL Mobility and Ideal Motors are the prominent manufacturers of electric 3 wheelers in the country. Due to the growth in sales of overall alternate fuel vehicles, the Sri Lankan electric 3 wheeler market is expected to grow. Similarly, The Thai government is rolling out policies to promote EVs as part of its plans to create an EV manufacturing hub. The government is determined to improve air quality, develop smart cities nationwide, and meet its target of reaching carbon neutrality by 2050 and net-zero greenhouse gas emissions by or before 2065. Such initiatives will drive the electric 3 wheeler market in Asia Pacific region.
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Recent Developments:
- In February 2024, Car & General partnered with Piaggio Vehicles Pvt. Ltd. (PVPL), a subsidiary of Piaggio Group, to introduce electric 3 wheelers in the Kenyan market. These vehicles, known as Piaggio Ape Electrik, will be available in two variants: the Ape E-City FX Max for passenger transport and the Ape E-Xtra FX Max for cargo transportation.
- In January 2024, At the third edition of the Tamil Nadu Global Investors Meet, Terra Motors Corporation signed a memorandum of understanding with the Tamil Nadu Government. Under the MOU, the company intends to invest USD 41.66 billion in developing charging infrastructure in Tamil Nadu.
- In January 2024, Omega Seiki Mobility partnered with Kissan Mobility to deploy 500 electric 3 wheelers for last-mile delivery purposes. This partnership, valued at USD 2.40 million, encompasses various applications across sectors, including e-commerce, fast-moving consumer goods, and durables segments.
Related Reports:
- Electric Vehicle Market
- EV Charging Station Market
- Electric Commercial Vehicle Market
- Electric Scooter and Motorcycle Market
