DUBAI, United Arab Emirates, March 08, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insight, the electric three-wheeler market is expected to reach US$ 866.8 Million in 2023 and US$ 1,523.2 Million by 2033, growing at a CAGR of 5.8% from 2023 to 2033.
Electric cars are increasingly preferred as an ecologically friendly and cost-effective means of transportation over traditional vehicles powered by fossil fuels. The rising public knowledge of pollution has had a considerable impact on people's attitudes toward electric cars, particularly for public transit.
Owing to the rapidly rising prices of commercial vehicles in both developed and developing countries, there is a huge need for low-cost commercial cars. Spending by the government and automakers on three-wheeled electric car charging infrastructure is rising. The automobile sector is being driven to develop electric three-wheelers as a result of tighter regulations and standards governing transportation-related pollution.
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The market for electric vehicles is expanding quickly, driving significant investment from automakers. In order to access a bigger customer base, businesses are utilizing environmentally friendly components and raw materials.
Smart batteries with quick charging technologies are being developed by manufacturers for e-vehicles. New technology developments might lead to profitable opportunities in the e-vehicle business. New electric three-wheelers with changeable batteries are being introduced by several manufacturers.
The expanding movement of ride sharing will give additional economic possibilities for industry players. Shared mobility solutions assist to alleviate traffic congestion and automobile pollution in major cities. As a result, electrically powered car sharing and ride-hailing give an environmentally friendly and flexible alternative to personal vehicle ownership.
The Asia Pacific region is most likely to control the market. Factors contributing to the region's hegemony include greater citizen backing for electric vehicles, expanding population, extensive use of cost-effective mass transportation for the final stretch, and regular transportation in the region.
Key Takeaways
- During the projected period, the Chinese electric three-wheeler market is expected to rise at a CAGR of 5.3%.
- The Indian electric three-wheeler market is expected to rise at a CAGR of 6.4% during the forecast period.
- Over the projection period, Japan is expected to be responsible for 14.6% of the global market.
- The UK electric three-wheeler market is estimated to increase at a CAGR of 6.0% during the forecast period.
- The German electric three-wheeler market is expected to constitute for 2.8% of the global market over the forecast period.
- Over the projected period, the US electric three-wheeler market is estimated to account for 3.6% of the global market.
- The 1000 W to 1500 W segment is expected to maintain its dominance during the projected period, accounting for almost 57.1% of the global market share.
- Over the projected period, the passenger carrier segment is estimated to lead the market, accounting for almost 50.7% of the global market.
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Competitive Landscape
Key players operating in the electric three wheeler market are Mahindra & Mahindra Ltd., Piaggio & C. SpA, Bodo Vehicle Group Co., Ltd., Atul Auto Limited, Terra Motors, Gayam Motor Works, Omega Seiki Pvt Ltd, Baja Auto, Jaingusu Kingdom Vehicle Ltd, E-Tuk Factory, Kinetic Green Energy solution, and others.
These businesses have employed a range of strategies in order to increase their market share for electric three-wheelers. They have employed both organic and inorganic growth tactics, such as new product releases, acquisitions, corporate expansions, and partnerships, to expand their customer base and raise revenue.
RECENT DEVELOPMENT
- In August 2021, Bajaj revealed the debut of electric three-wheelers produced in collaboration with its Austrian partner KTM.
- In October 2020, The Treo Zor, an electric three-wheeler freight version, was revealed by Mahindra Electric Mobility. It is based on the Treo Platform and is available in three configurations: pickup, delivery van, and flatbed.
Key Segmentation of the Electric Three Wheeler Market
By Battery Type (Lithium-Ion, Nickel-Metal Hydride, Lead-Acid, Others) By Vehicle Type (Passenger Carrier, Load Carrier) By Power Capacity (Up to 1000 W, 1000 W to 1500 W, Above 1500 W) By Region (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania)
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Key Segmentation of the Electric Three Wheeler Market
By Battery Type:
- Lithium-Ion
- Nickel-Metal Hydride
- Lead-Acid
- Others
By Vehicle Type:
- Passenger Carrier
- Load Carrier
By Power Capacity:
- Up to 1000 W
- 1000 W to 1500 W
- Above 1500 W
Table of Content
1. Executive Summary | Electric Three Wheeler Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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Explore Wide-ranging Coverage of FMI’s Automotive Landscape
Electric Two Wheelers MRO Market Size: is estimated to be around US$ 435.7 million for this continuing year 2023. By experiencing a favorable position, the market value of the total electric two wheelers MRO service is anticipated to reach US$ 1,414.9 million by 2033.
Electric Bike Market Share: is expected to increase at a CAGR of 10% during the forecast period. The electric bike market size is anticipated to rise from US$ 52.05 Bn in 2022 to US$ 122.1 Bn in 2032.
Plug-in Hybrid Electric Vehicles (PHEV) Market Demand: is anticipated to reach a high of US$ 3,80,665.9 Million by the year 2032.
Electric Utility Vehicles Market Growth: is expected to reach a valuation of US$ 38,550.2 million by 2033. The market is projected to grow at a sturdy CAGR of 15.4% during the period 2023 to 2033, and as of 2023, the market valuation stands at US$ 9,203.8 million.
Zero Emission Vehicle Market Outlook: is expected to grow at a massive CAGR of 25.4% during the period 2023-2033. The market is valued at US$ 248 billion as on 2023, and by 2033, the market is expected to hit a valuation of US$ 2,384.66 billion.
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