About Electric Three Wheelers
The electric three-wheeler is defined as the three-wheeled vehicle which is powered by an electric motor. Various benefits of using electric three-wheelers such as reduced harmful exhaust emissions, better air quality which leads to fewer health problems and other benefits. Increasing demand for low or no-emission vehicles for public transport is likely to be a prime driver for the global electric three-wheeler market.
Attributes | Details |
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Study Period | 2019-2029 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 10.3% |
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global electric three-wheeler market can witness an upsurge in the forecast period. Analyst at AMA Research estimates that China Vendors will contribute the maximum growth to Global Electric Three Wheelers market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Jiangsu Kingbon Vehicle Co. Ltd. (China), Changzhou Yufeng Vehicle Co. Ltd. (China), ATUL Auto Ltd. (India), Xianghe Qiangsheng Electric Tricycle Factory (China), Kinetic Green Energy & Power Solutions Ltd (India), Lohia Auto Industries (India), Terra Motors Corporation (India), Jiangsu East YonslandVehicle Manufacturing Co. (China), Electrotherm Ltd. (India) and Hero Electric Vehicles Pvt. Ltd. (India) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Bajaj Auto Limited (India).
Segmentation Overview
AMA Research has segmented the market of Global Electric Three Wheelers market by and Region.
On the basis of geography, the market of Electric Three Wheelers has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Body Type, the sub-segment i.e. Open will boost the Electric Three Wheelers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type, the sub-segment i.e. Passenger Carrier will boost the Electric Three Wheelers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Voltage, the sub-segment i.e. 36V will boost the Electric Three Wheelers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Battery Power, the sub-segment i.e. 351 - 500W will boost the Electric Three Wheelers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Battery Type, the sub-segment i.e. Lithium Ion will boost the Electric Three Wheelers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Initiatives to Promote Electric Three-Wheeler Vehicles Due to Increasing Environmental Concerns
Market Growth Drivers:
Increasing Awareness Regarding the Usage of Electric Vehicles and Growing Affordability of Electric Three-Wheelers
Challenges:
Lack of Awareness regarding Electric Three Wheeler and Issue related to High Prices of Electric Three Wheeler
Restraints:
Major Concern regarding Long Charging Time and Inadequate Charging Infrastructure
Opportunities:
Rising Demand from Emerging Economics such as China, India, Brazil, among others and Government Initiatives to Expand the Electric Three Wheeler Market
Market Leaders and their expansionary development strategies
In July 2020 , Ampere Vehicles, a wholly-owned electric mobility has acquired in Noida-based electric three-wheeler company Bestway Agencies Pvt. Ltd. which sells e-rickshaws under the ELE brand. The acquisition is currently subject to customary closing conditions. Through this acquisition, Ampere will expand its presence in the e-three wheelers segment with an aim to become an integrated last-mile e-mobility solutions provider with a presence in both electric two-wheelers and electric three-wheelers.
In February 2019, the Piaggio & C. SpA (Italy) Company has launched fully electric three-wheeler in India. Hence, this product launch will help in strengthening the position of the company in India.
Key Target Audience
Automotive Companies, Research and Development Companies, Government Regulatory Authorities, Product Sales and Distribution Companies and Market Research and Consulting Firms
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.