PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1421522
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1421522
According to SPER market research, 'India Electric Three-Wheeler Market Size- By vehicle, By Battery Type, By Drive Type, By Motor Type, By Power Output, By Volatage Capacity '- Regional Outlook, Competitive Strategies, and Segment Forecast to 2033' state that the India Electric Three-Wheeler Market is predicted to reach USD 1.87 billion by 2033 with a CAGR of 16.01%.
Electric three-wheelers are driven by electricity and have motors with great torque and batteries with extended lifespans. A tricycle is a three-wheeled vehicle with two rear wheels and one front wheel, whereas a tadpole is a vehicle with two front wheels and one back wheel. Electric three-wheelers are more widely used in a variety of industries, including local passenger transportation and intercity freight and service transportation.
The market faced uncertainty during the COVID-19 crisis as government's worldwide enforced total lockdowns and temporary industry shutdowns. This significantly disrupted the global production and sales of electric three-wheelers. Additionally, the pandemic affected the income sources of electric three-wheeler drivers, particularly in the passenger sector, leading to a notable rise in loan defaults. This, in turn, triggered a chain reaction as reduced access to financial facilities further hampered electric three-wheeler sales.