PUBLISHER: The Business Research Company | PRODUCT CODE: 1428151
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428151
The electric three-wheeler is a type of vehicle powered by electricity and equipped with three wheels, deviating from the conventional four-wheel structure typical in most automobiles. These vehicles operate on electricity, providing a more energy-efficient alternative compared to traditional fossil fuel-based three-wheelers. They commonly serve as essential transportation options in micro-transport scenarios.
Electric three-wheelers primarily come in two main categories such as passenger carriers and load carriers. Passenger carriers are designed and intended primarily for transporting people. These vehicles feature different types of batteries, including lithium-ion, nickel-metal hydride, lead-acid, and others, with varying power capacities ranging from up to 1000 W, 1000 W to 1500 W, to above 1500 W.
The electric three-wheeler market research report is one of a series of new reports from The Business Research Company that provides electric three-wheeler market statistics, including electric three-wheeler industry global market size, regional shares, competitors with an electric three-wheeler market share, detailed electric three-wheeler market segments, market trends and opportunities, and any further data you may need to thrive in the electric three-wheeler industry. This electric three-wheeler market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The electric three-wheeler market size has grown rapidly in recent years. It will grow from $3 billion in 2023 to $3.34 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth experienced in the historic period can be attributed to several factors including initiatives aimed at alleviating urban congestion, fostering environmental sustainability goals, government incentives and policies supporting electric mobility, efforts to enhance rural mobility, and increased awareness and advocacy for eco-friendly transportation alternatives.
The electric three-wheeler market size is expected to see rapid growth in the next few years. It will grow to $5.12 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The projected growth in the forecast period can be credited to the continued expansion of charging infrastructure, the increasing cost competitiveness of electric three-wheelers, the rising demand driven by e-commerce and last-mile delivery services, and the global shift towards electrification in transportation. Notable trends anticipated in this period encompass the introduction of more affordable models, the emergence of subscription-based mobility services, a heightened focus on ergonomics and comfort, the adoption of modular and versatile design approaches, and the integration of smart and connected features in vehicles.
The electric three-wheeler market is poised for growth, driven by the increasing preference for electric vehicles (EVs). As consumers embrace the shift towards sustainable transportation, electric three-wheelers, propelled solely by electric motors, gain prominence over traditional internal combustion engine vehicles. In 2022, global EV sales, including Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), surged by 55%, reaching 10.5 million new units, as reported by EV Volumes, an Australia-based EV sales statistics database. This trend reflects the growing adoption of electric vehicles worldwide, contributing to the expansion of the electric three-wheeler market.
The surge in fuel costs is anticipated to be a driving factor for the electric three-wheeler market in the foreseeable future. Escalating fuel prices, measured by the average price per gallon of motor fuel, coupled with a vehicle's miles-per-gallon fuel efficiency, motivates individuals and businesses to seek more cost-effective transportation alternatives. In August 2022, the Bureau of Transportation Statistics reported a significant increase in conventional motor gasoline and diesel prices, rising by 49% and 55%, respectively, between January and June 2022. Despite a slight decline in fuel prices in June and July 2022, they remained more than twice as expensive as they were two years earlier. This cost disparity encourages the transition to electric three-wheelers, known for their lower operational expenses, thereby fueling the growth of the market.
A significant trend revolves around product innovation, with major companies actively introducing new and advanced offerings to maintain their market position. An illustrative example of this trend is the launch of the Ape E-City FX Max and Ape E-Xtra FX Max by Piaggio & C. SpA in December 2022. These electric three-wheelers, designed for commercial delivery, address concerns about range limitations with a reserve range of up to 5 km. The vehicles feature an adjusted seat height to enhance visibility and control for drivers. Additionally, advanced telematics 2.0 enables more efficient navigation, and fleet owners benefit from improved tracking and management capabilities.
Strategic partnerships are becoming a prevalent approach among major companies in the electric three-wheeler market. These partnerships are aimed at accelerating the adoption of electric three-wheelers by expanding production capabilities, enhancing electric vehicle (EV) offerings, and meeting the increasing demand for these vehicles. A notable instance is the collaboration between Euler Motors, an Indian electric manufacturing company, and Three Wheels United, an Indian three-wheeler manufacturing company. Announced in February 2022, the partnership focuses on deploying approximately 1,000 EV three-wheelers across key Indian cities, including Delhi-NCR, Bengaluru, Chennai, and Hyderabad, by the end of the fiscal year 2023. Three Wheels United provides finance options for cargo vehicle drivers to smoothly transition to EV three-wheelers, while Euler Motors supports the initiative with access to charging infrastructure, vehicle maintenance, and servicing, ensuring minimal operational downtime. This strategic partnership aligns with the growth of India's EV market and the country's commitment to achieving carbon neutrality.
In July 2021, Ampere Vehicle Inc, an India-based electric vehicle manufacturer, completed the acquisition of Bestway Agencies Private Limited for an undisclosed sum. This strategic acquisition is anticipated to fortify and broaden Ampere Vehicle's market positioning, providing an enhanced and comprehensive product portfolio tailored for its B2B clientele. Bestway Agencies Private Limited, also based in India, specializes in the manufacturing of E-rickshaws and electric three-wheelers.
Major companies operating in the electric three-wheeler market report are Bajaj Auto Limited, Bodo Vehicle Group Co Ltd., TVS Motor Company, Piaggio Group, Chongqing Zongshen Vehicle Co. Ltd., Electrotherm Ltd., Adapt Motors,Euler Motors, Hero Electric Vehicles Pvt Ltd., Okinawa Autotech Internationall Private Limited, Altigreen, Terra Motors Corporation, Mahindra Electric Mobility Limited, ATUL Auto Limited, Sazgar Engineering Works Limited, Kinetic Green Energy & Power Solution Ltd., JS Auto Pvt. Ltd., Omega Seiki Private Limited, Kabira Mobility Pvt. Ltd,Lohia Auto Industries Ltd., E-Tuk Factory BV, Avan Motors, Jiangsu Kingbon Vehicle Co Ltd., Changzhou Yufeng Vehicle Co Ltd., Jiangsu East Yonsland Vehicle Manufacturing Co Ltd., Goenka Electric Motor Vehicles Pvt Ltd., Scooters India Limited, Tunwal E Vehicles Pvt Ltd., Gemopai Electric, Biliti Electric Inc.
Asia-Pacific was the largest region in the electric three-wheeler market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric three-wheeler market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the electric three-wheeler market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The electric three-wheeler market consists of sales of electric auto rikshaws, electric cargo trikes, electric taxi trikes, electric utility trikes, and electric disabled mobility trikes. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electric Three-Wheeler Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric three-wheeler market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric three-wheeler ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric three-wheeler market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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