The global electric three wheelers market is expected to witness 20.35% CAGR during the forecast period.
Major drivers of the market are the decline in battery prices, low operational costs of electric three wheelers, demand for clean transportation modes, and initiatives by prominent players. Supportive government policies for establishing charging infrastructure and centers for maintenance and repair can bode well for the market. Incentives offered by nations for lowering fuel emissions and adoption of environment-friendly vehicles can fuel the market growth over the forecast period.
The COVID-19 impact on the industry seems negligible as consumers seek affordable vehicles in light of the pandemic. The large potential of electrification in Indian three wheeler Market and China owing to three-wheelers being used for office commutes are likely to bode well for the market. The expansion of the ecommerce sector and the need for last-mile connectivity can fuel the demand in the global electric three wheelers market till 2025.
But the global electric three wheelers market is restrained by lack of range, low awareness levels in underdeveloped countries, and limited battery capacity.
Electric three wheelers or e-rickshaws are vehicles aimed at providing comfortable rides without emissions. Developments in lithium batteries and investments in charging infrastructure can lead to favorable opportunities for e-rickshaw manufacturers. The Global Electric Three Wheelers Market report by Market Research Future (MRFR) comprises opportunities and latest trends for the period of 2019 to 2025 (forecast period). It also contains insights as well as suggestive measures during the COVID-19 pandemic during the forecast period.
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The global electric three wheelers market is segmented by type, battery type, and battery capacity.
On the basis of type, the global market has been segmented into passenger carriers and goods carriers.
On the basis of battery type, the global electric three wheelers market is divided into lithium ion and lead acid. The lithium ion segment is expected to register the fastest CAGR during the forecast period in the global electric three wheelers market. The decreasing prices of Li-ion batteries and their higher capacity to lead acid batteries making them lighter and more efficient are major factors expected to drive the demand for lithium ion battery over the forecast period.
On the basis of battery capacity, the global market has been segmented into 1,000 W and 1,000 W. The 1000 W segment is expected to register highest growth rate due to the increasing demand for electric three wheelers in leisure and sports activities.
Geographically, the global electric three wheelers market has been segmented into four major regions, which are North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The electric three wheelers market in APAC is expected to hold the largest market share in electric three wheelers market and expected to lead the market through the forecast period. This can be due to the increasing government initiatives for welcoming electric mobility, stringent government policies scrapping lead-acid powered vehicles, and increasing demand for electric three wheelers from China and India. The presence of China, which is the largest market for electric three wheelers, can facilitate market growth. The foray of big players in India into the electric vehicle space and the low manufacturing costs of e-rickshaws can bode well for the market.
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Hero Electric three wheelers Pvt. Ltd., ATUL Auto Ltd., Jiangsu Kingbon Vehicle Co. Ltd., Kinetic Green Energy Power Solutions Ltd., Changzhou Yufeng Vehicle Co. Ltd., Xianghe Qiangsheng Electric Tricycle Factory, Electrotherm Limited, Saera Electric Auto Pvt. Ltd., Lohia Auto Industries, Clean Motion, Mahindra Mahindra Limited, Piaggio C. SpA, Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd., and Terra Motors Corporation are key players of the global electric three wheelers market. Tax breaks and subsidies provided to manufacturers can boost the production of electric vehicles. Investments in domestic manufacture and charging manufacture and value chain can pave the way in the years ahead.
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