Global Electric Three-Wheeler Market Report and Forecast 2024-2032

Global Electric Three-Wheeler Market Outlook

The global electric three-wheeler market reached a value of about USD 789.46 million in 2023. The market is further estimated to grow at a CAGR of 5.1% in the forecast period of 2024-2032 to reach a value of around USD 1,239.92 million by 2032.

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Use of Li-Ion Batteries in Electric Three-Wheelers to Surge over the Forecast Period

Based on battery type, the demand for Li-ion batteries in electric three-wheelers is expected to increase in the forecast period. The lithium-ion batteries are environmentally friendly as they contain relatively low levels of toxic heavy metals found in other types, such as lead acid batteries. It is lightweight and compact, thereby occupying less space. The time taken to charge a Li-ion battery is much less, and the fast-charging technologies are adding to its advantage. Lithium is a highly reactive element and can store large amounts of energy, which allows lithium-ion batteries to pack a high energy capacity in a small size. As a result of this, lithium-ion batteries have the ability to last much longer between charges than other batteries and also maintain their high level of performance. The longer shelf life of lithium-ion batteries, when compared to lead acids, is invigorating the market expansion. It needs no active maintenance, and, thus, one-time purchase guarantees longevity.

Market Segmentation

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An electric three-wheeler is a vehicle that is driven by one or more electric motors. It is used for multiple purposes, such as carrying passengers or transporting goods. It is environment-friendly, easy to use, cost-effective, and requires no fossil fuels for its operation.

The market for electric three-wheeler, by end-use, is divided into:

• Passenger Carrier
• Goods Carrier

Based on battery type, the market is segmented into:

• Li-Ion
• Lead Acid

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The regional markets for electric three-wheeler can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Eco-Consciousness to Drive the Market Growth of Electric Three-Wheeler

The rising demand for electric three-wheelers owing to their environment-friendly nature is driving the growth of the market. The growing necessity to reduce dependence on fossil fuels such as petroleum for energy efficiency and limit greenhouse emissions is leading to the increasing sales of electric vehicles, thereby bolstering the market. There is a rising shift towards electric three-wheelers due to their multiple advantages, such as reduced operating and maintenance expenses and ease of operation. Additionally, three-wheelers provide easy options of replacing discharged batteries with charged ones, unlike four-wheelers. The rapid development of the charging infrastructure and the availability of environment-friendly batteries like lithium-ion is further invigorating the market growth. Electric three-wheelers are also used in various applications like carrying passengers, goods, and garbage disposal, among others, and electrification reduces the running cost of vehicles. The government initiatives towards producing electric vehicles to boost e-mobility are likely to play a critical role in the market expansion of electric three-wheelers. In March 2023, under its electric vehicle policy, the Delhi Government in India launched electric autos in order to support self-employment and accelerate the transition from fuel-based vehicles to EVs in the country. Over the forecast period, the advancements in electric vehicle battery technologies and the increasing penetration of market players are expected to further stimulate the market growth of electric three-wheelers.

Key Players in the Global Electric Three-Wheeler Market

The report gives a detailed analysis of the following key players in the global electric three-wheeler market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Terra Motors Corporation
• Mahindra Electric Mobility Limited
• Piaggio & C. SpA
• Kinetic Green Energy & Power Solutions Ltd.
• Wuxi SAIGE Electric Vehicle Tech Co.,Ltd
• BILITI Electric Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report