Electric three-wheeler Market Size was valued at USD 4.53 billion in 2021. The electric three-wheeler market industry is projected to grow from USD 4.73 Billion in 2022 to USD 5.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.10% during the forecast period (2024 - 2030). growing demand for ecofriendly vehicles are driving the market growth.
Across the globe, governments are focusing on accelerating the transition from internal combustion engine vehicles to electric vehicles as well as the infrastructure required to support them. The German government offers grants up to USD 9824.8 plus tax reduction for fully electric passenger vehicles USD 43666 for small to medium-sized electric trucks as well as up to USD 54582.5 for heavy-duty trucks. The United States federal government offers up to USD 7500 in tax credits for qualifying PEVs as well as California announced a USD 3.9 billion package that includes funds to put 1,000 school buses, 1000 zero-emission cars as well as 1,000 public transit buses on the roads.
Lack of charging infrastructure is a top barrier to electric vehicle adoption, especially in the United States and the United Kingdom. Even Though most electric vehicles are charged at work or home, roll out of public charging is critical for supporting electric vehicle growth. Furthermore, In 2021 there were around 1.8 million publicly accessible chargers across the world, the majority of which are in the UK, EU or China. For meeting future demand, European Union regulation call for a ratio of 1 public charger per 10 electric vehicles as well as will need member countries for installing charging points every 60 km on public highways.
The Electric three-wheeler market is segmented by vehicle type which is further bifurcated as a passenger carrier and goods carrier. The passenger carrier segment is leading the vehicle type segment with respect to the electric three-wheeler market revenue This is primarily owing to the rising consumer preference for electric vehicles over fossil fuel vehicles.
September 2022- Jumia, an Africa-based e-commerce player, has collaborated with Biliti Electric, a California-based EV solutions provider, to add electric vans to its delivery fleet in Kenya. The partners say they have effectively finished the pilot project and are scaling the fleet within Kenya in the first phase and across Africa.
October 2022- Several small companies across Europe are doing their part in boosting the electric shift. For instance, a company called Zeway in France has been working on developing its presence in the market, especially in electric scooters and mopeds. With a single battery type utilized in its model range, the company concentrates on infrastructure and the products, providing a more accessible way to keep the wheels turning.
The driving range segment is further bifurcated as less than 50 miles, 50-100 miles, and above 100 miles. According to MRFR analysis, the 50-100 miles segment is expected to have the largest market share. Developments in electric vehicles combined with vigorous investments by automakers and increasing concerns about environmental pollution is other major factor for the growth of the market.
Asia-Pacific electric three-wheeler market has the largest share, and of China and India, which are the largest markets in the world by country. Other prominent countries in the region include Bangladesh, Cambodia, and Thailand. The dependence of most of the public on public transport, and favorable government policies in the region is increasing the market for electric three-wheelers. Some of the largest companies in the region include Atul Auto, Jiangsu Kingbon Vehicle Co. Ltd, and Terra Motors Corporation. Thus, this region is anticipated to register a highest CAGR in the electric three-wheeler market during the forecast period. Further, the Germany electric three-wheeler market held the largest market share, and the UK electric three-wheeler market was the fastest growing market in the European region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the cervical fusion market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the cervical fusion industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global electriv three wheeler vehicle industry to benefit clients and expand the cervical fusion market sector is to manufacture locally to reduce operating costs. In recent years, cervical fusion has provided medicine with some of the most significant benefits.
April 2024: A Rs 500 crore initiative will be implemented till the end of July with the goal of improving sustainable transportation and the uptake of electric vehicles, especially electric three-wheeled vehicles, in India. Additionally, by March 31, 2024, the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) initiative would come to an end.
A recent story published in the Economic Times states that electric cars sold up until March 31st, or until funds are available, are eligible for incentives under the FAME plan.
The Ministry of Heavy Industries has unveiled the new EMPS 2024, a Rs 500 crore Electric Mobility Promotion Scheme. For the purchase of small electric three-wheelers, including both hauliers and passenger mobility-oriented vehicles, Rs 25,000 is provided as help under the initiative.
Furthermore, 50,000 rupees is reportedly being provided for bigger electric three-wheelers.
The EMPS 2024 is a four-month limited-period initiative that has a total funding of Rs 500 crore. Specifically, the program runs from April 1, 2024, to July 31, 2024, with the goal of increasing the rates at which three-wheelers are adopted.
The ministry had said that although the program intends to assist 3,72,215 electric cars in order to promote innovative mobility technologies, only those vehicles equipped with advanced vehicular batteries would be eligible for incentives.
Indian carriers who need to move freight over long distances will benefit from the performance-oriented electric three-wheeler known as the Altigreen neEV Tez. An 8.8 KWh battery pack and an 8.25 kW electric motor power the vehicle. The neEV Tez can reach a maximum speed of 53 kmph and its electric motor can produce a peak torque of 45 Nm.
The initial pricing of Altigreen's neEV Tez is Rs 3.55 lakh (ex-showroom). According to the manufacturer, the reason neEV Tez is so well-liked is that it can charge from empty to 100% in only fifteen minutes and go over ninety kilometers on a single charge.
October 2022- Several small companies across Europe are doing their part in boosting the electric shift. For instance, a company called Zeway in France has been working on developing its presence in the market, especially in electric scooters and mopeds. With a single battery type utilized in its model range, the company concentrates on infrastructure and the products, providing a more accessible way to keep the wheels turning.
September 2022- Jumia, an Africa-based e-commerce player, has collaborated with Biliti Electric, a California-based EV solutions provider, to add electric vans to its delivery fleet in Kenya. The partners say they have effectively finished the pilot project and are scaling the fleet within Kenya in the first phase and across Africa.
Passenger Carrier
Utility/Goods Carrier
Less Than 50 Miles
50–100 MILES
Above 100 Miles
Lthium-ion
Nickel Metal Hydride
Lead-Acid
Others
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 4.5 billion |
| Market Size 2022 | USD 4.7 billion |
| Market Size 2030 | USD 5.9 billion |
| Compound Annual Growth Rate (CAGR) | 11.10% (2024-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, Driving Range, Battery Type and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Terra Motors Corporation Changzhou Yufeng Vehicle Co. Ltd. Xianghe Quiangsheng Electric Tricycle Factory Jiangsu Kingbon Vehicle Co. Ltd. Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd. Kinetic Green Energy & Power Solutions Ltd. Piaggio Group |
| Key Market Opportunities | High demand in developing countries |
| Key Market Dynamics | Growing demand for eco-friendly vehicles Rising consumer preference for electric vehicles over fossil fuel vehicles |
Frequently Asked Questions (FAQ) :
USD 5.9 Billion by 2030 at a CAGR of 11.10% over the forecast period for Electric three wheelers market.
ATUL Auto Ltd, Saera Electric Auto Pvt. Ltd, and Lohia Auto Industries are some key players of the electric three wheelers market.
The reduced price of lithium battery can impel the global electric three wheelers market growth.
The changing dynamics of automobile industry can benefit the electric three wheelers market in APAC.
Electric Three-Wheeler Market Some important categories By Battery Type, Driving Range, Vehicle Type and Region.
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Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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