Indian three wheeler Market indicates Impressive Growth Rate in Automotive Industry

The electric three wheelers uses energy stored in its rechargeable batteries, which are recharged by common household electricity. An electric three-wheeler is powered exclusively by electricity.

The global indian three wheeler Market is estimated to witness 20.35% CAGR from 2019–2025.

The low ownership cost, environmental regulations, and declining battery prices. are the factors expected to boost the global electric three wheelers market during the forecast period. Furthermore, government support and subsidies, the entry of new manufacturing companies in the market and the need for alternative transport system to curb vehicular emissions are expected to fuel the growth of the electric three wheelers market during the forecast period.

Prominent Players

The Prominent Players in the global electric three wheelers market are Terra Motors Corporation (Japan), Changzhou Yufeng Vehicle Co. Ltd. (China), Xianghe Qiangsheng Electric Tricycle Factory (China), Jiangsu Kingbon Vehicle Co. Ltd. (China), Hero Electric Vehicles Pvt. Ltd. (India), Clean Motion (Sweden), Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd. (China), Kinetic Green Energy & Power Solutions Ltd. (India), Electrotherm Limited (India), Piaggio & C. SpA (Italy), Mahindra & Mahindra Limited (India), Saera Electric Auto Pvt. Ltd. (India), ATUL Auto Ltd. (India), and Lohia Auto Industries (India).

The global electric three wheelers market is segmented based on type, battery type, battery capacity, and region. On the basis of type, the global market has been segmented into passenger carrier and goods carriers. On the basis of battery type, the global market has been segmented into lithium ion and lead acid. On the basis of battery capacity, the global market has been segmented into 1,000 W.

On the basis of type, the passenger carrier segment is expected to register the highest growth rate during the forecast period in the global electric three wheelers market. This growth is attributed to the increasing demand for passenger electric three wheelers all over the world to curb the vehicle emission and to offer low-cost shared mobility.

On the basis of battery type, the lithium ion segment is expected to register for the fastest CAGR during the forecast period in the global electric three wheelers market. The decreasing prices and advancement in battery capacity are the major factors expected to drive the demand for lithium ion battery over the forecast period.

On the basis of battery capacity, the>1,000 W segment held the larger share in the global electric three wheelers market. There is an increase in demand for high torque and high-speed electric three-wheelers, which is driving the demand for>1,000 W battery capacity segment.

Furthermore, an increase in demand for cleaner transportation modes, strategic initiatives by major players, low operational cost of electric three wheelers load carrier as compared to the conventional fuel-based load carrier and falling battery prices are the factors expected to boost the demand for electric three wheelers during the forecast period. However, the electric three wheelers market size may be limited by the limited battery capacity of electric three wheelers and underdeveloped charging infrastructure, range anxiety, and lack of awareness regarding the electric three wheelers.

The increase in demand for reducing fuel emission and consumption problems, combined with the regulatory bodies across the world which are offering various incentives and tax benefits to increase the adoption of environment-friendly vehicles. This is expected to positively impact the demand for electric three wheelers through the forecast period.

On the basis of region, the global market for electric three wheelers is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to dominate the electric three wheelers market through the forecast period. this is due to the increasing demand for electric three wheelers from China and India.

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