Electric Three-Wheeler Market to hit $140 Bn by 2032, Says Graphical Research Powered by GMI.
Major electric three-wheeler market players include Adapt Motors Pvt. Ltd., Altigreen, Atul Auto Limited, Bajaj Auto, Bodo Vehicle Group Co., Ltd., Champion Ploypast, Changzhou Yufeng Vehicle Co., Ltd., Dili Electric, Electrode, E-Tuk Factory, and Euler Motors, among others.
Selbyville, Delaware, June 04, 2023 (GLOBE NEWSWIRE) —
Electric Three-Wheeler Market is expected to cross a valuation of USD 140 billion by 2032, according to the latest research report by Global Market Insights, Inc.
The increasing inclination towards efficient and eco-friendly solutions for commuting will influence the industry growth. Electric three-wheelers are attracting the attention of numerous consumers from multiple geographies as they offer easy maintenance and operability, low pollution, affordability, swiftness, and dexterity. The growing preference for vehicles that require lesser maintenance and minimum operating costs as opposed to Internal Combustion Engine (ICE) vehicles will further drive the business development.
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Rapid deployment of lead acid batteries
Electric three-wheeler market share from lead acid battery type segment recorded over USD 5 billion in 2022 driven by the increasing consumer shift towards electric vehicles as opposed to their fuel-based counterparts. Lead acid batteries offer higher energy efficiency while taking up lesser charging time. The escalating environmental concerns along with the skyrocketing fuel prices will also play a crucial role in elevating the product preference.
Robust demand for 3-6 kWh batteries
The industry size from the 3-6 kWh segment is estimated to exceed USD 25 million by 2032. The growing requirement for low-cost and minimum maintenance has pushed several electric scooter manufacturers to incorporate 3-6 kWh batteries into electric three wheelers. The strong ability of 3-6 kWh capacity batteries of generating high current with small cable sizes will add to the segment growth.
Europe to dominate the regional landscape
Europe electric three-wheeler market is set to record over 25% CAGR from 2023-2032 due to rising penetration in France. This is mainly attributed to the surging number of investments led by government authorities as well as private sector companies. To cite an instance, the French Government, in March 2021, invested approximately USD 114.1 million for supporting the development of fast-charging stations in the country.
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Electric Three-Wheeler Market Competitive Landscape
Some of the major electric three-wheeler industry players include Piaggio & C. SpA, Mahindra electric, Terra Motors, Bodo EV International, Changzhou Yufeng Vehicle Co Ltd., Kinetic Green Energy Solution, and Atul Auto Limited. These firms are coming up with innovation-based initiatives for scaling their revenues. For instance, Piaggio Vehicles, in December 2022, introduced two new electric three wheelers, Ape E-City FX Max and Ape E-Xtra FX Max, integrated with cutting-edge telematics 2.0 for allowing fleet owners to manage and track the fleet.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Electric three-wheeler market 360º synopsis, 2018 – 2032
2.2 Regional trends
2.3 Battery type trends
2.4 Vehicle type trends
2.5 Power capacity trends
2.6 Battery capacity trends
Chapter 3 Electric Three-Wheeler Market Industry Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
22.214.171.124 The growing number of initiatives and awareness programs by government
126.96.36.199 Increasing demand for affordable commercial vehicle
188.8.131.52 Inclination towards eco-friendly and efficient solution to commute
184.108.40.206 Rising price of fuel
220.127.116.11 Government emission norms and subsidies
3.10.2 Industry pitfalls & challenges
18.104.22.168 Inadequate charging facilities
22.214.171.124 Lack of standardization
3.11 Profit margin analysis
3.12 Vendor matrix analysis
3.13 Growth potential analysis
3.14 Porter’s analysis
3.15 PESTEL analysis
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