Pune, India, Oct. 28, 2021 (GLOBE NEWSWIRE) -- The global electric three wheeler market size is expected to gain momentum by reaching USD 831.10 million by 2028 while exhibiting a stellar CAGR of 5.2% between 2021 to 2028. In its report titled “Global Electric Three-Wheeler Market,” Fortune Business Insights mentions that the market stood at USD 574.96 million in 2020.
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The increasing demand from Electric three wheeler scooter over traditional ones is expected to drive market growth. Compared to the traditional three-wheelers, the average operation and maintenance costs of an electric three-wheeler are substantially low. Thus, demand for these has increased.
Market Segmentation:
By battery type, the market is divided into lithium-ion and lead acid. By power type, the market is segmented into Up to 1000 W, 1000 W to 1500 W and above 1500 W. By end use type, the market is segmented into passenger carrier and goods carrier. Lastly, in terms of geography, the market is divided into North America, Europe, South America, Asia Pacific, and Rest of the World.
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Increased Government Initiatives and Subsidies to Promote Electric Three-Wheelers to Drive Growth
The increasing demand for electric vehicles is expected to drive the electric three wheeler market growth. Moreover, initiatives by several governments, such as subsidy schemes and multiple reimbursement policies are expected to boost the market. For instance, the Indian government announced the launch of Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India) in 2015. This scheme offers monetary incentives for the purchase of electric and hybrid electric vehicles.
Regional Insights
Asia Pacific to Dominate Backed by Presence Large Number of Turbine Plants
Asia Pacific is expected to remain at the forefront and hold the largest position in the market during the forecast owing to the high demographic growth, a larger middle and lower-middle-class income population, and increasing inclination towards electrification of vehicles in this region. The region’s market stood at USD 514.46 million in 2020.
Europe is expected to showcase significant market share in upcoming years, owing to the rapid adoption of vehicle electrification in this region. Electric three-wheeler manufacturers are investing exponentially in R&D for innovating technologically advanced mobility solutions.
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List of the Companies Operating in the Market:
- Mahindra Electric Mobility Limited (Bengaluru, India)
- Piaggio & C.SpA (Pontedera, Italy)
- Terra Motors (Tokyo, Japan)
- Kinetic Green Energy & Power Solutions Ltd. (Pune, India)
- Gayam Motor Works Pvt. Ltd (Hyderabad, India)
- Lohia Auto Industries (Uttar Pradesh, India)
- Omega Seiki Pvt. Ltd (Delhi, India)
- E-tuk (Denver, U.S.)
- Bodo Vehicle Group Co. Ltd (Tianjin, China)
- Atul Auto Limited (Rajkot, India)
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021-2028 CAGR | 5.2% |
| 2028 Value Projection | USD 831.10 million |
| Base Year | 2020 |
| Market Size in 2020 | USD 574.96 Million |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Battery Type, Power Type, End Use Type, and Region |
| Growth Drivers | Increased Government Initiatives and Subsidies to Promote Electric Three-Wheelers to Drive Growth |
| Asia Pacific to Dominate Backed by Presence Large Number of Turbine Plants |
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Global Luxury Car Market Segmentation:
By Battery Type:
- Lithium-ion
- Lead Acid
By Power Type:
- Up to 1000 W
- 1000 W to 1500 W
- Above 1500 W
By End Use Type:
- Passenger Carrier
- Goods Carrier
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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