Dublin, May 22, 2024 (GLOBE NEWSWIRE) -- The "Global Electric 3 Wheeler Market by End Use (Passenger Carriers, Load Carriers), Range (Less than 50 miles, above 50 miles), Battery Type (Lead Acid, Lithium-ion), Battery Capacity, Motor Type, Motor Power, Payload Capacity and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global electric 3 wheeler market is projected to grow from USD 1.3 billion in 2024 to USD 1.5 billion by 2030, registering a CAGR of 2.2%. The electric 3 wheeler market is expanding rapidly due to rising demand for economical and environmentally friendly transportation alternatives in densely populated urban areas. Electric 3 wheelers are a low-cost, low-emission alternative to regular gasoline-powered vehicles. Government policies and incentives are another aspect driving the growth of the electric 3 wheeler market. Numerous countries are making efforts to minimize carbon dioxide emissions and promote the adoption of electric vehicles. These policies include subsidies, tax rebates for electric 3 wheeler manufacturers and customers, and investments in charging infrastructure. 
Load Carrier segment to be the fastest growing segment during the forecast period
The demand for Electric 3 wheeler load carriers has been rising due to the increased focus of countries on emission reduction. Various retail, logistics, and courier companies have already started adopting Electric 3 wheelers on a small scale. With technological advancements and the development of more vehicles, the adoption rate of Electric 3 wheeler load carriers will grow exponentially. The Electric 3 wheeler is a cost-effective and eco-friendly mode of transportation, making it ideal for businesses that must move goods quickly and efficiently. This type of vehicle is also a great choice for businesses that want to reduce their environmental impact. OEMs are partnering with logistics and last-mile delivery providers to increase the application of Electric 3 wheelers in the industry.
Lead acid to remain the favoured battery chemistry in most developing countries segment during the forecast period
Lead-acid batteries offer advantages such as low cost, high current delivery, and low internal impedance. The charging time of lead-acid batteries ranges between 6 and 8 hours, with a battery capacity of up to 6 kWh. However, they come with drawbacks such as slow charging times, high maintenance, and lower energy density compared to alternatives like lithium-ion batteries.
Despite these limitations, lead-acid batteries remain popular in applications like electric 3-wheelers due to their affordability and availability, particularly in regions like Asia Pacific where last-mile transportation demands are high. The market sees a significant presence of lead-acid battery-powered electric 3-wheelers, driven by their lower pricing compared to ICE counterparts. As the demand for emission-free vehicles rises, manufacturers are exploring options that offer longer ranges and more battery life cycles. Nevertheless, lead-acid batteries continue to find applications, especially in electric 3-wheelers, where affordability remains a key factor influencing consumer choices.
Asia Pacific to be the largest market during the forecast period
Asia Pacific to be the largest market during the forecast period. Increasing government initiatives to promote EVs in India, Sri Lanka, Bangladesh, Japan, and the Philippines will boost the electric 3 wheeler market. The Japanese government has taken steps to increase the adoption of EVs in the country as part of its emission reduction programs, leading to the growth of Japan's electric 3 wheeler industry. Similarly, Bangladesh prepared an auto industry policy that called for at least 15% of registered vehicles to be powered by environment-friendly electricity in 2030.
This is expected to drive the electric 3 wheeler market in Bangladesh. Further, Philippines has been promoting the use of electric 3 wheelers across the country, including as a form of public transportation. Major cities in the Philippines have started using electric 3 wheelers to transport residents and transient workers. Electric 3 wheelers are also used in the country's major business districts and urban areas. Such factors are expected to keep Asia Pacific the leading electric 3 wheeler market.
Research Coverage
The report covers the electric 3 wheeler market, in terms of End Use (Passenger Carrier, and Load Carrier), Range (Less than 50 miles, and above 50 miles), Battery Type (Lead Acid, Lithium-ion, and Others), Battery Capacity (Below 5 KWH, 5-8 KWH, and Above 8 KWH), Motor Type (Hub Motor, Mid Motor, and Other Motors), Motor Power (Below 1500 W, 1500-2500 W, and Above 2500 W) Payload Capacity (Upto 300 kg, 300 kg to 500 kg, and Above 500 kg), Region (Asia Pacific, Europe, North America, and RoW).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies. The market is dominated by a few globally established players, such as Mahindra&Mahindra Ltd. (India), YC Electric Vehicle (India), Saera Electric Auto Pvt. Ltd. (India), Piaggio Group (Italy), and Citylife Electric Vehicles (India). These companies manufactures and supplies electric 3 wheeler to various countries globally. These companies have set up R&D infrastructure and offer best-in-class solutions to their customers.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 327 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $1.3 Billion |
| Forecasted Market Value (USD) by 2030 | $1.5 Billion |
| Compound Annual Growth Rate | 2.2% |
| Regions Covered | Global |
Premium Insights
- Low Operating and Maintenance Costs to Drive Market
- W Segment to Lead Market from 2024 to 2030
- Lithium-Ion Segment to Lead Market by 2030
- Above 50 Miles Segment to Register Higher CAGR from 2024 to 2030
- kWh Segment to Lead Market from 2024 to 2030
- Passenger Carriers Segment to Dominate Market During Forecast Period
- KG Segment to Lead Market During Forecast Period
- Mid Motors Segment to Dominate Market During Forecast Period
- India to Account for Largest Market Share in 2024
Market Dynamics
- Drivers
- Low Operating and Maintenance Costs
- Government Incentives and Subsidies
- Advancements in Battery Technology and Reducing Battery Prices
- Established Market for 3 Wheelers in Urban Transportation
- Stringent Emission Norms and Environmental Regulations
- Restraints
- Lack of Charging Infrastructure
- Limited Power Output, Range, and Speed
- Opportunities
- Automobile Manufacturer- and Customer-Oriented Policies to Promote Electric 3 Wheeler Sales
- Partnerships Between OEMs and Delivery and Logistics Fleet Operators
- Challenges
- Limited Battery Capacity
- High Initial Investments Compared to Ice Variants
- Lack of Compatibility, Interchangeability, and Standardization
Technology Analysis
- Key Technologies
- Regenerative Braking Systems
- Solid-State Battery (SSB)
- Complementary Technologies
- Battery Swapping in Electric 3 Wheelers
- Adjacent Technologies
- IoT in Electric 3 Wheelers
- Hydrogen Fuel Cell
Case Studies
- Case Study 1: Race Energy's Battery-Swapping Solution
- Case Study 2: Optimizing Electric Vehicle Performance in West Bengal's Heterogeneous Traffic
- Case Study 3: Altigreen's Electric 3 Wheeler Cargo Revolution
- Case Study 4: Kochi's Journey to Electric Autorickshaws
- Case Study 5: Turno's Electric Goods Vehicles Transform Dairy Distribution
- Case Study 6: Zyngo EV Mobility's Path to Sustainable Delivery Solutions in India
- Case Study 7: Electric 3 Wheeler Logistics Fleet Operation with Captive Plug-In Charging
- Case Study 8: Electric 3 Wheeler Logistics Fleet Operation with Battery Swapping
Companies Featured
- Mahindra&Mahindra Ltd.
- YC Electric Vehicle
- Saera Electric Auto Pvt. Ltd.
- Piaggio Group
- Citylife Electric Vehicles
- Kinetic Green
- Mini Metro EV L.L.P.
- Atul Auto Ltd.
- Terra Motors Corporation
- Lohia Auto Industries
- Bajaj Auto Ltd.
- Omega Seiki Mobility
- Jiangsu Jinpeng Group Co. Ltd.
- Skyride E Rickshaw
- Shado Group International Pte. Ltd.
- Xianghe Qiangsheng Electric Tricycle Factory
- Kyburz
- Prozza Hirose Manufacturing Inc.
- Gayam Motor Works Pvt. Ltd.
- Bemac Corporation
- J.S. Auto (P) Ltd.
- Saarthi E-Rickshaw
- Unique International
- Euler Moters
- Lectrix EV Private Limited
For more information about this report visit https://www.researchandmarkets.com/r/pw9f12
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