New York, United States , Nov. 02, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Electric Three Wheelers Market Size to grow from USD 830.2 million in 2021 to USD 10,737 million by 2030, at a Compound Annual Growth Rate (CAGR) of 32.9% during the forecast period. The demand for Electric three-wheeler applications among sectors is being driven by factors including the expanding uses of technologies like voice recognition and facial detection and the growing desire to streamline workflow across industries.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The lithium-ion segment to account for the largest market size during the forecast period
Based on the battery type, the Electric three-wheeler market is categorized into Lithium-ion, Lead Acid, and Others. The lithium-ion segment accounts for the largest market size during the forecast period. Their benefits, such as longer battery life due to higher energy density, compact size, quicker charging, and little maintenance, are credited with the growth. The need for lithium-ion batteries has been further fueled by the rise in the number of electric, hybrid, and plug-in electric vehicles. Due to its widespread use, lithium costs have been falling over the past year, which has also contributed to the growth trajectory.
Browse key industry insights spread across 210 pages with 129 market data tables and figures & charts from the report, "Global Electric three-wheeler Market Size, Share, and COVID-19 Impact Analysis, By Battery Type (Lithium-ion, Lead Acid, and Others), By Power (Up to 1000W, 1000 W - 1500 W and Above 1500 W), By End User (Passenger Carrier and Goods carrier), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents
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The 1000W to 1500W segment to hold a higher CAGR during the forecast period
Based on Power, the electric three-wheeler market is categorized 1000 W, 1000 W to 1500 W, and above 1500 W. The 1000W to 1500W segment to hold higher CAGR during the forecast period. The OEMs favor the 1000W to 1500W motors because of the instant torque they deliver, which boosts vehicle efficiency and improves acceleration right away. Since electric motors can accelerate to high speeds more quickly than internal combustion engines (ICE), they can run on just one gear and still reach their top speed. Because of these technical benefits, 1000W to 1500W motors are perfect for passenger carriers.
The passenger carrier segment to hold a higher CAGR during the forecast period
Based on end-User, the electric three-wheeler market is categorized into Passenger Carrier and Goods carrier. The passenger carrier segment to hold higher CAGR during the forecast period. An increase in the demand for three-wheelers as a form of public transportation for daily and last-mile commuting is blamed for the sector growth. Public transportation is preferred over commuting privately in developing nations with a large density of middle-class residents. The market for electric three-wheeler passenger carriers is expanding due to electric three-wheelers becoming a more viable and cost-effective choice. Governments at the federal and state levels have also established incentives to encourage the establishment of sustainable public transportation in urban and rural areas of the nation, which supports market expansion.
Asia-Pacific is estimated to account for the highest market share in 2021.
The Global Electric Three Wheelers Market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. Regarding market share and revenue, Asia-Pacific now dominates the market for electric three-wheelers, and this trend is expected to continue over the forecast period. This is a result of the region's tight governmental regulations. Additionally, the market's growth rate in this area will be further boosted by rising electric car demand and increased government initiatives in China and India. North America and Europe to hold a higher CAGR during the forecast period.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: MAHINDRA ELECTRIC MOBILITY LIMITED (MAHINDRA AND MAHINDRA), Piaggio Vehicle Pvt (Piaggio & C.SpA), Atul Auto Limited, Terra Motors, Gayam Motor Works, Omega Seiki Pvt Ltd, Bodo Vehicle Group Co. Ltd., Euler Motors, Baja Auto, Jaingusu Kingdom Vehicle Ltd, E-Tuk Factory and Other Prominent Key Players.
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Global Electric three-wheeler Market Size, Share, and COVID-19 Impact Analysis, By Battery Type (Lithium-ion, Lead Acid, and Others), By Power (Up to 1000W, 1000 W - 1500 W and Above 1500 W), By End User (Passenger Carrier and Goods carrier), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030
https://www.sphericalinsights.com/reports/electric-three-wheeler-market
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