Portland, OR, July 25, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric three-wheeler market size generated $0.77 billion in 2021 and is estimated to reach $1.5 billion by 2031, witnessing a CAGR of 7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, investors, new entrants, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Electric 3-Wheeler Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $0.77 Billion |
| Market Size in 2031 | $1.5 Billion |
| CAGR | 7% |
| No. of Pages in Report | 240 |
| Segments Covered | Vehicle Type, Power Type, Battery Type, and Region |
| Drivers | An increase in the last-mile connectivity trend |
| A rise in the demand for cost-efficient commercial vehicles | |
| An inclination to use electric three-wheelers as an efficient and eco-friendly commute supplement | |
| Opportunities | Growth in the trend of shared mobility |
| Greater availability of credit and financing options | |
| Restraints | Lack of standardization of EV charging |
| High cost of battery |
COVID-19 Scenario:
- The COVID-19 pandemic had a negative impact on the global electric three-wheeler industry. Governments in various areas declared a complete lockdown and a temporary shutdown of industries, which had a negative impact on the global production and sales of electric three-wheelers.
- Furthermore, the pandemic affected many electric three-wheeler drivers' sources of income, particularly in the passenger sector, which led to a significant rise in the number of loan defaulters. This led to a series of events, with the sales of electric three-wheelers being negatively impacted by the recession of finance facilities.
- Despite these challenges, the global production and sales of electric three-wheelers have returned to normal in the post-pandemic.
The report offers a detailed segmentation of the global electric three-wheeler market based on vehicle type, power type, battery type, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants determine the sub-segments to be tapped into to achieve growth in the coming years.
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By vehicle type, the passenger carrier segment held the major share in 2021, garnering nearly three-fifths of the global electric three-wheeler market revenue, and is projected to maintain its dominance by 2031. However, the load carrier segment would portray the fastest CAGR of 7.6% during the forecast period.
By power type, the 1000 W to 1500 W segment held the major share in 2021, accounted for more than three-fifths of the global electric three-wheeler market, and is expected to rule the roost in terms of revenue throughout the forecast period. On the other hand, the Above 1500 W segment would display the fastest CAGR of 8.2% in 2031. Up to 1000W is also discussed in the report.
By battery type, the lithium-ion segment held the largest share in 2021, contributing to more than four-fifths of the global electric three-wheeler market revenue, and is expected to lead the position during the forecast period. The same segment would also exhibit the fastest CAGR of 7.5% from 2022 to 2031. The lead acid segment is also studied in the report.
By region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than three-fourths of the global electric three-wheeler market revenue, and is likely to dominate the market during the forecast period. However, the LAMEA region would cite the fastest CAGR of 10.6% from 2022 to 2031.
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The key market players analyzed in the global electric three-wheeler market report include SCOOTERS INDIA LIMITED, Piaggio & CO. SpA, Zuperia Auto Pvt. Ltd., Mahindra Electric Mobility Limited, Bodo Vehicle Group, BILITI ELECTRIC, Chongqing Zongshen Vehicle, Green Impex, Atul Auto Ltd, Altigreen, E-TUK Factory, J.S. Auto Pvt. Ltd., Terra Motors Corporation, KINETIC GREEN VEHICLES, and Adapt Motors. The other provinces studied in the report include North America and Europe. These players have used a variety of strategies, including partnerships, new product launches, and developments to expand their market share and fortify their industry positions.
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