Shift To E-mobility to Drive Global Electric Three Wheelers Market Size
Electric three wheelers or
e-rickshaws are vehicles aimed at providing comfortable rides without emissions.
Developments in lithium batteries and investments in charging infrastructure
can lead to favorable opportunities for e-rickshaw manufacturers. The global Electric
Three Wheelers Market Size report by Market Research Future (MRFR)
comprises opportunities and latest trends for the period of 2019 to 2025
(forecast period). It also contains insights as well as suggestive measures
during the COVID-19 pandemic during the forecast period.
Market Scope
The global Electric Three Wheelers
Market Size is expected to witness 20.35% CAGR during the
forecast period.
Major drivers of the market are the
decline in battery prices, low operational costs of electric three wheelers,
demand for clean transportation modes, and initiatives by prominent players.
Supportive government policies for establishing charging infrastructure and
centers for maintenance and repair can bode well for the market. Incentives
offered by nations for lowering fuel emissions and adoption of environment-friendly
vehicles can fuel the market growth over the forecast period.
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The COVID-19 impact on the industry
seems negligible as consumers seek affordable vehicles in light of the
pandemic. The large potential of electrification in India and China owing to
three-wheelers being used for office commutes are likely to bode well for the
market. The expansion of the ecommerce sector and the need for last-mile
connectivity can fuel the demand in the global Electric Three Wheelers Market
Size till 2025.
But the global Electric Three
Wheelers Market Size is restrained by lack of range, low awareness
levels in underdeveloped countries, and limited battery capacity.
Segmentation
The global Electric Three Wheelers
Market Size is segmented by type, battery type, and
battery capacity.
On the basis of type, the global
market has been segmented into passenger carriers and goods carriers.
On the basis of battery type, the
global Electric Three Wheelers Market Size is divided into lithium ion and lead
acid. The lithium ion segment is expected to register the fastest CAGR during
the forecast period in the global Electric Three Wheelers Market Size . The decreasing prices of Li-ion batteries and
their higher capacity to lead acid batteries making them lighter and more
efficient are major factors expected to drive the demand for lithium ion
battery over the forecast period.
On the basis of battery capacity, the
global market has been segmented into < 1,000 W and >1,000 W. The
>1000 W segment is expected to register highest growth rate due to the
increasing demand for electric three wheelers in leisure and sports activities.
Regional Analysis
Geographically, the global Electric
Three Wheelers Market Size has been segmented into four major regions,
which are North America, Europe, Asia Pacific (APAC), and Rest-of-the-World
(RoW).
The Electric Three Wheelers Market
Size in APAC is expected to hold the largest market
share in Electric Three Wheelers Market Size
and expected to lead the market
through the forecast period. This can be due to the increasing government
initiatives for welcoming electric mobility, stringent government policies
scrapping lead-acid powered vehicles, and increasing demand for electric three
wheelers from China and India. The presence of China, which is the largest
market for electric three wheelers, can facilitate market growth. The foray of
big players in India into the electric vehicle space and the low manufacturing
costs of e-rickshaws can bode well for the market.
Competition Outlook
Hero Electric three wheelers Pvt.
Ltd., ATUL Auto Ltd., Jiangsu Kingbon Vehicle Co. Ltd., Kinetic Green Energy
& Power Solutions Ltd., Changzhou Yufeng Vehicle Co. Ltd., Xianghe
Qiangsheng Electric Tricycle Factory, Electrotherm Limited, Saera Electric Auto
Pvt. Ltd., Lohia Auto Industries, Clean Motion, Mahindra & Mahindra
Limited, Piaggio & C. SpA, Jiangsu East Yonsland Vehicle Manufacturing Co.
Ltd., and Terra Motors Corporation are key players of the global Electric Three
Wheelers Market Size . Tax breaks and
subsidies provided to manufacturers can boost the production of electric
vehicles. Investments in domestic manufacture and charging manufacture and
value chain can pave the way in the years ahead.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/
Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this
market?
- What are the strategies adopted by
key players?
TABLE OF
CONTENTS
1 EXECUTIVE
SUMMARY
2 SCOPE OF
THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET
LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN
ANALYSIS
4 MARKET
DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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