India Electric Three-Wheeler Market Expected to Grow with a CAGR of over 15% by 2025: According to BlueWeave Consulting

India Electric Three-Wheeler market is expected to grow with a CAGR over 15% during the forecast period 2018-2025. The market growth is majorly driven by government incentives and environmental policies, and declining battery prices. In order to address the issue of degrading air quality, the Indian government launched the Faster Adoption and Manufacturing of (Hybrid & Electric Vehicles (FAME) scheme in 2015, in addition to implementing environmental regulations on conventional gasoline-based vehicles. In response, the OEMs are increasingly making investments to develop affordable and efficient electric rickshaws and established players of the automotive industry are making inroads in this market with the launch of new electric rickshaw models.

Growth in the market is led by the increasing need to curb the air pollution levels and the rising incentive schemes by the government to support manufacturing as well as use of electric three-wheelers. Moreover, consistently increasing affordability of electric three-wheelers is also boosting their adoption across the country. Increasing investments by electric vehicle manufacturers to develop more advanced, efficient and affordable electric three-wheelers is likely to fuel growth in India electric three-wheeler market in the coming years.

The auto industry in India is one of the largest automotive industries globally. The automotive industry accounts for more than 8% of the country’s GDP. The three-wheeler segment is the second fastest growing industry after two-wheeler. Walking or cycling for longer distances is not possible, thus more demand for electric three-wheeler vehicle like e-auto rickshaws are surging. Government’s initiative to provide e-rickshaws for convenient and pollution free transportation is another major reason for the growth of the market.

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Growing need to curb the air pollution levels and the rising incentive schemes by the government is mainly driving the Indian electric three-wheeler market
Growth in the market is led by the increasing need to curb the air pollution levels and the rising incentive schemes by the government to support manufacturing as well as use of electric three-wheelers. Moreover, consistently increasing affordability of electric three-wheelers is also boosting their adoption across the country. Increasing investments by electric vehicle manufacturers to develop more advanced, efficient and affordable electric three-wheelers is likely to fuel growth in India electric three-wheeler market in the coming years.

The auto industry in India is one of the largest automotive industries globally. The automotive industry accounts for more than 8% of the country’s GDP. The three-wheeler segment is the second fastest growing industry after two-wheeler. Walking or cycling for longer distances is not possible, thus more demand for electric three-wheeler vehicle like e-auto rickshaws are surging. Government’s initiative to provide e-rickshaws for convenient and pollution free transportation is another major reason for the growth of the market.

Scope of the Report
The India Electric Three-Wheeler market is segmented on the basis of vehicle type, battery type, and battery capacity. On the basis of vehicle type, the market is segmented into Passenger Carrier and Load Carrier. On the battery capacity basis, the market is segmented into 101Ah. Based on battery type, the market is divided into Lead Acid Battery, Lithium-ion Battery and Nickel Metal Hydride Battery.

Competitive Dynamics
The India Electric Three-Wheeler market is dominated by a number of players, amongst them the major players are Lohia Auto Industries, Hero Electric Vehicles Pvt Ltd, Saera Electric Auto Pvt. Ltd., Kinetic Green Energy & Power Solutions Ltd., Terra Motors India Corp., and Clean Motion. Companies in this industry are following different strategies to strengthen their market position.

Market Segmentation: India Electric Three-Wheeler Market
By Vehicle Type
• Passenger Carrier
• Load Carrier

By Battery Capacity

• 101Ah

By Battery Type
• Lead Acid Battery
• Lithium-ion Battery
• Nickel Metal Hydride Battery

In addition, the report provides analysis of the India Electric Three-Wheeler market with respect to the following geographic segments:
• North Region
• East Region
• West Region
• South Region

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This release was published on openPR.