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

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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India Electric Three-Wheeler Market Analysis: By Vehicle Type
Passenger Carrier segment is growing extensively with a significant growth during the forecast period. Passenger carriers include auto rickshaws and carriers. These are largely used in rural areas as well as town and cities. The auto rickshaws and carriers are mainly used for travelling distances which cannot be covered by walking or cycling. Increasing demand for motorized transportation in public transportation system is surging the growth of passenger carriers.
Load Carrier segment in the electric three-wheeler market is growing with a significant growth during the forecast period. Load carriers are mainly small vans or trucks that are used for carrying small scale industrial loads from one place to another. They are mostly used in the industrial and commercial sector. Rapid industrialization is one major reason that is driving the growth of Load Carriers.

India Electric Three-Wheeler Market Analysis: By Battery Type
Lithium-ion battery is expected to be the fastest growing segment in India during the forecast period owing to its declining prices, and lower environmental risk and longer life span as compared to the other batteries.
Lead Acid Battery segment dominates the market during the forecast period. Lead acid batteries are the most common and economical type of batteries used in electric vehicles.
Nickel metal hydride battery is growing significantly with a healthy CAGR during the forecast period. NiMH batteries are made of environmentally friendly materials. The batteries contain only mildly toxic substances and are recyclable. Although NiMH batteries are cheaper than lithium ion batteries, they have a lower specific energy resulting in newer technologies mostly utilizing lithium ion.

India Electric Three-Wheeler Market Analysis: By Battery Capacity
Battery capacity of less than 101 Ah will hold a larger share in the Indian electric three-wheeler market during the forecast period. This can also be attributed to the market dominance of unorganized local players, as most of these players manufacture low-cost rickshaws with battery capacity of less than 101 Ah.
Battery capacity of more than 101 Ah will grow significantly in the Indian electric three-wheeler market during the forecast period owing to better and improved technology.

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.

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