Electric Three-Wheeler Market is expected to reach US$ 756.52 Mn by 2028

According to our latest market study on "Electric Three-Wheeler Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (E-Auto (High Speed), E-Rickshaw (Low Speed))," the global market was valued at US$ 472.56 million in 2020 and is projected to reach US$ 756.52 million by 2028; it is expected to grow at a CAGR of 5.9% during the forecast period.

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Key Companies:
Bodo Vehicle Group Co., Ltd., Nobe Cars, Piaggio & C. SpA, Mahindra Electric Mobility Limited, Terra Motors, Kinetic Green Energy & Power Solutions Ltd., LOHIA AUTO INDUSTRIES, E-Tuk Factory, Goenka Electric Motor Vehicles Private Limited; and JIANGSU KINGBON VEHICLE CO., LTD.

Electric three-wheeler manufacturers are trying to invest more on R&D activities for embedding latest technologies, such as global positioning system (GPS) for navigation and solar-powered engines for deriving electric power for the functioning of electric three-wheelers. GPS suggests best route to the destination, thereby saving a considerable amount of time. Further, it shows traffic status on alternative routes along with estimated time to reach the location. Omega Seiki Mobility expanded its electric three-wheeler range in November 2020 with the introduction of three new smart EVs aimed at both the B2B and B2C segments. Omega Seiki's new electric vehicle line includes simulation software, telematics, and a GPS system. The introduction of technologies such as solar-powered electric three-wheelers allows the charging of batteries through solar energy on the go, during daytime. Thus, there is no concern of shortage of batteries and related components. For instance, in December 2016, Lohia Auto debuted its latest eco-friendly vehicles-Humrahi, a solar-powered rickshaw, and Narain, a hydraulic tipper e-rickshaw-at the EV Expo 2016 in Delhi, India. Lohia Auto also unveiled India's first electric three-wheeler rickshaw, which was designed and developed in-house by the company. Such initiatives are likely to provide growth opportunities to the electric three-wheeler market during the forecast period.

Electric three-wheelers are widely used for carrying passengers to their desired destination as well as for the transportation of goods. These three-wheelers run on electric motors powered by rechargeable batteries. The batteries can be recharged at an electric charging station or any other respective charging point. Many low as well as middle income countries across the world have a higher usage rate of three-wheelers, which were initially powered by Internal combustion (IC) engines. But most of these internal combustion engine three-wheelers have become inefficient and old. This has led the manufacturers to increase their expenditure on research and development of electric three-wheelers. Moreover, electric three-wheelers are much popular in urban and suburban areas specially to transport a small number of passengers and compact goods in short span of time. A few of the key factors driving the electric three-wheeler market growth are strict government norms and regulations regarding pollution control, rising awareness about harmful effects of emissions from diesel vehicles and gasoline, and growing acceptance for electric vehicles. Since petrol and diesel are exhaustible resources, people have already started thinking about other possible alternatives. Electric three-wheeler vehicles have started replacing petrol and diesel three-wheeler vehicles. Average cost of maintenance and operation of electric three-wheelers is substantially lower than conventional three-wheelers. However, heavy battery pack and low range of distance covered are some of the areas of concern faced by the manufacturers of electric-three-wheeler vehicles. Electric three-wheelers cover ~125-130 kms with its battery fully charged, while conventional vehicles cover ~200-220 Kms with full fuel tank.

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Market Insights
Increasing Level of Harmful Gases, Managing Cost, and Acceptance of Cleaner Technologies

Rising level of harmful gases, managing cost, and acceptance of cleaner technologies are among the major factors contributing toward the growth of electric three-wheeler market. The adoption of electric vehicles can drastically reduce the emission of pollutants in the environment, thereby improving the air quality. To minimize the emission of greenhouse gases via combustion of vehicular fuel, regulatory bodies across the world are offering tax benefits and incentives to increase the adoption of environment-friendly vehicles. Almost all the leading countries have announced subsidies and financial incentives to attract manufacturers to produce more electric vehicles locally. Also, tax credits and rebates are attracting many local users to purchase EVs and are likely to bring out at least about 60% green vehicles on the road by 2020, thereby reducing fuel emissions and lowering the reliance on petroleum products. The regulatory bodies of China, India, South Korea, Indonesia, and Bangladesh have been implementing various programs to enhance the sales of electric three-wheelers. For example, in March 2018, India's Ministry of Heavy Industries and Public Enterprises launched Phase-II of the FAME India Scheme, which received a total budgetary support of US$ 1.39 billion. This phase aims to support 500,000 electric three-wheelers; 55,000 electric four-wheeler passenger cars; 7,000 e-Buses; and 100,000 electric two wheelers through subsidies. This phase of the FAME Scheme aims to establish adequate public charging infrastructure to boost the EV adoption among the masses. With this, the Ministry of Heavy Industries and Public Enterprises anticipates the involvement and active participation of a wide range of stakeholders, including Public Sector Enterprises (PSEs) and government agencies.

Product developments and market initiatives are the commonly adopted strategies by companies to expand their product portfolio. Piaggio & C. SpA, Terra Motors Corporation, Kinetic Green Energy & Power Solutions Ltd., LOHIA AUTO INDUSTRIES, and Mahindra Electric Mobility Limited are among the key players implementing strategies to enlarge the customer base and gain significant share in the global electric three-wheeler market, which, in turn, permits them to maintain their brand name. A few of the recent key developments are mentioned below:

In October 2020, Mahindra Electric Mobility Ltd announced the launch of its new electric 3-wheeler cargo model-Treo Zor-in India. Based on the proven Treo platform, the cargo would be provided in 3 variants-Pickup, Delivery Van, and Flat Bed.

In February 2018, Mahindra & Mahindra Ltd and LG Chem announced a collaboration in the field of advanced Li-ion battery technology.

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