Electric Three Wheeler Market to See Massive Growth by 2029

Electric three wheeler market is anticipated to grow at a significant CAGR of 6.2% during the forecast period. Owing to the rising inclination towards electric vehicles over conventional vehicles powered by fossil fuel is boosting the demand for electric three wheelers across the globe during the forecast period. Due to the increasing pollution, toxic gases and growing concentration of greenhouse gases in the environment has encouraged people to look for sustainable modes of transportation options, such as for electric three-wheeler vehicles. Conventional vehicles with an internal combustion engine (ICE) produce direct emissions through the tailpipe, as well as through evaporation from the vehicle's fuel system and during the fueling process. On the other hand, all-electric vehicles produce zero direct emissions. According to US Environmental Protection Agency (EPA) data, a typical passenger vehicle emits about 4.6 metric tons of carbon dioxide per year. This assumes the average gasoline vehicle on the road today has a fuel economy of about 22.0 miles per gallon and drives around 11,500 miles per year. Every gallon of gasoline burned creates about 8,887 grams of CO2.

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Further, in addition to carbon dioxide (CO2), automobiles produce methane (CH4) and nitrous oxide (N2O) from the tailpipe and hydrofluorocarbon emissions from leaking air conditioners. The emissions of these gases are small in comparison to CO2, however, the impact of these emissions can be significant as they have a higher global warming potential (GWP) than CO2. Due to these environmental factors the consumers mind is shifting towards electric vehicle for transportation such as electric three wheelers hence growing the market.

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• Market Coverage
• Market number available for - 2023-2029
• Base year- 2022
• Forecast period- 2023-2029
• Segment Covered- By Source, By Product Type, By Applications
• Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
• Inc., and others

Global Electric Three Wheeler Market Report Segment
By Battery Type
• Lithium-ion
• Lead Acid

By Power Type
• Upto 1000 W
• 1000 W - 1500 W
• Above 1500 W

By Power End-Use
• Passenger Carrier
• Good Carrier

Global Electric Three Wheeler Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa

The Report Covers
• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global electric three wheeler market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.

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