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Electric Three-Wheeler Market 2023-2032 - Size, Drivers, Trends And Competitors
Electric Three-Wheeler Market
The Business Research Company's Electric Three-Wheeler Global Market Report 2023 identifies The growing preference for electric vehicles as the major driver for the Electric Three-Wheeler market's growth in the forecast period. An electric vehicle is a kind of vehicle that is propelled by one or more electric motors. When utilized as an electric vehicle (EV), a three-wheeler runs solely on electricity rather than an internal combustion engine, so increasing preference for electric vehicles is expected to propel the market growth. For instance, in 2022, according to EV Volumes, an Australia-based database of sales statistics of electric vehicles, the global sales of electric vehicles increased by 10.5 million new BEVs and PHEVs by 55% from 2021. Therefore, the growing preference for electric vehicles is driving the growth of the electric three-wheeler market.
The global electric three-wheeler market is expected to grow from $2.71 billion in 2022 to $3 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electric three-wheeler market is expected to reach $4.64 billion in 2027 at a CAGR of 11.6%.
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Major competitors in the Electric Three-Wheeler market are Bajaj Auto Limited, Bodo Vehicle Group Co Ltd., TVS Motor Company, Piaggio Group, Chongqing Zongshen Vehicle Co. Ltd.
A key trend in the Electric Three-Wheeler market includes Product innovations. Major companies operating in the electric three-wheeler market are innovating new products to sustain their position in the market. For instance, in December 2022, Piaggio & C. SpA, an Italy-based vehicle manufacturing company, launched Ape E-City FX Max and Ape E-Xtra FX Max, two new electric three-wheelers for commercial delivery. The vehicles include a reserve range of up to 5 km to alleviate range concerns. The vehicle's seat height has also been altered to provide a more fabulous view and control when driving.
Read More On TheGlobal Electric Three-Wheeler Market Report Here: https://www.thebusinessresearchcompany.com/report/electric-three-wheeler-global-market-report
The Electric Three-Wheeler market is segmented -
•By Vehicle: Passenger Carrier, Load Carrier
•By Battery: Lithium-Ion, Nickel-Metal Hydride, Lead Acid, Other Types
•By Power Capacity: Upto 1000 W, 1000 W To 1500 W, Above 1500 W
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Electric Three-Wheeler market.
The Business Research Company's "Global Electric Three-Wheeler Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Electric Three-Wheeler Market Include:
1. Executive Summary
2. Electric Three-Wheeler Market Characteristics
3. Electric Three-Wheeler Market Trends And Strategies
4. Electric Three-Wheeler Market - Macro Economic Scenario
5. Global Electric Three-Wheeler Market Size and Growth
.......
32. Global Electric Three-Wheeler Market Competitive Benchmarking
33. Global Electric Three-Wheeler Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Three-Wheeler Market
35. Electric Three-Wheeler Market Future Outlook and Potential Analysis
36. Appendix
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