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Electric Three-Wheeler Market Size, Share, Trends, and Forecast 2024
Electric Three-Wheeler Market Size
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According to The Business Research Company's, The electric three-wheeler market size has grown rapidly in recent years. It will grow from $3 billion in 2023 to $3.34 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to urban congestion alleviation, environmental sustainability goals, government incentives and policies, rural mobility enhancement, awareness and advocacy initiatives.
The electric three-wheeler market size is expected to see rapid growth in the next few years. It will grow to $5.12 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to expansion of charging infrastructure, cost competitiveness, e-commerce and last-mile deliveries, global transition towards electrification. Major trends in the forecast period include introduction of affordable models, subscription-based mobility services, focus on ergonomics and comfort, modular and versatile designs, smart and connected vehicles.
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Market Drivers and Trends:
The growing preference for electric vehicles is expected to propel the growth of the electric three-wheeler market going forward. 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.
Product innovations are a key trend gaining popularity in the electric three-wheeler market. 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. Drivers can navigate more effectively with advanced telematics 2.0, and fleet owners can track and manage their fleets more effectively.
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Major Key Players of the Market:
Bajaj Auto Limited, Bodo Vehicle Group Co Ltd., TVS Motor Company, Piaggio Group, Chongqing Zongshen Vehicle Co. Ltd., Electrotherm Ltd., Adapt Motors,Euler Motors, Hero Electric Vehicles Pvt Ltd., Okinawa Autotech Internationall Private Limited, Altigreen, Terra Motors Corporation, Mahindra Electric Mobility Limited, ATUL Auto Limited, Sazgar Engineering Works Limited, Kinetic Green Energy & Power Solution Ltd., JS Auto Pvt. Ltd., Omega Seiki Private Limited, Kabira Mobility Pvt. Ltd,Lohia Auto Industries Ltd., E-Tuk Factory BV, Avan Motors, Jiangsu Kingbon Vehicle Co Ltd., Changzhou Yufeng Vehicle Co Ltd., Jiangsu East Yonsland Vehicle Manufacturing Co Ltd., Goenka Electric Motor Vehicles Pvt Ltd., Scooters India Limited, Tunwal E Vehicles Pvt Ltd., Gemopai Electric, Biliti Electric Inc.
Electric Three-Wheeler Market 2024 Key Insights:
• The electric three-wheeler market size is expected to see rapid growth in the next few years. It will grow to $5.12 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
• The Surge In Electric Vehicle Adoption Fueling Growth In The Electric Three-Wheeler Market
• Innovating The Ride Trailblazing Product Developments In The Electric Three-Wheeler Market
• Asia-Pacific was the largest region in the electric three-wheeler market in 2023, and is expected to be the fastest-growing region in the forecast period
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