Press release
Electric Three-Wheeler Industry to See Robust Expansion, Valued at $5.42 Billion by 2029
Electric Three-Wheeler
What Is the Projected CAGR for the Electric Three-Wheeler Market from 2024 to 2025?
In the last few years, the market size for electric three-wheelers has seen a swift expansion. The market is proposed to escalate from a value of $3.3 billion in 2024 to reach $3.66 billion in 2025, showcasing a compound annual growth rate (CAGR) of 10.9%. The historical period of growth can be linked to factors such as alleviation of urban congestion, objectives of environmental sustainability, governmental incentives and policies, improvement of rural mobility, as well as awareness and advocacy campaigns.
What are the Expected Market Size and CAGR for Electric Three-Wheeler by 2029?
The market size of the electric three-wheeler is projected to experience fast-paced growth in the coming years, reaching $5.42 billion in 2029 with a 10.3% compound annual growth rate (CAGR). This predicted growth during the forecast period is due to the development of charging facilities, cost competitiveness, e-commerce, and last-mile deliveries, coupled with a global shift to electric vehicles. Within this forecast period, the main trends include the launch of cost-effective models, a shift towards subscription mobility services, emphasis on ergonomics and comfort, as well as modular and adaptable designs, and intelligent, interconnected vehicles.
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Which Factors Are Driving the Global Electric Three-Wheeler Market Expansion?
The surge in popularity of electric vehicles is predicted to drive the future expansion of the electric three-wheeler market. An electric vehicle, propelled by one or more electric motors, acts as an electric vehicle (EV) when it operates purely on electricity, rather than an internal combustion engine, thus the rising fondness for electric vehicles is likely to fuel the market growth. As an example, the U.S. Energy Information Administration, a U.S. government agency, revealed that in the third quarter of 2023, hybrid, plug-in hybrid, and battery-electric vehicles (BEVs) constituted 17.7% of new light-duty vehicle sales in the U.S. Thus far in this year, these vehicles have contributed 16.0% of all new light-duty vehicle sales, an upturn from 12.5% in 2022 and 9.0% in 2021. Consequently, the escalating preference for electric vehicles is stimulating the expansion of the electric three-wheeler market.
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Which Segment Currently Holds the Largest Share of the Electric Three-Wheeler Market?
The electric three-wheeler market covered in this report is segmented -
1) By Vehicle: Passenger Carrier, Load Carrier
2) By Battery: Lithium-Ion, Nickel-Metal Hydride, Lead Acid, Other Types
3) By Power Capacity: Up to 1000 W, 1000 W To 1500 W, Above 1500 W
Subsegments:
1) By Passenger Carrier: Electric Auto Rickshaws (Tuk-Tuks), Electric Tricycles For Personal Use, Electric Three-Wheeled Taxis
2) By Load Carrier: Electric Cargo Rickshaws, Electric Delivery Tricycles, Electric Three-Wheeled Vans And Trucks
Which Major Trends Are Shaping the Future of the Electric Three-Wheeler Industry?
The proliferation of product innovations is a notable trend being observed in the electric three-wheeler market. Numerous leading companies within this market have endeavored to introduce innovative new products as a means of maintaining their market foothold. For example, in December 2022, Piaggio & C. SpA, a renowned vehicle manufacturer based in Italy, unveiled two new electric three-wheelers intended for commercial delivery-Ape E-City FX Max and Ape E-Xtra FX Max. These delivery vehicles come equipped with a backup range of up to 5 km in order to assuage concerns over range limitations. Adjustments were also made to the height of the vehicle's seat to afford drivers superior visibility and maneuverability. On top of that, the inclusion of the advanced telematics 2.0 system enables drivers to navigate more successfully and allows fleet owners more efficient tracking and managing of their vehicles.
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Which Key Players Dominate the Electric Three-Wheeler Industry Globally?
Major companies operating in the electric three-wheeler market include 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 International 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.
What Are the Fastest-Growing Regions in the Electric Three-Wheeler Market?
Asia-Pacific was the largest region in the electric three-wheeler market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric three-wheeler market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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