Electric Three-Wheeler Market by Vehicle Type (Goods Carrier and Passenger Carrier), Battery Type (Lithium-ion and Lead Acid), Power Type and Geography - Global Industry Analysis, Opportunities and Forecast up to 2026

The global electric three-wheeler market size was valued at $597.44 million in 2020, and is projected to reach $861.98 million by 2026, growing at a CAGR of 6.3% during the forecast period.

• The electric three-wheeler market is expected to witness significant growth in the future due to growing awareness about harmful effects of emissions from gasoline and diesel vehicles and stringent government norm for pollution control.

• Additionally, several low- and middle-income countries in the world have a high rate of usage of three-wheelers, which were traditionally powered by IC engines. However, many of these internal combustion engine three-wheelers are old and inefficient, thus, emitting substantial amounts of particulate matter (PM) and black carbon (BC), a potent short-lived pollutant. The growing emission control norms have propelled the manufacturers to increase their expenditure on R&D of electric three-wheelers, which eventually allowed them to market them as the future of intracity mobility.

• However, the shortage of charging points in most of the cities is a major challenging factor for growth of the global electric three wheeler market.

• Moreover, the UN Environment is supporting developing countries to develop national programs for the introduction of electric two- and three-wheelers in Africa and Asia. Such activities are envisioned to propel the integration of electric three-wheelers, and this may help the transformation from fossil fuels-based mobility to electric mobility, thereby, driving the growth of the market.

Electric three-wheelers are three-wheeled vehicles propelled by electricity and fitted with high-torque motors and long-lasting batteries. Tricycles are three-wheelers with one single front wheel and two back wheels, whereas tadpoles have two front wheels and a single back wheel. The electric motors on these three-wheelers are powered by rechargeable batteries. An electric charging station or any other appropriate charging point can be used to recharge the batteries.

By End User, the Passenger Carrier Segment to Experience Dynamic Growth

The passenger carrier segment made is growing its prominence during the forecast period. This dominance can be ascribed to the high pace of population increase, particularly in developing countries with a greater middle-class population that prefer public transportation to private vehicles for everyday commuting. Also, as the demand for last-mile connection grows, three-wheeled electric cars, which are more ecologically friendly and cost less than taxis and cabs, are gaining traction in the market. Furthermore, the government's increasing support and favourable actions to promote eco-friendly public transportation in various urban and suburban areas of the country are expected to drive E-3W acceptance in the global market..

By Geography, Asia Pacific Region is Projected to Strong Presence in the Global Market

Asia Pacific region has turned out to be an emerging market for electric three-wheeler. When all other vehicle segments experienced weak demand growth compared to the previous year, sales of electric three-wheelers in the country increased by roughly 21%. To boost their market presence and share, several key manufacturers in the region, such as Terra Motors, are launching numerous electric three-wheelers, both for passenger and cargo transportation, in prospective markets such as India, Bangladesh, and Nepal. India is one of the region's top investors in the electric three-wheeler business. The low-emission vehicle industry in India is quickly expanding, as government initiatives and the strong presence of manufacturers like Mahindra & Mahindra, Atul Auto, Piaggio, and Lohia Auto.

List of the Key Players Profiled in the Market Include:
• Bodo Vehicle Group Co. Ltd.
• Chongqing Zongshen Tricycle Manufacture Co. Ltd
• E-Tuk Factory BV
• Kinetic Green Energy & Power Solutions Ltd.
• Mahindra Electric Mobility Limited
• Piaggio & C. SpA
• Terra Motors Corporation

What Can be Explored with this Research Report:
• Understand the key trends that will drive the market, challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observed promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Vehicle Type:
• Goods Carrier
• Passenger Carrier

Market by, Battery Type:
• Lithium-ion
• Lead Acid

Market by, Power Type:
• Up to 1000 W
• 1000 W to 1500 W
• Above 1500 W

Market by, Geography:
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Table Of Content

1 Market Overview   
    1.1 Introduction  
    1.2 Research Objectives 
    1.3 Market Segmentation 
    1.4 Stakeholders  
    1.5 List of Acronyms  
     
2 Executive Summary   
     
3 Research Methodology  
    3.1 Identification of Data 
    3.2 Evaluation of Market Dynamics
    3.3 Collaboration of Data 
    3.4 Verification and Analysis 
    3.5 Data Sources  
    3.6 Assumptions  
     
4 Market Dynamics   
    4.1 Market Drivers  
            4.1.1 Growing Awareness about Harmful Effects of Emissions from Gasoline and Diesel Vehicles
            4.1.2 Stringent Government Norms for Pollution Control
    4.2 Market Restraints  
            4.2.1 High Cost of the Battery
    4.3 Market Opportunities 
            4.3.1 Rising Preference for Electric Vehicles over Fossil Fuel Vehicles
    4.4 Market Challenges  
            4.4.1 Lack of Standardization of EV Charging
    4.5 Impact of COVID-19 on Electric Three-Wheeler Market
     
5 Porter's Five Force Analysis  
    5.1 Bargaining Power of Suppliers 
    5.2 Bargaining Power of Buyers 
    5.3 Threat of New Entrants 
    5.4 Threat of Substitutes 
    5.5 Competitive Rivalry in the Market
     
6 Global Electric Three-Wheeler Market by, Vehicle Type
    6.1 Overview  
    6.2 Goods Carrier  
    6.3 Passenger Carrier  
     
7 Global Electric Three-Wheeler Market by, Battery Type
    7.1 Overview  
    7.2 Lithium-ion  
    7.3 Lead Acid   
     
8 Global Electric Three-Wheeler Market by, Power Type
    8.1 Overview  
    8.2 Up to 1000 W  
    8.3 1000 W to 1500 W  
    8.4 Above 1500 W  
     
9 Global Electric Three-Wheeler Market by, Geography
    9.1 Overview  
    9.2 North America  
    9.3 Europe   
    9.4 Asia Pacific  
    9.5 South America  
    9.6 Middle East & Africa 
     
10 Key Developments   
     
11 Company Profiling   
    11.1 Bodo Vehicle Group Co. Ltd. 
            11.1.1 Business Overview 
            11.1.2 Product/Service Offering
            11.1.3 Financial Overview 
            11.1.4 SWOT Analysis 
            11.1.5 Key Activities 
    11.2 Chongqing Zongshen Tricycle Manufacture Co. Ltd
    11.3 E-Tuk Factory BV  
    11.4 Kinetic Green Energy & Power Solutions Ltd.
    11.5 Mahindra Electric Mobility Limited
    11.6 Piaggio & C. SpA  
    11.7 Terra Motors Corporation