Electric Three Wheeler Market Analysis and Forecast to 2031: By Vehicle Type (Passenger Carriers, Load Carriers), Battery (Lithium-Ion, Lead Acid), and Region
An electric three wheeler is a vehicle with three wheels that is powered by electricity. It is similar to a regular three wheeler, but it does not have a gas engine. Instead, it has an electric motor that is powered by batteries. Electric three wheelers are environmentally friendly because they do not produce emissions. They are also very quiet, which makes them ideal for use in neighborhoods and other areas where noise pollution is a concern. Electric three-wheelers typically have a range of 20-30 miles and can reach speeds of up to 20 mph.
Key Trends
The three wheeler market is evolving and the key trends are as follows:
1. Increasing demand for electric three-wheelers: With the rising cost of petrol and diesel, and the environmental concerns associated with traditional internal combustion engine (ICE) three wheelers, there is a growing demand for electric three wheelers.
2. Government incentives: In order to promote the use of electric three wheelers, the government is providing various incentives and subsidies. This is encouraging more people to switch to electric three wheelers, which is expected to boost the market growth.
3. Technological advancements: With the advancement of technology, electric three wheelers are becoming more powerful and efficient. This is making them more popular among consumers and is expected to drive the market growth.
Key Drivers
The key drivers of the electric three wheeler market are the rising fuel prices, stringent emission norms, and the increasing awareness about the environmental benefits of electric vehicles.
The electric three wheeler is a cost-effective and environment-friendly alternative to petrol and diesel three wheelers, which are the major source of air pollution in the developing countries.
The electric three wheeler market is expected to grow rapidly in the coming years, owing to the increasing government initiatives to promote the adoption of electric vehicles and the increasing investments by the leading manufacturers in the electric three wheeler market.
Restraints & Challenges
The key restraints and challenges in the electric three wheeler market are lack of infrastructure, high initial cost, and range anxiety.
Lack of Infrastructure: One of the key restraints for the growth of electric three wheelers is the lack of infrastructure. There is a lack of charging infrastructure and this makes it difficult for people to charge their vehicles.
High Initial Cost: The high initial cost is another restraint for the electric three-wheeler market. Electric three wheelers are more expensive than petrol or diesel three wheelers. This makes it difficult for people to switch to electric three wheelers.
Range Anxiety: Range anxiety is another challenge for the electric three wheeler market. People are worried about the range of electric three wheelers. They are not sure how far the three wheeler can go on a single charge.
Market Segments
The electric three wheeler market is segmented by vehicle type, battery, and region. By vehicle type, the market is classified into passenger carriers, and load carriers. Based on the battery, it is bifurcated into lithium-ion, and lead acid. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Key Players
The global electric three wheeler market includes players such as Atul Auto Limited, Chongqing Zongshen Tricycle Manufacture Co. Ltd, J.S. Auto Pvt. Ltd., Kinetic Green Energy & Power Solutions Ltd., Mahindra & Mahindra Ltd, Piaggio & C. SpA, Scooters India Limited, Terra Motors Corporation, Bodo Vehicle Group Co. Ltd., E-Tuk Factory BV, and others.
Table of Contents
Chapter 1. Market Introduction
1.1. Objectives of the Study
1.2. Market Definition and Research & Scope
1.3. Research Methodologies
1.4. Market Estimation Techniques
Chapter 2. Executive Summary
2.1. Summary
2.2. Key Highlights of the Market
Chapter 3. Electric Three Wheeler Market Outlook
3.1. Electric Three Wheeler Market Segmentation
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.1.1. Driver 1
3.2.1.2. Driver 2
3.2.1.3. Driver 3
3.2.2. Market Restraints
3.2.2.1. Restraint 1
3.2.2.2. Restraint 2
3.2.3. Market Opportunities
3.2.3.1. Opportunity 1
3.2.3.2. Opportunity 2
3.3. Porter’s Five Forces Analysis
3.3.1. Threat of New Entrants
3.3.2. Threat of Substitutes
3.3.3. Bargaining Power of Buyers
3.3.4. Bargaining Power of Supplier
3.3.5. Competitive Rivalry
3.4. PESTLE Analysis
3.5. Value Chain Analysis
3.5.1. Raw Material Suppliers
3.5.2. Manufacturers
3.5.3. Wholesalers and/or Retailers
3.6. Impact of the Russia and Ukraine War on the Global Electric Three Wheeler Market
Chapter 4. Economic Impact of COVID-19
4.1. Overall Impact of COVID-19
4.2. Impact of COVID On the Global Electric Three Wheeler Market
4.3. Economic Impact Analysis
Chapter 5. Electric Three Wheeler Market by Battery
5.1. Market Overview
5.2. Lithium-ion
5.2.1. Market Size and Forecast, 2021-2031 ($Million)
5.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
5.3. Lead Acid
5.3.1. Market Size and Forecast, 2021-2031 ($Million)
5.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 6. Electric Three Wheeler Market by Vehicle Type
6.1. Market Overview
6.2. Passenger Carrier
6.2.1. Market Size and Forecast, 2021-2031 ($Million)
6.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
6.3. Load Carrier
6.3.1. Market Size and Forecast, 2021-2031 ($Million)
6.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 7. Electric Three Wheeler Market, by Region
7.1. Overview
7.2. North America
7.2.1. Key Market Trends and Opportunities
7.2.2. North America Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.2.3. North America Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.2.4. North America Electric Three Wheeler Market Size and Forecast by Country, 2021-2031, ($Million)
7.2.5. The U.S.
7.2.5.1. The U.S. Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.2.5.2. The U.S. Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.2.6. Canada
7.2.6.1. Canada Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.2.6.2. Canada Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.2.7. Mexico
7.2.7.1. Mexico Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.2.7.2. Mexico Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.3. Europe
7.3.1. Key Market Trends and Opportunities
7.3.2. Europe Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.3.3. Europe Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.3.4. Europe Electric Three Wheeler Market Size and Forecast by Country, 2021-2031, ($Million)
7.3.5. Germany
7.3.5.1. Germany Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.3.5.2. Germany Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.3.6. France
7.3.6.1. France Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.3.6.2. France Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.3.7. U.K.
7.3.7.1. U.K. Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.3.7.2. U.K. Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.3.8. Spain
7.3.8.1. Spain Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.3.8.2. Spain Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.3.9. Italy
7.3.9.1. Italy Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.3.9.2. Italy Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.3.10. Rest of Europe
7.3.10.1. Rest of Europe Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.3.10.2. Rest of Europe Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.4. Asia-Pacific
7.4.1. Key Market Trends and Opportunities
7.4.2. Asia-Pacific Electric Three Wheeler Market Size and Forecast by Country, 2021-2031, ($Million)
7.4.3. Asia-Pacific Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.4.4. Asia-Pacific Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.4.5. China
7.4.5.1. China Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.4.5.2. China Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.4.6. India
7.4.6.1. India Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.4.6.2. India Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.4.7. Japan
7.4.7.1. Japan Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.4.7.2. Japan Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.4.8. South Korea
7.4.8.1. South Korea Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.4.8.2. South Korea Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.4.9. Rest of APAC
7.4.9.1. Rest of APAC Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.4.9.2. Rest of APAC Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.5. Rest of the World
7.5.1. Key Market Trends and Opportunities
7.5.2. Rest of the World Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.5.3. Rest of the World Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.5.4. Rest of the World Electric Three Wheeler Market Size and Forecast by Country, 2021-2031, ($Million)
7.5.5. Latin America
7.5.5.1. Latin America Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.5.5.2. Latin America Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.5.6. Middle East
7.5.6.1. Middle East Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.5.6.2. Middle East Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
7.5.7. Africa
7.5.7.1. Africa Electric Three Wheeler Market Size and Forecast by Battery, 2021-2031, ($Million)
7.5.7.2. Africa Electric Three Wheeler Market Size and Forecast by Vehicle Type, 2021-2031, ($Million)
Chapter 8. Competitive Landscape
8.1. Market Overview
8.2. Market Share Analysis/Key Player Positioning
8.3. Developmental Strategy Benchmarking
8.3.1. New Product Development
8.3.2. Product Launches
8.3.3. Business Expansions
8.3.4. Partnerships, Joint Ventures, and Collaborations
8.3.5. Mergers and Acquisitions
Chapter 9. Company Profiles
9.1. Atul Auto Limited
9.1.1. Company Snapshot
9.1.2. Financial Performance
9.1.3. Product Offerings
9.1.4. Key Strategic Initiatives
9.1.5. SWOT Analysis
9.2. Chongqing Zongshen Tricycle Manufacture Co. Ltd.
9.2.1. Company Snapshot
9.2.2. Financial Performance
9.2.3. Product Offerings
9.2.4. Key Strategic Initiatives
9.2.5. SWOT Analysis
9.3. J.S. Auto Pvt. Ltd.
9.3.1. Company Snapshot
9.3.2. Financial Performance
9.3.3. Product Offerings
9.3.4. Key Strategic Initiatives
9.3.5. SWOT Analysis
9.4. Kinetic Green Energy & Power Solutions Ltd.
9.4.1. Company Snapshot
9.4.2. Financial Performance
9.4.3. Product Offerings
9.4.4. Key Strategic Initiatives
9.4.5. SWOT Analysis
9.5. Mahindra & Mahindra Ltd.
9.5.1. Company Snapshot
9.5.2. Financial Performance
9.5.3. Product Offerings
9.5.4. Key Strategic Initiatives
9.5.5. SWOT Analysis
9.6. Piaggio & C.SpA.
9.6.1. Company Snapshot
9.6.2. Financial Performance
9.6.3. Product Offerings
9.6.4. Key Strategic Initiatives
9.6.5. SWOT Analysis
9.7. Scooters India Limited
9.7.1. Company Snapshot
9.7.2. Financial Performance
9.7.3. Product Offerings
9.7.4. Key Strategic Initiatives
9.7.5. SWOT Analysis
9.8. Terra Motors Corporation
9.8.1. Company Snapshot
9.8.2. Financial Performance
9.8.3. Product Offerings
9.8.4. Key Strategic Initiatives
9.8.5. SWOT Analysis
9.9. Bodo Vehicle Group Co Ltd
9.9.1. Company Snapshot
9.9.2. Financial Performance
9.9.3. Product Offerings
9.9.4. Key Strategic Initiatives
9.9.5. SWOT Analysis
9.10. E-Tuk Factory BV.
9.10.1. Company Snapshot
9.10.2. Financial Performance
9.10.3. Product Offerings
9.10.4. Key Strategic Initiatives
9.10.5. SWOT Analysis
*The list of companies is subject to change during the final compilation of the report
Key Players
Market Segmentation
By Vehicle Type
- Passenger Carrier
- Load Carrier
By Battery
- Lithium-ion
- Lead Acid
By Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- France
- Germany
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
- Rest of the World
- Latin America
- Middle East
- Africa