Global Electric three-wheeler Market Insights Forecasts to 2030
- The Electric three-wheeler market was valued at USD 830.2 million in 2021.
- The market is growing at a CAGR of 32.9% from 2021 to 2030.
- The Electric three-wheeler market is expected to reach USD 10,737 million by 2030.
- The Asia Pacific is expected to grow the fastest during the forecast period.
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The Electric three-wheeler market is expected to reach USD 10,737 million by 2030, at a CAGR of 32.9% during the forecast period 2021 to 2030. The demand for Electric three-wheeler applications among sectors is driven by factors including the expanding uses of technologies like voice recognition and facial detection and the growing desire to streamline workflow across industries.
Electric three-wheelers are powered by electricity and come with batteries that have a longer lifespan and high-torque motors. Tricycles are three-wheeled vehicles with a single front wheel and two back wheels; a tadpole is a three-wheeled vehicle with two front wheels and a single back wheel. Electric three-wheelers are used more frequently in various industries, including passenger transportation within cities and the delivery of products and services. Additionally, as people's preference for electric cars has grown, several electric-powered three-wheelers have been released by three-wheeler manufacturing businesses. This has a beneficial effect on the expansion of the global market for electric three-wheelers. Governments worldwide are investing more money to build EV charging stations and hydrogen fueling stations, and incentives for consumers will make it possible for OEMs to grow their geographic reach and revenue streams. The need for affordable, low-emission vehicles is expected to drive steady expansion in the Asia Pacific EV market. Government initiatives and the expanding high-performance Passenger vehicle category are driving rapid growth in the North American and European EV markets. However, a lack of hydrogen fueling stations and EV charging stations, high startup costs, and performance issues could restrain the growth of the global electric vehicle industry.
This research report categorizes the market for electric three-wheelers based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the electric three-wheeler market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each Electric three-wheeler market sub-segments.
Global Electric three-wheeler Market Report Coverage
|Market Size in 2021:||USD 830.2 million|
|Forecast Period 2021-2030 CAGR:||32 .9%|
|2030 Value Projection:||USD 10,737 million|
|Historical Data for:||2017-2020|
|No. of Pages:||210|
|Tables, Charts & Figures:||129|
|Segments covered:||By Battery Type, By Power, By End User, By Region, COVID-19 Impact Analysis|
|Companies Covered:||MAHINDRA ELECTRIC MOBILITY LIMITED (MAHINDRA AND MAHINDRA), Piaggio Vehicle Pvt (Piaggio & C.SpA), Atul Auto Limited, Terra Motors, Gayam Motor Works, Omega Seiki Pvt Ltd, Bodo Vehicle Group Co. Ltd., Euler Motors, Baja Auto, Jaingusu Kingdom Vehicle Ltd, E-Tuk Factory|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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- In 2021, the Lithium-ion segment dominated the market with the largest market share of 41.6% and market revenue of 345.3 million.
Based on the battery type, the Electric three-wheeler market is categorized into Lithium-ion, Lead Acid, and Others. In 2021, the Lithium-ion segment dominated the market with the largest market share of 41.6% and market revenue of 345.3 million. Their benefits, such as longer battery life due to higher energy density, compact size, quicker charging, and little maintenance, are credited with the growth. The need for lithium-ion batteries has been further fueled by the rise in electric, hybrid, and plug-in electric vehicles. Due to its widespread use, lithium costs have been falling over the past year, which has also contributed to the growth trajectory.
- In 2021, the 1000 W to 1500 W segment dominated the market with the largest market share of 42.6% and market revenue of 353.6 million.
Based on Power, the electric three-wheeler market is categorized as 1000 W, 1000 W to 1500 W, and above 1500 W. In 2021, the 1000 W to 1500 W segment dominated the market with the largest market share of 42.6% and market revenue of 353.6 million. The OEMs favor the 1000W to 1500W motors because of the instant torque they deliver, which boosts vehicle efficiency and improves acceleration right away. Since electric motors can accelerate to high speeds more quickly than internal combustion engines (ICE), they can run on just one gear and still reach their top speed. Because of these technical benefits make 1000W to 1500W motors perfect for passenger carriers.
- In 2021, the Passenger carrier segment accounted for the largest share of the market, with 60.0% and market revenue of 498.1 million.
Based on end-User, the electric three-wheeler market is categorized into Passenger Carriers and Goods carrier. In 2021, the Passenger carrier segment accounted for the largest share of the market, with 60.0% and market revenue of 498.1 million. The demand for three-wheelers as a form of public transportation for daily and last-mile commuting is blamed for the sector's growth. Public transportation is preferred over commuting privately in developing nations with a large density of middle-class residents. The market for electric three-wheeler passenger carriers is expanding due to electric three-wheelers becoming a more viable and cost-effective choice. Governments at the federal and state levels have also established incentives to encourage the establishment of sustainable public transportation in urban and rural areas of the nation, which supports market expansion.
Regional Segment Analysis of the Electric three-wheeler market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia- Pacific emerged as the largest market for the electric three-wheeler market, with a market share of around 64.65% and 830.2 million of the market revenue in 2021.
- In 2021, Asia- Pacific emerged as the largest market for the electric three-wheeler market, with a market share of around 64.65% and 830.2 million of the market revenue. Regarding market share and revenue, Asia-Pacific now dominates the market for electric three-wheelers, and this trend is expected to continue over the forecast period. This is a result of the region's tight governmental regulations. Additionally, the market's growth rate in this area will be further boosted by rising electric car demand and increased government initiatives in China and India.
- The North American and Europe market is expected to grow at the fastest CAGR between 2021 and 2030, owing to the increasing demand for increasing government initiatives in Artificial Intelligence solutions in several countries of the region. Furthermore, there is rapid growth in the technological sector in several countries, which propel the market’s growth in the region. In addition, the increasing awareness about the benefits of Electric three wheelers among consumers in the region is expected to propel the market’s growth during the forecast period.
The report offers the appropriate analysis of the key organizations/companies involved within the electric three-wheeler market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- MAHINDRA ELECTRIC MOBILITY LIMITED (MAHINDRA AND MAHINDRA)
- Piaggio Vehicle Pvt (Piaggio & C.SpA)
- Atul Auto Limited
- Terra Motors
- Gayam Motor Works
- Omega Seiki Pvt Ltd
- Bodo Vehicle Group Co. Ltd.
- Euler Motors
- Baja Auto
- Jaingusu Kingdom Vehicle Ltd
- E-Tuk Factory
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In March 2022, the Australian government announced an investment of USD 30.5 million for establishing four Artificial Intelligence (AI) centers and digital capability centers. The government aims to drive the commercialization of Australia's AI research with this investment.
- In January 2022, Data2vec, an Electric three-wheeler system for text, vision, and speech, was unveiled by Euler Motors AI in January 2022. The method fared better than earlier speech and Lead Acid techniques.
- In July 2021, Algorithmia Inc., a U.S.-based Machine Learning Operations (MLOps) software platform, was purchased by Jaingusu Kingdom Vehicle Ltd The platform, which was developed to meet the needs of IT operations specialists, enables businesses to handle the generation of complicated models in huge volumes safely and effectively. With this acquisition, Jaingusu Kingdom Vehicle Ltd hopes to offer customers a platform for using any machine learning model.
- In February 2022, Neudesic, a U.S.-based cloud services consultancy, was purchased by Mahindra electric mobility limited (Mahindra and Mahindra). Mahindra Electric Mobility Limited (Mahindra And Mahindra) invested financially in Mahindra Electric Mobility Limited's (Mahindra And Mahindra)'s hybrid cloud and AI strategy. Data analytics, data engineering, and deep Azure cloud experience are all added by Neudesic. With this acquisition, Mahindra Electric Mobility Limited (Mahindra And Mahindra) wants to increase its cloud service expertise and capabilities to better serve the client's needs.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the electric three-wheeler market based on the below-mentioned segments:
Global Electric three-wheeler market, By Battery
- Lead Acid
Global Electric three-wheeler market, By Power
- Up to 1000W
- 1000 W - 1500 W
- Above 1500 W
Global Electric three-wheeler market, By End-User
- Passenger Carrier
- Goods Carrier
Global Electric three-wheeler market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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