Electric Three-Wheelers Market
Electric Three-Wheelers Market Global Industry Assessment & Forecast
- By Battery Type Li-ion, Lead Acid
- By End-Use Passenger Carrier, Goods Carrier
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||682.54 Million|
|Revenue 2028:||987.32 Million|
|Revenue CAGR (2021 - 2028):||5.42%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The global Electric Three-Wheelers market was valued at USD 682.54 Million in 2020 and is projected to reach USD 987.32 Million by 2028, growing at a CAGR of 5.42%% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2026|
|Annual Market Size (2028)||987.32 Million|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||5.42%%|
Definition and Overview
Electric three wheelers are electrically powered vehicles that are equipped with high torque motors and longer durability batteries. Three wheelers with a combination of one single wheel in front and two wheels at the back are known as tricycles whereas the one with two front wheels and a single back wheel is known as a tadpole. Electric three wheelers have a wider application in different industries such as passenger commuting within city as well as transportation of goods and services from one place to another.
The global Electric Three-Wheelers market report provides exhaustive analysis on segments, regions/countries, companies, and such several strategic marketing tools such as Porter’s Five Forces Analysis, Pricing Analysis, SWOT Analysis, PESTLE Analysis, Player Positioning Analysis, Downstream Buyers, List of distributors, and Value Chain Analysis among others. The report covers market size and estimations for each segment/region/country for the years 2016–2028. It provides a detailed study on various product types and their applications in different industry verticals at the global/regional/country level. Moreover, the report includes a thorough analysis on competitive landscape comprising of extensive company profiles based on various parameters such as company overview, market revenue, business, product portfolio, and marketing strategies among others.
COVID-19 Impact Analysis
Outbreak of COVID-19 in 2020 compelled governments across the world to take severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to restrict swift spread of COVID-19. However, these actions had a drastic impact on the global economy, as the companies across the globe were forced to either close or partially closed their operations, leading to supply chain disruptions and impairing of various industries. Moreover, in 2021 several key markets such as U.S., India, and Brazil among other witnessed second wave of COVID-19 that further disrupted the market. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long-term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
Global Electric Three-Wheelers Market Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Battery Type, End-Use|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||ChongQing Zongshen Tricycle Manufacturing Co. Ltd., Hero Electric Vehicles Pvt Ltd., Kinetic Green Energy & Power Solutions Ltd., Terra Motors India Corp., Lohia Auto Industries, Saera Electric Auto Pvt. Ltd, Clean Motion, Xianghe Qiangsheng Electric Tricycle Factory, NINGBO DOWEDO INTERNATIONAL TRADE CO. LTD.|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis|
The report delivers an acute breakdown of the market based on various segments such as Battery Type, End-Use and region. This study comprises the market size in terms of revenue for each segment at the global/regional/country level along with a detailed analysis of growth prospects, challenges, and opportunities.
On the basis of Battery Type, the market is divided into Li-ion, Lead Acid. Li-ion is expected to dominate the market and is projected to grow at a noteworthy CAGR within the forecast period.
Based on End-Use, the market is divided into Passenger Carrier, Goods Carrier. Passenger Carrier attributed to the highest market share and is expected to grow at a significant CAGR from 2021 to 2028.
Global Electric Three-Wheelers Market: Battery Type Segment Analysis
- Lead Acid
Global Electric Three-Wheelers Market: End-Use Segment Analysis
- Passenger Carrier
- Goods Carrier
Regional Analysis: Preview
Geographically, the global Electric Three-Wheelers market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The report further segments the regional study into key country-level markets from each region. The regional analysis section provides extensive analysis on various factors impacting market growth such as economies, industry competition, technological advancements, import-export ratio, and raw material availability among others. Moreover, the same section will provide your detailed qualitative as well as quantitative analysis for each region country comprising of market size and estimations for each region/country. Some of the prominent country-level markets are U.S., China, Germany, France, India, and Japan. Asia Pacific is anticipated to dominate the global market during upcoming years.
Market Size, 2021 (USD Billion)
Global Electric Three-Wheelers Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Major players in the global Electric Three-Wheelers market are ChongQing Zongshen Tricycle Manufacturing Co. Ltd., Hero Electric Vehicles Pvt Ltd., Kinetic Green Energy & Power Solutions Ltd., Terra Motors India Corp., Lohia Auto Industries, Saera Electric Auto Pvt. Ltd, Clean Motion, Xianghe Qiangsheng Electric Tricycle Factory, NINGBO DOWEDO INTERNATIONAL TRADE CO. LTD.. The global Electric Three-Wheelers market report analyzes competitive scenario in detail that includes extensive information on all key players based on business overview, product portfolio, marketing strategies, recent developments, financial performance, and geographical presence among others. In addition to that, the report also covers company market share for the year 2020 along with in depth strategic developments.
Global Electric Three-Wheelers Market: Key Highlights
- The global Electric Three-Wheelers market was valued at USD 682.54 Million in 2020.
- The global Electric Three-Wheelers Market is projected to reach USD 987.32 Million by 2028
- is fueling the market growth
- Asia Pacific held the highest share of the Electric Three-Wheelers market in 2020.
- Some of the major companies operating in the Electric Three-Wheelers market are ChongQing Zongshen Tricycle Manufacturing Co. Ltd., Hero Electric Vehicles Pvt Ltd., Kinetic Green Energy & Power Solutions Ltd., Terra Motors India Corp., Lohia Auto Industries, Saera Electric Auto Pvt. Ltd, Clean Motion, Xianghe Qiangsheng Electric Tricycle Factory, NINGBO DOWEDO INTERNATIONAL TRADE CO. LTD..
Frequently Asked Question
What is the global demand for Electric Three-Wheelers in terms of revenue?
The global Electric Three-Wheelers valued at 682.54 Million in 2020 and is expected to reach 987.32 Million in 2028 growing at a CAGR of 5.42%%.
Which are the prominent players in the market?
The prominent players in the market are ChongQing Zongshen Tricycle Manufacturing Co. Ltd., Hero Electric Vehicles Pvt Ltd., Kinetic Green Energy & Power Solutions Ltd., Terra Motors India Corp., Lohia Auto Industries, Saera Electric Auto Pvt. Ltd, Clean Motion, Xianghe Qiangsheng Electric Tricycle Factory, NINGBO DOWEDO INTERNATIONAL TRADE CO. LTD..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.42%% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
The driving factors of the Electric Three-Wheelers include
- The increasing inclination towards using eco-friendly & efficient solution for travel is expected to augment the growth of the electric three-wheelers market during the forecast period. This is attributable to the increasing global carbon emission by combustion of fuel and implementation of stringent government norms. Furthermore, increase in fuel prices at international level, growth in pollution, and traffic congestion, especially in urban areas have further increased the acceptance of electric three-wheeler across the globe and these are factors driving the market.
- The low operating and maintenance cost required for electric three-wheelers is anticipated to drive the demand for the electrical three-wheelers market in the years to come. The vehicles operating on electricity significantly reduce the operating cost of these vehicles. The other factor augmenting the growth of the electric three-wheeler market is the increasing prices of petroleum products. Most of the manufacturers are now focussing on working towards developing three-wheelers that have a higher range than the current models. Additionally, electric three-wheelers provide zero tailpipe emissions and noise-free transportation which is driving the growth of the electric three-wheelers market in the forecast period.
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Electric Three-Wheelers in 2020.