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Electric Three-Wheelers Market

Electric Three-Wheelers Market

Electric Three-Wheelers Market Global Industry Assessment & Forecast

# Pages:


Base Year:


Nov - 2021


Report Code:


Segments Covered
  • By Battery Type Li-ion, Lead Acid
  • By End-Use Passenger Carrier, Goods Carrier
Forecast YearsForecast Years: 2021 - 2028
Historical YearsHistorical Years: 2016 - 2020
Revenue 2021Revenue 2021: 682.54 Million
Revenue 2028Revenue 2028: 987.32 Million
Revenue CAGRRevenue CAGR (2021 - 2028): 5.42%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Customization Offered
  • 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

Research Methodology: Electric Three-Wheelers Market - Global Market Assessment, 2021 - 2028

Electric Three-Wheelers Market study involves the combination of secondary and primary research for data collection and utilizes a robust and veracious methodology to attain results on quantitative and qualitative analysis for specific market research studies. Moreover, Vantage Market Research utilizes tried and tested approaches to arrive at market-related projections. The research methodology is based on the 3-dimensional model consisting of 3 phases namely: Secondary Research, Primary Research, and Data Triangulation. After the exhaustive secondary research, the procured information is revalidated through primary research. 

Secondary Research

Primary Research:

The primary research was conducted to gather further information and revalidate the data collected from the secondary research. Moreover, primary research is also conducted to identify key players in the market and to gather their market-specific financial information. A typical primary interview fulfills data requirements pertaining to first-hand information on global market size, regional and segmental trends, competitive landscape expertise development, and market understandings among others. 

Data Triangulation and Market Size Estimations

Top-down and bottom-up approaches are used to validate and estimate the market size of the Electric Three-Wheelers market. After the determination of the overall market size, the market is divided into various segments and sub-segments. Moreover, these same approaches mentioned above were used to derive and estimate market numbers for mentioned segments/sub-segments in the market. The data was triangulated by employing various data models and statistical techniques to arrive at exact statics and market size for each segment/sub-segment of the market.  Moreover, region-wise product mapping analysis was used to gain some more insights on the competitive trend in the global Electric Three-Wheelers market.

Frequently Asked Question
  • 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%%.

  • 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..

  • The market is project to grow at a CAGR of 5.42%% between 2021 and 2028.

  • 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.

  • Asia Pacific was the leading regional segment of the Electric Three-Wheelers in 2020.