Electric three-wheeler Market Size, Share, Industry Analysis, Trends, Growth, Forecasts, 2032

According to the report published by Zion Market Research, the global Electric three-wheeler Market size was valued at USD 2.57 Billion in 2023 and is predicted to reach USD 13.34 Billion by the end of 2032. The market is expected to grow with a CAGR of 20.10% during the forecast period. The report analyzes the global Electric three-wheeler Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Electric three-wheeler Market industry.

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Global Electric Three-Wheeler Market: Overview

The electric three-wheeler is an electric-powered wheeler that is also known as e-rickshaw or tricycles and provides comfort to its passenger as well as drivers. A three-wheeled electric car is usually used as a commercial vehicle for the transportation of passengers and goods. GPS enables the electric three-wheeler to be used as an e-rickshaw which includes a tool kit and fire extinguisher for safety purposes. A three-wheeler's mobility is based on the maneuverability, affordability, and availability of transport door-to-door.

Three-wheeled electric vehicles use an electric motor that is powered by a rechargeable battery. Three-wheel electric vehicles have a wide range of applications in different fields, such as city commuting as well as transportation of goods between different locations.

Global Electric Three-Wheeler Market: Growth Factors

The global electric three-wheeler market is growing at a rapid pace owing to the increase in demand for an affordable commercial vehicle for commodity transportation and rising environmental concerns along with increasing pollution. Further, the rising demand for cost-effective, efficient technology and fast deployment technology in transportation enhance the demand for electric vehicles in the market. Government authorities, as well as non-government administrations across the globe, are taking multiple offerings and initiatives to encourage the customers to elect for electric three-wheelers over conventional three-wheelers.

For instance, the United Nations expanding the market by funding electric two-wheeler and three-wheeler projects in African and Asian countries. Other factors that are fueling the growth of the global market include rising traffic congestion, increasing carbon footprints, and rising adoption of cleaner technology. Though, the lack of supporting infrastructure for electric vehicles and the limited availability of charging stations may limit the global electric three-wheeler market growth. A rising number of charging stations and infrastructure is expected to gain the demand for the market growth during the forecast period.

Furthermore, the increasing popularity of autonomous electric three-wheelers and integration of advanced technologies in vehicles is anticipated to offer new growth opportunities for the electric three-wheeler market in the forecast period.

The sudden outbreak of COVID-19 has severely affected the electronic equipment manufacturing and supply chain. This is attributed to the sudden imposition of lockdown, restrictions on movement, and a halt in manufacturing activities of non-essential goods. The sudden disruption in the automotive industry and electronics equipment directly affects the production and manufacturing of electrical vehicles.

However, the production of automotive products and electronics is expected to advance from 2021, which is further forecasted to positively stimulus the automotive manufacturing and electronics industry, along with hardware gears of electric three-wheelers. With ease in restrictions and a boom in production for automotive components is expected to spur the growth of the global market during the forecast period.

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Global Electric Three-Wheeler Market: Segmentation

The global electric three-wheeler market is divided based on vehicle type, power type, battery type, and region.

Based on vehicle type, the global electric three-wheeler market is split into passenger carriers and load carriers.

The power type segment is bifurcated into up to 1000 W, 1000 W to 1500 W, and above 1500 W.

The battery types of an electric three-wheeler are lithium-ion and lead-acid.

Electric three-wheeler Market : Report Scope

Global Electric Three-Wheeler Market: Regional Analysis

Asia Pacific region is expected to hold the major share in the global electric three-wheeler market in 2020 and is anticipated to continue its dominance during the forecast period. The availability of favorable government policies and rapidly growing infrastructure of charging stations are enhancing the growth of the market in this region. China and India are the front runners for adopting electric three-wheelers in the Asia Pacific region.

Further, soaring prices of various fuels required for transportation such as diesel, petrol, and CNG have led to an increasing inclination towards electric vehicles in this region. On the other side, North America is projected to grow at a faster pace and is expected to offer plenty of opportunities for the growth of the market. Some of the factors that are propelling the growth of the market in this region include rapid technological advancements and increased inclination towards electric vehicles.

Global Electric Three-Wheeler Market: Competitive Players

• Chongqing Zongshen Tricycle Manufacture Co. Ltd.
• Piaggio & C.SpA.
• Mahindra & Mahindra Ltd.
• J.S. Auto Pvt. Ltd.
• Scooters India Limited
• Atul Auto Limited.
• Kinetic Green Energy & Power Solutions Ltd.
• Terra Motors Corporation
• Bodo Vehicle Group Co. Ltd.
• E-Tuk Factory BV

are some of the leading manufacturers that are functioning in the global electric three-wheeler market. These key players in the industry are involving in improving R&D to enlarge their product portfolio. Furthermore, these manufacturers are also focusing on technological modification and facilitating other organic & inorganic strategies to gain a competitive edge in the market.

The Global Electric three-wheeler Market is segmented as follows:

By Vehicle type 

• passenger carriers 
• load carriers 

By Power type 

• up to 1000 W 
• 1000 W to 1500 W 
• above 1500 W 

By Battery type 

• Lithium-ion
• lead-acid

Global Electric Three-Wheeler Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.