India Electric Three-Wheeler Market Overview:
According to the latest report by IMARC Group, titled “Indian Electric Three-wheeler Market Research Report: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, the electric three-wheeler market in India reached a value of US$ 754.5 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,874.9 Million by 2027, exhibiting a CAGR of 16.25% during 2022-2027.
Electric three-wheelers, or e-rickshaws, are eco-friendly modes of transportation that operate on high torque electric motors and long-lasting, durable batteries. They consist of a harness, controller, motor, batteries, and throttle. Electric three-wheelers are widely used for commuting passengers within the city and transporting goods and services from one place to another. They are powered by Li-ion or lead-acid batteries that help improve urban air quality by reducing total greenhouse gas (GHG) emissions. As compared to fuel-power vehicles, electric three-wheelers have a more compact design, are cost-effective, and offer a noise-free travel experience.
|Base Year of the Analysis||2021|
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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India Electric Three-wheeler Market Trends:
The rising environmental concerns have resulted in an increasing consumer inclination towards sustainable modes of transportation, such as electric three-wheelers, over conventional vehicles, which is favoring the market growth in India. Furthermore, the initiatives undertaken by the Government of India (GoI) to control pollution and reduce greenhouse gas (GHG) emissions from fuel-powered vehicles are supporting the market growth. In addition to this, the government is organizing various awareness programs and offering subsidies and financial aid for the purchase of electric vehicles (EVs), which is propelling the market growth.
Moreover, the rising popularity of shared mobility due to inflating transportation fuel prices that also assist in reducing traffic congestion and commuting expenses is fueling the market growth. Other factors, including the extensive research and development (R&D) activities and the rising investments in the upgradation of public charging infrastructures for electric three-wheelers, are anticipated to drive the market toward growth across the country.
India Electric Three-wheeler Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined with some of the key players being:
- Mahindra Electric Mobility Limited
- TVS Motors
- Bajaj Auto Limited
- Kinetic Green
- Lohia Auto (The Lohia Group of Industries)
- Saera Electric Auto
- Altigreen Propulsion Labs
- Terra Motors India
- Ceeon India
Our report has categorized the market based on vehicle type, battery type, drive type, motor type, power output and voltage capacity.
Breakup by Power Output:
- <3 kW
- 3 – 6 kW
- 7 – 10 kW
- >10 kW
Breakup by Battery Type:
- Lead Acid
Market Breakup by Drive Type:
- Hub Type
- Chassis Mounted
Breakup by Motor Type:
- BLDC Motor (Brushless DC Motor)
- PMSM (Permanent Magnet Synchronous Motor)
By Voltage Capacity:
- 48 – 59V
- 60 – 72V
- 73 – 96V
- Above 96V
Breakup by Vehicle Type:
- Passenger Carrier
- Load Carrier
Market Breakup by Region:
- North India
- East India
- West and Central India
- South India
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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