Electric Three Wheeler Market to Reach USD 32.65 Billion by 2027; Shift toward Sustainable Mode of Transportation to Aid Growth: Fortune Business Insights(TM)
Pune, India, March 16, 2021 (GLOBE NEWSWIRE) — The global electric three wheeler market is set to gain traction from the rising shift of people toward a sustainable mode of transportation from traditional vehicles. Hence, large organizations are nowadays also adopting these vehicles. In January 2020, Amazon, for instance, announced its plan to include around 10,000 electric vehicles (EVs) by 2025 in its fleet of delivery vehicles in India.
This information is given by Fortune Business Insights™ in a new report, titled, “Electric Three Wheeler Market, 2020-2027.” It further states that the electric three wheeler market size was USD 28.62 billion in 2019. It is projected to grow from USD 28.98 billion in 2020 to USD 32.65 billion in 2027 at a CAGR of 1.7% during the forecast period.
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Drivers & Restraints-
Urgent Need to Reduce Pollution Caused by Vehicular Emissions to Accelerate Growth
The increasing awareness regarding numerous environmental problems happening due to vehicular emissions is anticipated to surge the promotion of electric vehicles, mainly for public transportation. Several countries globally are commencing the adoption of E3W as they have a high population belonging to low and middle income groups.
Hence, they want to eliminate the usage of vehicles equipped with IC engines. Crisil Research, for instance, declared that India is estimated to electrify around 43% to 48% of new three-wheelers by 2024. These factors are set to propel the electric three wheelers market growth in the upcoming years. However, the unavailability of advanced charging infrastructure in various parts of the world may hinder the demand for electric three wheelers.
COVID-19 Pandemic to Hinder Growth Stoked by Low Production of Lithium
The COVID-19 pandemic has caused the shortage of lithium required by electric vehicle manufacturers. This occurred as China is considered to possess more than 75% of the global lithium manufacturing capacity. The pandemic has initiated lockdown and social distancing measures that have also lowered the production of lithium-ion batteries. Our reports will help you better understand the current scenario of the electric three wheeler industry.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit : https://www.fortunebusinessinsights.com/electric-three-wheeler-market-105028
Lithium-ion Battery Segment to Lead Stoked by Less Charging Time
Our skilled analysts have divided the market on the basis of battery type, power type, application type, and geography. Based on the application type, it is bifurcated into goods carrier and passenger carrier. By power type, it is fragmented into up to 1000 W, 1000 W to 1500 W, and above 1500 W.
On the basis of battery type, it is segregated into lead-acid battery and lithium-ion battery. Amongst these, the lead-acid segment earned 28.1% in terms of the electric three wheeler market share in 2019. The lithium-ion battery is expected to remain at the forefront because of its less charging time and higher energy density.
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Fortune Business Insights™ Says Surging Vehicle Electrification to Help Asia Pacific Dominate
Geographically, Asia Pacific generated USD 25.61 billion in terms of revenue in 2019. It would remain in the dominant position on account of the rising electrification of vehicles and increasing middle and lower middle class population in the region.
Europe, on the other hand, is set to remain in the second position backed by the increasing investments by electric three wheeler manufacturers in research & development activities to launch technologically advanced solutions. The European project, EU-LIVE, for instance, would cater to a wide range of L-category electrified mobility solutions.
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Key Players Focus on Launching Novel Vehicles to Increase Sustainability
The global market houses several companies that are presently focusing on unveiling state-of-the-art vehicles to cater to the high demand for sustainable transportation services. A few others are also trying to expand their footprint in various countries worldwide. Below are the two latest industry developments:
- December 2019 : Piaggio Vehicles introduced Ape E-City, its new electric three-wheeler in Kerala for Kozhikode and Thiruvananthapuram markets. It contains no gear and clutch, full digital cluster, advanced lithium-ion batteries, and superior torque.
- May 2018 : Terra Motors secured around USD 10 million from investors, such as Fenox Venture capital (US), to bolster its global expansion. The company is majorly focusing on Asian countries, such as Bangladesh and India. These countries are experiencing high prices of gasoline and hence, the company wants to bring electric three wheelers.
A list of all the renowned electric three wheeler manufacturers operating in the market:
- Mahindra Electric Mobility Limited (Bengaluru, India)
- Piaggio & C.SpA (Pontedera, Italy)
- Terra Motors (Tokyo, Japan)
- Kinetic Green Energy & Power Solutions Ltd. (Pune, India)
- Gayam Motor Works Pvt. Ltd (Hyderabad, India)
- Lohia Auto Industries (Uttar Pradesh, India)
- Omega Seiki Pvt. Ltd (Delhi, India)
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Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Electric Three-Wheelers Market – By Application Type (in Volume)
- Impact of COVID-19
- Global Electric Three-Wheelers Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Battery Type
- Lithium-Ion Battery
- Lead Acid Battery
- Market Analysis, Insights and Forecast – By Power Type
- Up to 1000 W
- 1000 W to 1500 W
- Above 1500 W
- Market Analysis, Insights and Forecast – By Application Type
- Passenger Carrier
- Goods Carrier
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Rest of the World
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