Market Overview
The report covers segmentation and drivers for a better glimpse of the market in the coming years. The electric three-wheeler market has registered a significant growth over the past few years in developing nations, such as China, India, Australia, and Brazil, owing to the rising automotive production and growing automotive aftermarket. The growing demand for eco-friendly vehicles and rising consumer preference for electric vehicles are expected to drive the market growth during the forecast period.
Global Electric Three-Wheeler Market in terms of value is estimated to reach USD 4.9 Billion by 2026, registering a CAGR of 11.10% during the forecast period.
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Competitive Analysis
Electric three-wheelers are witnessing increasing adoption, particularly in developing economies, along with the development of concept mobility solutions in developed countries in Europe. According to MRFR analysis, the top 5 players in the market are Piaggio & C. SpA, Mahindra & Mahindra Ltd, Terra Motors Corporation, Kinetic Green Energy & Power Solutions Ltd, and Jiangsu Kingbon Vehicle Co. Ltd. These companies are innovating and expanding to high growth markets for electric three-wheelers.
Mahindra & Mahindra Ltd have recently tweaked their strategy to focus on electric three-wheelers. The company has noticed huge growth opportunities in this market, especially in India and South America. The extensive distributor network is expected to help the company reach new customers and grow their market share. It launched its Treo series of electric three-wheelers in India last year to enter the competition, which is mostly dominated by the unorganized sector.
Terra Motors Corporation is one of the burgeoning startups in the global electric three-wheeler market. The company’s focus on the south Asian market has led to its expansion in countries such as India, Bangladesh, Nepal, and in countries in Africa. The company has invested millions of dollars in research and development and assembly and manufacturing.
Piaggio & C. SpA has a long history of manufacturing high-quality three-wheelers for passenger and cargo applications. The company’s extensive manufacturing process is expected to help it better transition its most popular three-wheeler vehicles on to electric power and hence provide customers the same level of confidence in their products.
Segmental Analysis
Global Electric Three-Wheeler Market has been segmented based on Battery Type, Driving Range, and Vehicle Type. Based on battery type, the market has been further segmented into lithium-ion, nickel-metal hydride, lead-acid, and others. The lithium-ion segment accounted for the largest market share in 2019, whereas the nickel-metal hydride segment is expected to register the highest CAGR of 10.43%.
By driving range, the market has been segmented into less than 50 miles, 50–100 miles, and above 100 miles. The 50–100 miles segment accounted for the largest market share in 2019, whereas the less than 50 miles segment is expected to register the highest CAGR of 10.88% during the forecast period.
By vehicle type, the market has been segmented into passenger carrier and utility/goods carrier. The passenger carrier segment accounted for a larger market share in 2019 and is expected to register a higher CAGR of 11.53% during the forecast period.
According to MRFR analysis, the Global Electric Three-Wheeler Market is expected to witness high growth during the forecast period. The growing demand for eco-friendly vehicles and rising consumer preference for electric vehicles are expected to drive the market growth during the forecast period. However, fluctuations in raw material prices could hinder the growth of this market in the future.
Regional Analysis
Based on region, the report on the Global Electric Three-Wheeler Market has been segmented into Asia-Pacific and the Rest of the World.
Asia-Pacific is the largest market for electric three-wheelers owing to the presence of China and India, which are the largest country-level markets in the world. Other prominent countries in the region include Bangladesh, Cambodia, and Thailand. The dependence of most of the people on public transport and favorable government policies in the region are increasing the market for electric three-wheelers. Some of the largest companies in the region include Atul Auto, Jiangsu Kingbon Vehicle Co. Ltd, and Terra Motors Corporation. Thus, this region is anticipated to register a higher CAGR of 11.16% in the global electric three-wheeler market during the forecast period.
Table of content
1 EXECUTIVE SUMMARY
2 MARKET INTRODUCTION
2.1 DEFINITION
2.1 SCOPE OF THE STUDY
2.2 RESEARCH OBJECTIVE
2.3 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 DRIVERS
4.2.1 GROWING DEMAND FOR ECO-FRIENDLY VEHICLES
4.2.2 RISING CONSUMER PREFERENCE FOR ELECTRIC VEHICLES OVER FOSSIL FUEL VEHICLES
4.2.3 DRIVER IMPACT ANALYSIS
4.3 RESTRAINTS
4.3.1 VOLATILE RAW MATERIAL PRICES
4.3.2 RESTRAINT IMPACT ANALYSIS
4.4 OPPORTUNITY
4.4.1 HIGH DEMAND IN DEVELOPING COUNTRIES
Continued………
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