Electric Three-Wheeler Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.17 Billion |
| Market Size (2029) | USD 1.83 Billion |
| CAGR (2024 - 2029) | 9.31 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electric Three-Wheeler Market Analysis
The Electric Three-Wheeler Market size is estimated at USD 1.17 billion in 2024, and is expected to reach USD 1.83 billion by 2029, growing at a CAGR of 9.31% during the forecast period (2024-2029).
- The market is primarily driven by the factors such as strict government norm for pollution control, increasing awareness about harmful effects of emissions from gasoline and diesel vehicles and increase in adoption of electric vehicles.
- The average cost of operation and maintenance of electric three-wheelers are substantially low as compared to conventional three-wheelers.
- However, the low range of distance covered, and heavy battery pack are the areas of concern for the manufacturers of three-wheeler vehicles. As an electric three-wheeler covers around 125-130 kms with full charged battery as compared to 200-220 Kms covered by conventional vehicles on a full tank of fuel.
Electric Three-Wheeler Market Trends
This section covers the major market trends shaping the Electric Three-Wheeler Market according to our research experts:
Increasing Focus on Emission Control Driving the Market
Several low- and middle-income countries in the world have a high rate of usage of three-wheelers, which were traditionally powered by IC engines. However, many of these internal combustion engine three-wheelers are old and inefficient, thus, emitting substantial amounts of particulate matter (PM) and black carbon (BC), a potent short-lived pollutant. The growing emission control norms have propelled the manufacturers to increase their expenditure on R&D of electric three-wheelers, which eventually allowed them to market them as the future of intracity mobility.
Governments and organizations across the world have initiated various schemes and initiatives, which encourage buyers to choose electric three-wheelers over conventional vehicles. For instance, the UN Environment is supporting developing countries to develop national programs for the introduction of electric two- and three-wheelers in Africa and Asia. The UN Environment is supporting electric two- and three-wheeler projects in eight countries in Africa and Asia: Ethiopia, Morocco, Kenya, Rwanda, Uganda, the Philippines, Thailand, and Vietnam. Such activities are envisioned to propel the integration of electric three-wheelers, and this may help the transformation from fossil fuels-based mobility to electric mobility, thereby, driving the growth of the market.
Asia-Pacific Will Lead the Market
Over the past few years, the Asia-Pacific region has turned out to be an emerging market for electric three-wheeler. During the year 2018-19, when all other auto segment witnessed a slow demand growth as compared to previous year, sales of electric three-wheeler segment grew around 21 per cent from 2017-18 sales of electric three wheelers in the country.
The Governments in the region are also taking measures to reduce pollution in the region. For instance,
- In December 2019, the government of India announced the phase-II of FAME India scheme, which focus on supporting electrification of public & shared transportation, and aims to support e-buses, e-3 wheelers through incentives.
- In Thaniland, The Energy Conservation Fund (ECF) has approved a subsidy of THB 106 million, to motivate tuk-tuk owners to move from liquefied petroleum gas (LPG) to Electric ones.
Several major players in the region like Terra motors are launching various electric three-wheelers, both for passenger and cargo transportation to prospective markets like India, Bangladesh and Nepal to increase their market presence and share.
Electric Three-Wheeler Industry Overview
The Electric 3-Wheeler Market is highly fragmented, with several players accounting for a smaller portion of market share. Some of the prominent companies in the electric three-wheeler market are Mahindra Electric, Piaggio, Bodo EV, Kinetic Green Energy solution and others. These players are investing heavily in research and development of electric three-wheeler in increasing the load capacity along with the driving range of the vehicle. For instance,
- In February 2020, Omega Seiki Private Limited introduced Singha and Singha Max which runs on electric power to cater to the needs of the B2B and e-commerce industry.
- In December 2019, Piaggio launched Ape electric three wheeler in India, with swappable Lithium-ion battery and offers a range of around 70-80 km on a single charge
Electric Three-Wheeler Market Leaders
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Mahindra electric
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Piaggio & C. SpA
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Bodo EV International
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Kinetic Green Energy Solution
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Terra Motors
*Disclaimer: Major Players sorted in no particular order
Electric Three-Wheeler Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Challenges
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4.3 Porters Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 End-Use
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5.1.1 Passenger Carrier
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5.1.2 Goods Carrier
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5.2 Battery Type
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5.2.1 Li-ion
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5.2.2 Lead Acid
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5.3 Geography
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5.3.1 North America
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5.3.1.1 United States
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5.3.1.2 Canada
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5.3.1.3 Rest of North America
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5.3.2 Europe
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5.3.2.1 Germany
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5.3.2.2 United Kingdom
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5.3.2.3 France
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5.3.2.4 Rest of Europe
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5.3.3 Asia-Pacific
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5.3.3.1 India
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5.3.3.2 China
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5.3.3.3 Japan
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5.3.3.4 South Korea
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5.3.3.5 Rest of Asia-Pacific
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5.3.4 Rest of the World
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5.3.4.1 Brazil
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5.3.4.2 South Africa
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5.3.4.3 Other Countries
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles
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6.2.1 Mahindra Electric
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6.2.2 Piaggion & C. Spa
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6.2.3 Bodo Vehicle Group Co. Ltd
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6.2.4 Kinetic Green Energy & Power Solutions Ltd
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6.2.5 Terra Motors Corporation
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6.2.6 Lohia Auto Industries
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6.2.7 E-Tuk Factory BV
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6.2.8 Goenka Electric Motor Vehicles Pvt. Ltd
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6.2.9 Omega Seiki Private Limited
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6.2.10 ATUL Auto Limited
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Electric Three-Wheeler Industry Segmentation
Electric three-wheelers market covers the latest trends and technological developments, demand by the end-use, battery type and geography.Along with a detailed study on major players in the electric three wheeler market, about their innovations, strategies, etc. are also covered in the report.
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| Passenger Carrier | |
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| Battery Type | |
| Li-ion | |
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Electric Three-Wheeler Market Research FAQs
How big is the Electric Three-Wheeler Market?
The Electric Three-Wheeler Market size is expected to reach USD 1.17 billion in 2024 and grow at a CAGR of 9.31% to reach USD 1.83 billion by 2029.
What is the current Electric Three-Wheeler Market size?
In 2024, the Electric Three-Wheeler Market size is expected to reach USD 1.17 billion.
Who are the key players in Electric Three-Wheeler Market?
Mahindra electric, Piaggio & C. SpA , Bodo EV International, Kinetic Green Energy Solution and Terra Motors are the major companies operating in the Electric Three-Wheeler Market.
Which is the fastest growing region in Electric Three-Wheeler Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Electric Three-Wheeler Market?
In 2024, the Asia Pacific accounts for the largest market share in Electric Three-Wheeler Market.
What years does this Electric Three-Wheeler Market cover, and what was the market size in 2023?
In 2023, the Electric Three-Wheeler Market size was estimated at USD 1.07 billion. The report covers the Electric Three-Wheeler Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Three-Wheeler Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key emerging trends in the Electric Three-wheeler Market?
The key emerging trends in the Electric Three-wheeler Market are a) Advancements in battery technology b) Focus on connected vehicles c) Growing adoption for ride-sharing services
Electric 3 Wheeler Industry Report
The global electric three-wheeler market is witnessing remarkable growth, fueled by the escalating demand for sustainable and efficient transportation solutions. These vehicles, celebrated for their environmental benefits, cost-effectiveness, and adaptability, are gaining traction among ride-hailing services and companies, enhancing their popularity in urban and suburban locales. The surge in e-commerce and online shopping has propelled the adoption of electric three-wheelers for last-mile delivery, further boosting the market. Technological advancements are improving battery and motor efficiency, enabling longer driving ranges and quicker charging times. Despite facing challenges like higher initial costs and a lack of standardized charging infrastructure, the market's future looks promising. The integration of digital technologies such as GPS navigation and real-time tracking is improving user experience and operational efficiency, making electric three-wheelers a preferred choice for both personal and commercial applications. According to Mordor Intelligenceā¢ Industry Reports, the Electric 3 Wheeler market is poised for significant growth, with detailed analysis and forecasts available in their comprehensive industry analysis, available as a free report PDF download.
