Electric Three-Wheeler Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025
- Published: Mar 2021
- Pages: 111
- SKU: IRTNTR70353
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The electric three-wheeler market share is expected to increase by 306 thousand units from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.91%.
This electric three-wheeler market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers electric three-wheeler market segmentations by end user (passenger carrier and goods carrier) and geography (Europe, North America, APAC, South America, MEA). The electric three-wheeler market report also offers information on several market vendors, including Bodo Vehicle Group Co. Ltd., E-Tuk Factory BV, Goenka Electric Motor Vehicles Pvt. Ltd, Kerala Automobiles Ltd., Kinetic Green Energy & Power Solutions Ltd., LOHIA AUTO INDUSTRIES, Mahindra Electric Mobility Ltd., Omega Seiki Private Limited, Piaggio & C. Spa, and Terra Motors among others.
What will the Electric Three-Wheeler Market Size be During the Forecast Period?
Download the Free Report Sample to Unlock the Electric Three-Wheeler Market Size for the Forecast Period and Other Important Statistics
Electric Three-Wheeler Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The subsidies and tax incentives on electric three-wheeler s to reduce dependency on petroleum products is notably driving the electric three-wheeler market growth, although factors such as concerns about range and performance may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the electric three-wheeler industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Electric Three-Wheeler Market Driver
The subsidies and tax incentives on electric three-wheeler s to reduce dependency on petroleum products is a major factor driving the global electric three-wheeler market share growth. To deal with fuel emission and fuel consumption problems, regulatory bodies across the globe are providing various incentives and tax benefits to increase the adoption of environment-friendly vehicles. Almost all top vehicle market countries have introduced fiscal incentives and subsidies to attract manufacturers to produce more hybrid/electric vehicles locally. In addition, tax credits and rebates are attracting more local end-users to purchase EVs. This drive will push for at least 60% green vehicles on the road by 2022, which will reduce fuel emissions and reduce dependency on petroleum products. Regulatory bodies in India, China, South Korea, Indonesia, Bangladesh, and other APAC countries have been implementing vigorous programs to boost the sales of electric three-wheelers and other electric and hybrid vehicles. These programs include incentives, which could be subsidies on price, reduced taxes, financing policies, and simplifying EV registration and licensing procedures. These government activities are expected to increase buyer confidence; hence, increase the market of electric three-wheelers over the forecast period.
Key Electric Three-Wheeler Market Trend
The expansion by local manufacturers to foreign countries is another factor supporting the global electric three-wheeler market share growth. Most of the electric three-wheelers available in India, Sri Lanka, Bangladesh, and Indonesia have been assembled only in those countries, but the vehicle parts have been imported mainly from China as completely knocked down units, which has resulted in an increase in vehicle cost. OEMs in Japan and China have been expanding. Such factors are driving the market to grow significantly.
Key Electric Three-Wheeler Market Challenge
The concerns about range and performance will be a major challenge for the global electric three-wheeler market share growth during the forecast period. Electric three-wheelers are typically less powerful and have a limited travel range (60-80 km per charge) compared to conventional ICE-powered vehicles and, hence, are considered suitable only for short-distance travel. The limited travel range of these battery electric vehicles results in consumers' concerns that their vehicle's battery may run out of charge before reaching the destination and doubts about battery performance. Limited range and performance are major factors hindering the growth of the global electric three-wheeler market. Even though battery packs come with a minimum two-year warranty, the battery performance is based on several factors like the number of charge cycles, the depletion rate, charging and discharging durations, and humidity, etc. Thus, most electric three-wheeler owners are left with a question of when the battery will fail or start having higher depletion rates. The replacement of the battery can cost nearly 50% of the vehicle s price. These issues will serve as obstacles to the growth of the market.
This electric three-wheeler market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global electric three-wheeler market as part of the global motorcycle market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the electric three-wheeler market during the forecast period.
Who are the Major Electric Three-Wheeler Market Vendors?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Bodo Vehicle Group Co. Ltd.
- E-Tuk Factory BV
- Goenka Electric Motor Vehicles Pvt. Ltd
- Kerala Automobiles Ltd.
- Kinetic Green Energy & Power Solutions Ltd.
- LOHIA AUTO INDUSTRIES
- Mahindra Electric Mobility Ltd.
- Omega Seiki Private Limited
- Piaggio & C. Spa
- Terra Motors
This statistical study of the electric three-wheeler market encompasses successful business strategies deployed by the key vendors. The electric three-wheeler market is concentrated and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
Product Insights and News
- Bodo Vehicle Group Co. Ltd.- The company offers electric three wheelers such as Yomi, Moka and others.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The electric three-wheeler market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Electric Three-Wheeler Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the electric three-wheeler market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global motorcycle market includes the following core components:
- Inbound logistics
- Outbound logistics
- Marketing and sales
- Support activities
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Electric Three-Wheeler Market?
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98% of the market's growth will originate from APAC during the forecast period. China, India, Sri Lanka, Bangladesh, Nepal, and Thailand are the key markets for electric three-wheeler market in APAC. Market growth in this region will be faster than the growth of the market in other region.
The push toward alternative energy vehicles globally will facilitate the electric three-wheeler market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
What are the Revenue-generating End User Segments in the Electric Three-Wheeler Market?
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The electric three-wheeler market share growth by the passenger carrier segment will be significant during the forecast period. During the last five years, the adoption rate of three-wheeler passenger carriers has been accelerating owing to the fresh permits issued by various road transport authorities for CNG/LPG and electric three-wheelers, especially in India and China. Various government initiatives undertaken by the Indian government are driving the growth of the electric three-wheeler market in the country.
This report provides an accurate prediction of the contribution of all the segments to the growth of the electric three-wheeler market size and actionable market insights on post COVID-19 impact on each segment.
You may be interested in the regional reports:
APAC Electric Three Wheeler market - The market share is expected to grow at a healthy CAGR of around 7% by 2020.
Electric Three-Wheeler Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 6.91%
Market growth 2021-2025
306 th units
YoY growth (%)
APAC and ROW
Performing market contribution
APAC at 98%
Key consumer countries
China, India, Sri Lanka, Bangladesh, Nepal, and Thailand
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Bodo Vehicle Group Co. Ltd., E-Tuk Factory BV, Goenka Electric Motor Vehicles Pvt. Ltd, Kerala Automobiles Ltd., Kinetic Green Energy & Power Solutions Ltd., LOHIA AUTO INDUSTRIES, Mahindra Electric Mobility Ltd., Omega Seiki Private Limited, Piaggio & C. Spa, and Terra Motors
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What are the Key Data Covered in this Electric Three-Wheeler Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive electric three-wheeler market growth during the next five years
- Precise estimation of the electric three-wheeler market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the electric three-wheeler industry across APAC, Europe, North America, South America and MEA
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of electric three-wheeler market vendors
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1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Impact of COVID-19 on consumer discretionary
- 2.3 Value chain analysis
- Exhibit 03: Value chain analysis: Global Motorcycle Market
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.3 Market size 2020
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 (thousand units)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by End-user
- 5.1 Market segments
- 5.2 Comparison by End-user
- 5.3 Passenger carrier - Market size and forecast 2020-2025
- Exhibit 17: Passenger carrier - Market size and forecast 2020-2025 (thousand units)
- Exhibit 18: Passenger carrier - Year-over-year growth 2020-2025 (%)
- 5.4 Goods carrier - Market size and forecast 2020-2025
- Exhibit 19: Goods carrier - Market size and forecast 2020-2025 (thousand units)
- Exhibit 20: Goods carrier - Year-over-year growth 2020-2025 (%)
- 5.5 Market opportunity by End-user
- Exhibit 21: Market opportunity by End-user
6 Customer landscape
- 6.1 Overview
- Exhibit 22: Customer landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 23: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 24: Geographic comparison
- 7.3 APAC - Market size and forecast 2020-2025
- Exhibit 25: APAC - Market size and forecast 2020-2025 (thousand units)
- Exhibit 26: APAC - Year-over-year growth 2020-2025 (%)
- 7.4 ROW - Market size and forecast 2020-2025
- Exhibit 27: ROW - Market size and forecast 2020-2025 (thousand units)
- Exhibit 28: ROW - Year-over-year growth 2020-2025 (%)
- 7.5 Key leading countries
- Exhibit 29: Key leading countries
- 7.6 Market opportunity by geography
- Exhibit 30: Market opportunity by geography (thousand units)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- Exhibit 31: Impact of drivers and challenges
- 8.3 Market trends
9 Vendor Landscape
- 9.1 Overview
- Exhibit 32: Vendor landscape
- 9.2 Landscape disruption
- Exhibit 33: Landscape disruption
- Exhibit 34: Industry risks
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 35: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 36: Market positioning of vendors
- 10.3 Bodo Vehicle Group Co. Ltd.
- Exhibit 37: Bodo Vehicle Group Co. Ltd. - Overview
- Exhibit 38: Bodo Vehicle Group Co. Ltd. - Product and service
- Exhibit 39: Bodo Vehicle Group Co. Ltd. - Key offerings
- 10.4 E-Tuk Factory BV
- Exhibit 40: E-Tuk Factory BV - Overview
- Exhibit 41: E-Tuk Factory BV - Product and service
- Exhibit 42: E-Tuk Factory BV - Key offerings
- 10.5 Goenka Electric Motor Vehicles Pvt. Ltd
- Exhibit 43: Goenka Electric Motor Vehicles Pvt. Ltd - Overview
- Exhibit 44: Goenka Electric Motor Vehicles Pvt. Ltd - Product and service
- Exhibit 45: Goenka Electric Motor Vehicles Pvt. Ltd - Key offerings
- 10.6 Kerala Automobiles Ltd.
- Exhibit 46: Kerala Automobiles Ltd. - Overview
- Exhibit 47: Kerala Automobiles Ltd. - Product and service
- Exhibit 48: Kerala Automobiles Ltd. - Key offerings
- 10.7 Kinetic Green Energy & Power Solutions Ltd.
- Exhibit 49: Kinetic Green Energy & Power Solutions Ltd. - Overview
- Exhibit 50: Kinetic Green Energy & Power Solutions Ltd. - Product and service
- Exhibit 51: Kinetic Green Energy & Power Solutions Ltd. - Key offerings
- 10.8 LOHIA AUTO INDUSTRIES
- Exhibit 52: LOHIA AUTO INDUSTRIES - Overview
- Exhibit 53: LOHIA AUTO INDUSTRIES - Product and service
- Exhibit 54: LOHIA AUTO INDUSTRIES - Key offerings
- 10.9 Mahindra Electric Mobility Ltd.
- 10.10 Omega Seiki Private Limited
- Exhibit 59: Omega Seiki Private Limited - Overview
- Exhibit 60: Omega Seiki Private Limited - Product and service
- Exhibit 61: Omega Seiki Private Limited - Key offerings
- 10.11 Piaggio & C. Spa
- Exhibit 62: Piaggio & C. Spa - Overview
- Exhibit 63: Piaggio & C. Spa - Business segments
- Exhibit 64: Piaggio & C. SpA - Key news
- Exhibit 65: Piaggio & C. Spa - Key offerings
- Exhibit 66: Piaggio & C. Spa - Segment focus
- 10.12 Terra Motors
- Exhibit 67: Terra Motors - Overview
- Exhibit 68: Terra Motors - Product and service
- Exhibit 69: Terra Motors - Key news
- Exhibit 70: Terra Motors - Key offerings
- 11.1 Scope of the report
- 11.2 Currency conversion rates for US$
- Exhibit 71: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 72: Research Methodology
- Exhibit 73: Validation techniques employed for market sizing
- Exhibit 74: Information sources
- 11.4 List of abbreviations
- Exhibit 75: List of abbreviations
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
- Collation of data
- Estimation of key figures
- Analysis of derived insights
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- The Neatherland
- subsidies and tax incentives on electric three-wheeler s to reduce dependency on petroleum products
- Expansion by local manufacturers to foreign countries
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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