Electric Three-Wheeler Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

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?

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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:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

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.

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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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