Chicago, May 20, 2024 (GLOBE NEWSWIRE) — Electric 3 wheeler market It is expected to grow from US$1.3 billion in 2024 to US$1.5 billion by 2030, registering a CAGR of 2.2%.like According to the latest study conducted by MarketsandMarkets™. Growing environmental concerns and the push toward sustainability are prompting consumers and businesses to shift toward electric vehicles. Government regulations and incentives are accelerating this transformation.
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List of major players in Electric 3 wheeler market:
Mahindra & Mahindra Limited (India)
YC Electric Vehicles (India)
Saira Electric Vehicles Limited (India)
Piaggio Group (Italy)
Citylife Electric Vehicle (India)
Drivers, opportunities and challenges in Electric 3 wheeler market:
driver: Advances in battery technology coupled with lower battery prices
self-control: Limited power output, range and speed
an opportunity: Partnering with delivery and logistics fleet operators
Challenge: High initial investments compared to ICE variants
Main findings of the study:
Passenger transportation companies will be the largest sector during the forecast period.
Lithium-ion battery will be the largest segment during the forecast period.
The Asia-Pacific region is expected to lead the electric three-wheeler during the forecast period.
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The electric three-wheeler market is expected to grow from US$1.3 billion in 2024 to US$1.5 billion by 2030, at a CAGR of 2.2%. As government mandates become increasingly stringent, three-wheeler manufacturers’ focus has shifted to efficiency, zero-emission propulsion, innovative technologies, and revised environmental standards. The increasing adoption of electric three-wheelers along with improving charging infrastructure in various countries will change the market scenario in the coming years. With the introduction of new technology, batteries with improved specifications are being launched for use in electric vehicles including three-wheelers.
Government initiatives have been driving the market growth for electric three-wheelers. For example, India has set an ambitious target of making 80% of all three-wheelers sold in the country electric by 2030. The Indian government has also set up a project called Faster Adoption and Manufacturing of Electric (Hybrid) Vehicles (FAME). Vehicles for faster production and adoption of electric vehicles in India. Likewise, in China, the government is aggressively promoting electric three-wheelers, which are quickly becoming the preferred mode of transportation for many people. The Malaysian government strongly encourages the use of electric three-wheelers by providing subsidies. The Bangladesh government has taken several initiatives to encourage the use of electric three-wheelers, including providing subsidies and tax exemptions. Furthermore, the South African government has implemented measures aimed at encouraging the adoption of electric vehicles within the country.
Three wheel electric load carriers for medium weight goods have a payload capacity of 300-500kg. Many e-commerce and logistics companies use electric tricycles with a payload capacity of 300-500 kg. The electric three-wheeler market has evolved rapidly thanks to continuous engineering advances and loading capabilities. This leads the 300-500kg payload capacity segment. Companies like Mahindra & Mahindra Ltd., Atul Auto Ltd., Piaggio Group, Lohia Auto Industries, and Kinetic Green offer electric three-wheelers with a payload capacity of 300-500 kg. Jiangsu Jinpeng Group Co., Ltd. offers Also an electric rickshaw (X3) and an electric tricycle (TL) with a payload capacity of 400kg and 332kg respectively. Developments by leading OEM companies and significant sales volume of electric three-wheeler cargo vans are expected to propel the electric three-wheeler cargo van industry over the forecast period.
The Asia Pacific region will be the fastest growing market for electric three-wheelers during the forecast period.
The Asia Pacific region will be the fastest growing market for electric three-wheelers during the forecast period. Countries like Sri Lanka, Bangladesh, Vietnam and Thailand are planning to rapidly increase demand for electric three-wheelers. The region has also created markets such as China and India. During the forecast period, Sri Lanka is expected to be the fastest growing country in the Asia-Pacific region. There is an increasing demand for green technology vehicles in Sri Lanka. SL Mobility and Ideal Motors are two of the prominent manufacturers of electric three-wheelers in the country. Due to the growth in overall sales of alternative fuel vehicles, the electric three-wheeler market in Sri Lanka is expected to grow. Likewise, the Thai government is rolling out policies to promote electric vehicles as part of its plans to establish an electric vehicle manufacturing hub. The government is determined to improve air quality, develop smart cities nationwide, and achieve its goal of achieving carbon neutrality by 2050 and net-zero greenhouse gas emissions by 2065 or earlier. Such initiatives will drive the electric three-wheeler market in the Asia Pacific region.
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Recent developments:
In February 2024, Car & General entered into a partnership with Piaggio Vehicles Pvt. Ltd. (PVPL), a subsidiary of the Piaggio Group, to introduce electric three-wheelers to the Kenyan market. These vehicles, known as the Piaggio Ape Electrik, will be available in two different versions: the Ape E-City FX Max for passenger transport and the Ape E-Xtra FX Max for freight transport.
In January 2024, at the third edition of the Global Investors Meet in Tamil Nadu, Terra Motors signed a Memorandum of Understanding with the Tamil Nadu government. Under the MoU, the company intends to invest US$ 41.66 billion in developing charging infrastructure in Tamil Nadu.
In January 2024, Omega Seiki Mobility partnered with Kissan Mobility to deploy 500 electric tricycles for last-mile delivery purposes. This partnership, worth US$2.40 million, includes various applications across sectors, including e-commerce, fast-moving consumer goods and durable goods sectors.
Related reports:
Electric vehicle market
Electric vehicle charging stations market
Electric commercial vehicle market
Electric scooter and motorcycle market
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