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Dec 22, 2023

Electric Three Wheelers Market Projected to Reach USD 5.9 billion by 2030, at a 11.10% CAGR

Electrifying Rise of the Three Wheel Electric Vehicles Market a Sustainable

Electrifying Rise of the Three Wheel Electric Vehicles Market a Sustainable Solution for Urban Mobility

New York, US, June 07, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), "Electric Three-wheeler Market Research Report Information by Battery Type, Region, Driving Range, and Vehicle Type - Forecast Till 2030", the global Electric Three-wheeler market research predicts that the market is likely to bolster substantially during the review era from 2022 to 2032 at a substantial growth rate of around 11.10%. The reports further predict that the Electric Three-wheeler market size will be nearly USD 5.9 billion by the end of 2030. As per the study reports, the market was worth nearly USD 4.53 billion in 2022.

Electric Three-wheeler Industry Overview:

The global Electric Three-wheeler market has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the escalating demand for eco-friendly vehicles.

Competitive Analysis

The listing of the prominent leaders across the global market for Electric Three-wheeler includes players such as:

Mahindra Group

Terra Motors Corporation

Groupe PSA

Changzhou Yufeng Vehicle Co. Ltd.

Lohia Auto Industries

Xianghe Quiangsheng Electric Tricycle Factory

Piaggio Group

Jiangsu Kingbon Vehicle Co. Ltd.

Kinetic Green Energy & Power Solutions Ltd.

Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd.

Electrode

Adapt Motors Pvt. Ltd.

Atul Auto Limited

Among others.

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Market Drivers

The global Electric Three-wheeler industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the escalating demand for eco-friendly vehicles. Furthermore, the government's focus on the e-mobility industry is also considered to be one of the crucial parameters enhancing the performance of the market around the world. Moreover, factors such as growing publicly accessible chargers, lack of charging infrastructure, and dependence on most public-on-public transport are also likely to positively impact the market performance over the coming years.

Market Restraints

On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated. Furthermore, the elevated likelihood of accidents is also projected to restrict the market's development.

Report Scope:

Report Metrics

Details

Market Size 2030

2030: USD 5.9 billion

CAGR during 2022-2030

11.10% CAGR

Base Year

2021

Forecast

2022-2030

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Vehicle Type, Driving Range, Battery Type and Region

Key Market Opportunities

High demand in developing countries

Key Market Dynamics

Growing demand for eco-friendly vehicles Rising consumer preference for electric vehicles over fossil fuel vehicles

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COVID-19 Impact

The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Electric Three-wheeler market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.

Segment Analysis

Among all the vehicle types, the passenger carrier segment is anticipated to secure the leading position across the global market for commercial electric vehicles over the assessment era. The main parameter supporting the segment's growth is the rising consumer preference for electric vehicles over fossil fuel vehicles.

Among all the driving ranges, the 50-100 miles segment is anticipated to secure the leading position across the global market for commercial electric vehicles over the assessment era. The main parameter supporting the segment's growth is the developments in electric vehicles coupled with vigorous investments by automakers. Furthermore, the increasing concerns about environmental pollution are also projected to impact the segment's performance over the assessment period positively.

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Electric Three-wheeler Market Regional Analysis

The global Electric Three-wheeler market is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.

The research reports by MRFR suggest that the Asia-Pacific region is anticipated to secure the top position across the global Electric Three-wheeler industry over the assessment period. The region has China and India as the leading growth contributors. The main parameter supporting regional market expansion is the dependence on most public-on-public transport. Furthermore, favorable government policies across the region are also considered to be one of the crucial parameters enhancing the performance of the regional market. Moreover, the presence of the largest companies in the region, such as Terra Motors Corporation, Jiangsu Kingbon Vehicle Co. Ltd, and Atul Auto, is also likely to positively impact the growth of the regional market over the coming years.

The European regional market for Electric Three-wheeler is anticipated to secure a significant position globally over the assessment period. Further, the Germany Electric Three-wheeler market held the largest market share. On the other hand, the UK Electric Three-wheeler market is anticipated to showcase the maximum growth rate over the coming years. The main parameter supporting regional market expansion is the presence of several leading manufacturers across the region.

The North American Regional Electric Three-wheeler market is projected to ensure considerable development over the review timeframe. The region has the US as the leading growth contributor with the largest revenue share. On the other hand, the Canadian Electric Three-wheeler market is anticipated to showcase the maximum growth rate over the coming years.

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