The ‘Global Electric Three-Wheeler Market Size, Report and Forecast 2023-2028’ by Expert Market Research, gives an extensive outlook of the global electric three-wheeler market, assessing on the basis of its segments like end-use, battery type, and major regions.
Electric Three-Wheeler Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 714.7 million
• Forecast CAGR (2023-2028): 5.1%
• Forecast Market Size (2028): USD 966.9 million
The electric three-wheeler market is driven by the growing preference for electric vehicles over those powered by fossil fuels. People’s preferences for electric mobility, particularly for public transportation, have been significantly influenced by the rise in public awareness of harmful emissions connected with fossil fuel use.
In nations with large middle-class populations, electric three-wheelers are quickly gaining popularity. Additionally, as gas prices rise, more people are choosing electric three-wheelers, which are ultimately more affordable. They also require a lot less maintenance than standard three-wheelers powered by fossil fuels.
Manufacturers have also realised the potential of electric three-wheelers and are introducing electric models in an effort to establish themselves as leading suppliers. This could lead to a rise in demand for the electric three-wheeler market in the forecast period.
Electric Three-Wheeler Industry Definition and Major Segments
Electric three-wheelers, also known as passenger carriers and load carriers, are single-driver, battery-powered electric vehicles with three wheels. An onboard electricity source with zero emissions powers the propulsion and accessory systems of an electric three-wheeler.
Based on end use, the market is segmented into:
• Passenger Carrier
• Goods Carrier
Based on type, the market is divided into:
• Lead Acid
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
Electric Three-Wheeler Market Trends
There are several trends influencing the global electric three-wheeler market, including the rising need for affordable commercial vehicles. As a result of the rising price of commercial cars in both developed and developing nations, there is a is a demand for affordable commercial vehicles.
Furthermore, important factors like the rise in disposable income and rising urbanisation are propelling the market for electric three-wheelers. Due to growing consumer preferences for greener transportation options, the market for electric three-wheelers is expected to grow steadily in forecast period. The market is also expected to experience revenue growth as battery prices decline. Rising environmental concerns are a significant factor that is anticipated to encourage the market growth rate for electric three-wheelers in the forecast period.
Key Market Players
The major players in the Global Electric Three-Wheeler Market are :
- Terra Motors Corporation
- Mahindra Electric Mobility Limited
- Piaggio & C. SpA
- Kinetic Green Energy & Power Solutions Ltd.
- Wuxi SAIGE Electric Vehicle Tech Co.,Ltd
- BILITI Electric Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of the major market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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