According to the latest report by IMARC Group, titled “India Electric Three-Wheeler Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the India electric three-wheeler market reached a value of US$ 754.5 Million in 2021. Electric three-wheelers, or e-rickshaws, are eco-friendly modes of transportation that operate on high torque electric motors and long-lasting, durable batteries. They consist of a harness, controller, motor, batteries, and throttle. Electric three-wheelers are widely used for commuting passengers within the city and transporting goods and services from one place to another. They are powered by Li-ion or lead-acid batteries that help improve urban air quality by reducing total greenhouse gas (GHG) emissions. As compared to fuel-power vehicles, electric three-wheelers have a more compact design, are cost-effective, and offer a noise-free travel experience.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Electric Three-Wheeler Market Trends:
The rising environmental concerns have resulted in an increasing consumer inclination towards sustainable modes of transportation, such as electric three-wheelers, over conventional vehicles, which is favoring the market growth in India. Furthermore, the initiatives undertaken by the Government of India (GoI) to control pollution and reduce greenhouse gas (GHG) emissions from fuel-powered vehicles are supporting the market growth. In addition to this, the government is organizing various awareness programs and offering subsidies and financial aid for the purchase of electric vehicles (EVs), which is propelling the market growth. Moreover, the rising popularity of shared mobility due to inflating transportation fuel prices that also assist in reducing traffic congestion and commuting expenses is fueling the market growth. Other factors, including the extensive research and development (R&D) activities and the rising investments in the upgradation of public charging infrastructures for electric three-wheelers, are anticipated to drive the market toward growth across the country. On account of the aforementioned factors, the market value is expected to reach US$ 1,874.9 Million by 2027, exhibiting a CAGR of 16.25% during 2022-2027.
- On the basis of the vehicle type, the market has been bifurcated into passenger and load carriers.
- Based on the battery type, the market has been divided into lithium ion and lead acid batteries.
- On the basis of the drive type, the market has been bifurcated into hub type and chassis mounted.
- Based on the motor type, the market has been segmented into BLDC motor (brushless DC motor) and PMSM (permanent magnet synchronous motor).
- On the basis of the power output, the market has been classified into <3 kW, 3 – 6 kW, 7 – 10 kW, and >10 kW.
- Based on the voltage capacity, the market has been divided into 48 – 59V, 60 – 72V, 73 – 96V, and above 96V.
- Based on the region, the market has been categorized into North, East, West and Central, and South India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Mahindra Electric Mobility Limited, TVS Motors, Bajaj Auto Limited, Kinetic Green, Piaggio, Lohia Auto (The Lohia Group of Industries), Saera Electric Auto, Altigreen Propulsion Labs, Terra Motors India and Ceeon India.
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