Global Electric Three-Wheeler Market to Reach US$ 1,506.5 Million by 2032, Fueled by Rising Adoption of Shared Mobility Solutions

October 28, 2022 | Automotive Industry

IMARC Group’s latest report, titled “Electric Three-Wheeler Market Report by Vehicle Type (Passenger Carrier, Load Carrier), Power Type (Up To 1000W, 1000W To 1500W, Above 1500W), Battery Type (Lithium-Ion, Lead Acid), and Region 2024-2032,” finds that the global electric three-wheeler market size reached US$ 722.3 Million in 2023. Electric three-wheelers, or e-rickshaws, are fully battery-operated vehicles equipped with high-torque electric motors and powered by rechargeable batteries. They are widely used for cost-efficiently transporting carrier loads or passengers over short distances. They offer benefits such as compact design, lower emissions, last-mile connectivity, noise-free travel experience, easy access to narrow roads, and higher fuel efficiency. Besides this, the batteries of these vehicles can be reused and recycled easily. Compared to traditional fuel-powered automobiles, they require little to no maintenance and help enhance urban air quality by minimizing greenhouse gas (GHG) emissions. In recent years, electric three-wheelers have gained immense traction among the masses as an eco-friendly and convenient public mode of transportation. 

Global Electric Three-Wheeler Market Trends:

The rising adoption of shared mobility solutions due to surging environmental concerns represents the primary factor driving the market growth. This is further supported by the elevating air pollution levels, increasing traffic congestion on roads, and inflating prices of transportation fuels. Moreover, governments of various countries are taking favorable initiatives, such as offering subsidies and tax abatements, deploying charging stations for electric vehicles (EVs), and exempting drivers of electric three-wheelers from toll roads or parking fees. Along with this, the declining battery prices that help reduce the total costs of ownership (TCO) of electric three-wheelers have accelerated product adoption rates. Additionally, several key players are engaging in research and development (R&D) activities to launch innovative electric three-wheelers with higher load capacity, improved driving range, and plug-in charging options. In line with this, the introduction of battery-as-a-service (BaaS) that allows customers to lease batteries as a separate component, requires minimum infrastructure, and is less time-consuming than charging the battery at a station, has catalyzed the market growth. Other factors, including the emerging applications across the logistics industry for transporting goods to remote locations, stringent pollution control norms, extensive investments in the upgradation of public EV charging infrastructures, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 1,506.5 Million by 2032, growing at a CAGR of 8.3% during 2024-2032.

Market Summary:

  • Based on the vehicle type, the market has been classified as passenger and load carriers. 
  • The market has been segmented based on the power type into up to 1000W, 1000W to 1500W, and above 1500W. 
  • On the basis of the battery type, the market has been bifurcated into lithium-ion and lead acid. 
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Atul Auto Limited, E-Tuk Factory, Goenka Electric Motor Vehicles Private Limited, Jiangsu Jinpeng Group Co. Ltd., Kinetic Green Energy & Power Solutions Ltd., Lohia Auto Industries, Mahindra & Mahindra Limited, Omega Seiki Mobility, Piaggio & C.SpA, Scooters India Limited and Terra Motors Corporation.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Vehicle Type, Power Type, Battery Type, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Atul Auto Limited, E-Tuk Factory, Goenka Electric Motor Vehicles Private Limited, Jiangsu Jinpeng Group Co. Ltd., Kinetic Green Energy & Power Solutions Ltd., Lohia Auto Industries, Mahindra & Mahindra Limited, Omega Seiki Mobility, Piaggio & C.SpA, Scooters India Limited and Terra Motors Corporation
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Global Electric Three-Wheeler Market to Reach US$ 1,506.5 Million by 2032, Fueled by Rising Adoption of Shared Mobility Solutions
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