India Electric Three-Wheeler Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

India Electric Three-Wheeler Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A3096
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Market Overview:

The India electric three-wheeler market size reached US$ 890 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,156 Million by 2028, exhibiting a growth rate (CAGR) of 15.8% during 2023-2028.

Electric three-wheelers, commonly known as e-rickshaws, have emerged as a convenient and eco-friendly mode of public transportation in India. These vehicles operate with the help of battery-based electric motors that reduce additional costs related to fuel consumption. Electric three-wheelers are primarily classified into passenger carriers and load carriers. The high adoption rate of these electric vehicles depends upon their zero carbon emissions, compact design, cost-effectiveness, and noise-free travel experience. In India, the rising concerns towards high vehicular pollution levels are currently driving the demand for electric three-wheelers.

 

 
 

 

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The soaring prices of several transportation fuels, such as diesel, petrol, LPG, CNG, etc., have led to a rising inclination towards electric three-wheelers in the country. Furthermore, the growing number of initiatives and awareness programs by the Indian government to reduce GHG emissions from fuel-powered vehicles is also propelling the market growth. In addition to this, the government has also introduced numerous subsidies and financial aids on the purchase of electric three-wheeler vehicles, thereby further augmenting the market. Moreover, the rising investments in the upgradation of public charging infrastructures for electric three-wheelers are also driving the product demand in the country. Apart from this, several ridesharing companies in India are getting inclined towards electric three-wheelers for providing noise-free and ecologically-sustainable rides to their customers. Moreover, electric three-wheelers are increasingly being adopted by various courier companies for providing last-mile postal services and reducing carbon emissions at the same time. Numerous technological advancements have led to the integration of three-wheelers with GPS navigation, remote sensors, anti-theft locking systems, etc., which are further expected to drive the market growth in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India electric three-wheeler market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on vehicle type, battery type, drive type, motor type, power output and voltage capacity.

Breakup by Vehicle Type:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Passenger Carrier
  • Load Carrier
     

Breakup by Battery Type:

  • Lithium Ion
  • Lead Acid
     

Breakup by Drive Type:

  • Hub Type
  • Chassis Mounted
     

Breakup by Motor Type:

  • BLDC Motor (Brushless DC Motor)
  • PMSM (Permanent Magnet Synchronous Motor)
     

Breakup by Power Output:

  • <3 kW
  • 3 – 6 kW
  • 7 – 10 kW
  • >10 kW
     

Breakup by Voltage Capacity:

  • 48 – 59V
  • 60 – 72V
  • 73 – 96V
  • Above 96V
     

Breakup by Region:

  • North India
  • East India
  • West and Central India
  • South India
     

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Million, '000 Units
Segment Coverage Vehicle Type, Battery Type, Drive Type, Motor Type, Power Output, Voltage Capacity, Region
Region Covered  North India, East India, West and Central India, South India
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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India Electric Three-Wheeler Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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