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. Looking forward, IMARC Group expects the market to reach US$ 1,874.9 Million by 2027, exhibiting a CAGR of 16.25% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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.
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, along with forecasts at the country and regional level from 2022-2027. 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:
Breakup by Battery Type:
Breakup by Drive Type:
Breakup by Motor Type:
BLDC Motor (Brushless DC Motor)
PMSM (Permanent Magnet Synchronous Motor)
Breakup by Power Output:
3 – 6 kW
7 – 10 kW
Breakup by Voltage Capacity:
48 – 59V
60 – 72V
73 – 96V
Breakup by Region:
West and Central India
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.
Key Questions Answered in This Report:
How has the India electric three-wheeler market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the India electric three-wheeler market?
What are the key regional markets?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the battery type?
What is the breakup of the market based on the drive type?
What is the breakup of the market based on the motor type?
What is the breakup of the market based on the power output?
What is the breakup of the market based on the voltage capacity?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What are the price trends of the India electric three-wheeler market?
What is the structure of the India electric three-wheeler market and who are the key players?
What is the degree of competition in the industry?
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