Global Electric Three-Wheeler Market 2017-2021
About Electric Three-Wheeler
Three wheelers (3Ws) or three-wheel vehicles, as the name implies, contain one wheel at the front and two wheels at the rear end. The 3Ws are generally used for goods and public transport for short/medium distances in the regions where logistics operations, public transport facilities, and disposable income are less. The global 3Ws market is adopted in developing and underdeveloped nations like India, China, other Asian countries, and some Latin American and African countries. The increase in demand for 3Ws in these countries is due to the cost-effective transportation that a 3W offers in areas where other means of transportation are inadequate, or cannot penetrate or be afforded.
Technavio’s analysts forecast the global electric three-wheeler market to grow at a CAGR of 17.31% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global electric three-wheeler market for 2017-2021. To calculate the market size, the report considers new registration volume and exclude market estimate by value and aftermarket volume.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Electric Three-Wheeler Market 2017-2021
Technavio recognizes the following companies as the key players in the global electric three-wheeler market: Atul Auto, LOHIA AUTO INDUSTRIES, Romai Electric Vehicles, Scooters India, and Xianghe Qiangsheng Electric Tricycle Factory.
Other Prominent Vendors in the market are: Ampere Vehicles, Bajaj Auto, Kinetic Green, Terra Motors, and Tuk Tuk Factory.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Expansion by local manufacturers to foreign countries. Most of the electric 3Ws available in India, Sri Lanka, Bangladesh, and Indonesia have been assembled only in those countries, but the vehicle parts have been imported mainly from China as completely knocked down units, which has resulted in an increase in vehicle cost. OEMs in Japan and China have been expanding their operations to potential market countries, which would bring down the cost of the vehicle and eventually increase charging infrastructure and service facilities.”
According to the report, one of the major drivers for this market is Subsidies and tax incentives on electric 3Ws to reduce dependency on petroleum products. To nullify the fuel emission and consumption problems, regulatory bodies across the globe are providing various incentives and tax benefits to increase the adoption of environment-friendly vehicles. Almost all top vehicle market countries have introduced fiscal incentives and subsidies to attract manufacturers to produce more hybrid/electric vehicles locally. In addition, tax credits and rebates are attracting more local end users to purchase EVs. This drive will push for at least 60% green vehicles on the road by 2020, which will reduce fuel emissions and reduce dependency on petroleum products.
Further, the report states that one of the major factors hindering the growth of this market is Concerns about range and performance. Electric 3Ws are typically less powerful and have limited travel range (60-80 km per charge) compared to conventional ICE-powered vehicles and, hence, are considered suitable only for short distance travel. The limited travel range of these battery electric vehicles results in consumers' concern that their vehicle's battery may run out of charge before reaching the destination and doubts about battery performance. Limited range and performance are major factors hindering the growth of the electric 3W market.
Atul Auto, LOHIA AUTO INDUSTRIES, Romai Electric Vehicles, Scooters India, Xianghe Qiangsheng Electric Tricycle Factory, Ampere Vehicles, Bajaj Auto, Kinetic Green, Terra Motors, and Tuk Tuk Factory.