Electric Three Wheelers Market Projected to Reach US$ 1,152 Million by 2028, at a 9.3% CAGR

The global electric three-wheeler market size reached US$ 661 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,152 Million by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.

An electric three-wheeler, also known as an e-rickshaw, uses high torque electric motors and batteries instead of fuel. It provides easy access to narrow roads, zero carbon emissions, compact design, last-mile connectivity, and a noise-free travel experience. It also helps enhance urban air quality by decreasing total greenhouse gas (GHG) and other emissions. As a result, the electric three-wheeler is gaining immense popularity as a convenient and eco-friendly mode of public transportation across the globe.

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Electric Three-Wheeler Market Trends and Drivers:

The market is primarily driven by the inflating prices of transportation fuels such as diesel, liquefied petroleum gas (LPG), compressed natural gas (CNG), aviation, motor, and petroleum gasoline. In addition, the growing inclination toward electric vehicles as a sustainable and efficient alternative for public commuting is contributing to market growth.

Moreover, various governing authorities are offering subsidies and tax abatements, deploying charging stations for electric vehicles (EVs), and exempting drivers of electric three-wheelers from toll road or parking fees, which represent another major growth-inducing factor. Besides this, nowadays, battery-as-a-service (BaaS) is gaining immense popularity among consumers as it needs minimum infrastructure compared to charging a battery at a station and can minimize up-front acquisition costs of electric three-wheelers, allowing customers to lease batteries as a separate component.

This, coupled with the rising popularity of shared mobility, which helps reduce traffic congestion and transportation costs, is providing a positive thrust to the market growth. Furthermore, the increasing substitution of petrol-powered three-wheelers with electric three-wheelers and reducing battery prices that aid in minimizing total costs of ownership (TCO) are creating a positive market outlook.

Global Electric Three-Wheeler Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

ATUL Auto Limited, Bodo Vehicle Group Co. Ltd., 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.

The report has segmented the market on the basis of region, vehicle type, power type and battery type.

Breakup by Vehicle Type :

Breakup by Power Type:

Breakup by Battery Type:

Breakup by Region:

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Key highlights of the report:

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