Electric Three Wheeler Market to Increase Gradually with CAGR of 20.9% with Market Valuation Reaching USD 10.26 Billion by 2030, New Vehicles are Integrated with Digital Solutions to Improve Efficiency, Productivity, and Customer Satisfaction

The global electric three wheeler market size is estimated to display strong growth by reaching USD 10.26 billion by 2030. Fortune Business Insights™ in its report titled “Electric Three Wheeler Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Carrier and Goods Carrier), By Power Type (Up to 1000 W, 1001 W to 1500 W, and Above 1500 W), By Battery Range (Up to 100 Km, and Above 101 Km), By Component (Battery Pack & High Voltage Component, Motor, Brake, Wheel & Suspension, Body & Chassis, and Low Voltage Electric Component), and Regional Forecast, 2023 – 2030” observes that the market size in 2022 stood at USD 2.15 billion and is expected to reach USD 2.71 billion in 2023. The market is expected to witness a strong CAGR of 20.9% during 2023-2030. An electric three wheeler is used for public transportation in urban and suburban regions. Their versatility makes them suitable for urban applications, including commuting and delivery services. New vehicles have been integrated with digital solutions aim to improve efficiency, productivity, and customer satisfaction.   

Piaggio Vehicles Pvt. Ltd. Partnered with Common Service Centers (CSC) for Developing Three-Wheeler Business Network

In October 2022, Piaggio Vehicles Pvt. Ltd. partnered with Common Service Centers (CSC) Special Purpose Vehicle for the development of its three-wheeler business network through Village Level Entrepreneurs (VLE). CSC scheme is the project under the Digital India Programmed initiated by the Ministry of Electronics and Information Technology, Government of India.

Prices of Lithium Ion Batteries Were Increased Substantially, Causing Difficulties in Logistics 

OEMs faced temporary shutdowns due to lockdown measures and workforce limitations, disruptions led to delays in the delivery of vehicles, affecting market growth. The pandemic-induced lockdown reduced the production of lithium-ion battery, which consequently affected the market growth. Also, the prices of lithium ion batteries were increased substantially, causing difficulties in logistics and greater manufacturing costs. The sales of electric vehicles have been impacted severely due to the pandemic.

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https://www.fortunebusinessinsights.com/electric-three-wheeler-market-105028

Digitalization in Vehicles to Drive Market Growth

Digitalization in vehicles is predicted to drive the electric three wheeler market growth. The advancements such as improvements in battery technology, longer driving ranges, faster-charging infrastructure, and enhanced motor efficiency are set to create the demand for e-rickshaws. These digital solutions provide improve efficiency, productivity, and customer satisfaction. The vehicle is equipped with digital features and technologies to enhance user experience and provide added convenience such as smartphone connectivity, GPS navigation, and real-time tracking.

However, cost of e-rickshaw is significantly higher than fossil fuel-powered ones due to the high battery cost. replacing the batteries may further increase their operating costs, which, in turn, is anticipated to hinder market growth in the near future.

Mahindra Electric Mobility Limited to Launch a Robust Electric Vehicle Ecosystem

Major players in the market include Mahindra Electric Mobility Limited, Piaggio Group, and YC Electric Vehicle. The market is led by Mahindra Electric Mobility Limited as the company has created a roadmap to launch a robust electric vehicle ecosystem by largely investing in innovating next-generation technologies and globally acknowledged products to drive sustainable mobility.

Notable Industry Development

• February 2023: Piaggio Vehicles announced its electric three wheeler Ape Electrik in the Philippines for last-mile mobility. For Piaggio Vehicles, entry into the Philippines is a stepping-stone toward accelerating the adoption of EVs worldwide for a sustainable planet.

List of Key Companies Profiled in the Report:

• Mahindra Electric Mobility Limited (India)
• Piaggio Group (Italy)
• Terra Motors (Japan)
• Kinetic Green Energy & Power Solutions Ltd. (India)
• Gayam Motor Works Pvt. Ltd (India)
• Lohia Auto Industries (India)
• Omega Seiki Pvt. Ltd (India)
• E-tuk (U.S.)
• Bodo Vehicle Group Co. Ltd (China)
• Atul Auto Limited(India)
• YC Electric Vehicle (India)
•  Saera Electric Auto Pvt. Ltd. (India)

Further Report Findings

• Asia Pacific dominated the electric three wheeler market share due to growing number of larger middle and lower-middle-class income population. The market stood at USD 1.87 billion in 2022 due to government initiatives and subsidies to promote E-3Ws in the countries for automotive emission control.
• Europe holds second-largest share as manufacturers are investing exponentially in R&D for innovative and technologically advanced mobility solutions. Advanced vehicles in the European countries are set to drive the market growth.

Table of Segmentation