Electric Three-Wheeler Market Size, By Battery Type (Lithium-ion, Lead-acid), By Vehicle Type (Passenger Carrier, Load Carrier), Power Capacity, Battery Capacity & Forecast 2023 - 2032

Electric Three-Wheeler Market Size

Electric Three-Wheeler Market size surpassed over USD 30 billion in 2022 and is anticipated to grow at 16% CAGR from 2023 to 2032.
 

Additionally, governments across the globe are expanding their initiatives and education campaigns to lower GHG emissions from fuel-powered vehicles, thus propelling industry expansion. The governments have expanded the market by offering numerous subsidies and financial aid for the purchase of electric three-wheeler vehicles. The product demand is also being driven by rising investments in upgrading public charging infrastructure for electric three-wheelers. In addition, many ride-hailing companies are moving toward electric three-wheelers to offer their customers quiet & environmental-friendly rides.
 

The limited driving range of electric three wheelers and the inadequate charging infrastructure present serious obstacles to electric three-wheeler market expansion. The high initial cost of electric three-wheelers compared to conventional three-wheelers is another market barrier that makes it difficult for customers to switch to electric three-wheelers.
 

COVID-19 Impacts

Worldwide, businesses and industries have been impacted by the COVID-19 pandemic. Federal authorities had to enact lockdown and containment measures due to the coronavirus outbreak, which forced people around the world to stay inside their homes. The automotive industry was experiencing a raw material and component shortage, which halted production of automobiles in all major markets. The pandemic's effects on the demand for electric vehicles and the supply chain were felt by the producers of electric three-wheelers. However, as soon as the lockdown was lifted, demand for these wheelers increased, and the eased disruption of the supply chain further fueled electric three-wheeler market growth.
 

Electric Three-Wheeler Industry Trends

The cost-effectiveness of electric three-wheelers is a major industry driver. Electric three-wheelers are an economical form of transportation as they have lower operating costs than conventional three-wheelers. Customers are opting for electric three-wheelers due to the rising costs of fuel and maintenance of traditional three-wheelers. The increased demand for last-mile connectivity, particularly in densely populated areas, makes electric three-wheelers an ideal solution. The need for effective & affordable last-mile connectivity solutions has grown with the expansion of e-commerce and online deliveries.
 

Electric Three-Wheeler Market Analysis

The passenger carrier segment held over USD 20 billion of the electric three-wheeler market value of in 2022. The increasing popularity of three-wheelers as a regular mode of public transportation is a major factor driving segment growth. Public transport is preferred over private transport in developing nations with a sizable middle-class population. As electric three-wheelers become a practical and affordable option, the market for passenger-carrying electric three-wheelers is expanding. Additionally, governments all over the world have implemented incentives to promote the development of sustainable mass transit in urban & rural areas, promoting industry development.
 

The lithium-ion segment held industry share of around 85% in 2022 and is expected to grow at a lucrative pace by 2032. As opposed to other battery types, such as lead-acid batteries, lithium-ion batteries have relatively low levels of toxic heavy metals, making them environmental-friendly. Owing to its ability to store a large amount of energy in a small space, lithium-ion batteries can perform at a high level for a much longer period between charges compared to other batteries. When compared to lead-acid batteries, lithium-ion batteries have a longer shelf life, which is boosting their market growth.
 

The 1,000 - 1,500W segment held a dominant share of electric three-wheeler market in 2022 and is expected to witness 18% growth till 2032. The demand for powerful electric three-wheelers and developments to meet this demand are directly related to the increasing demand of this segment. OEMs prefer 1,000W to 1,500W motors as they produce immediate torque that boosts vehicle efficiency and acceleration. Electric motors can operate with a single gear and reach high speeds more quickly than internal combustion engines. The methodological advantages that 1,000W to 1,500W vehicles provide make them ideal for passenger carriers.
 

Asia Pacific is the leading region in the global electric three-wheeler industry with 95% share in 2022. The industry in this area is expanding due to the presence of supportive government policies and rapidly expanding charging stations. In the Asia Pacific province, China and India are most likely to accept electric three-wheelers. Furthermore, the region is moving toward electric vehicles due to the rising costs of various transportation fuels such as diesel, petrol, and compressed natural gas.
 

Electric Three-Wheeler Market Share

Some of the major players operating in the electric three-wheeler market are:

• Adapt Motors Pvt. Ltd.
• Altigreen
• Atul Auto Limited
• Bajaj Auto
• Bodo Vehicle Group Co., Ltd.
• Champion Ploypast
• Changzhou Yufeng Vehicle Co., Ltd.
•  Dili Electric
• Electrode
• E-Tuk Factory
• Euler Motors

These players focus on strategic partnerships and new service launches for market expansion. Moreover, these players are heavily investing in research, allowing them to introduce innovative solutions and garner maximum revenue in the market.
 

Electric Three-Wheeler Industry News:

• In April 2023, Euler Motors unveiled the advanced 2023 HiLoad EV, which has the largest battery pack and range in the three-wheeler cargo segment. The new HiLoad EV 2023 has an industry-leading 13kWh battery pack, an ARAI-certified range of 170km (real range 100 - 120km), and a 30% greater payload capacity (688kg). According to the EV OEM, the Hiload EV earns 30% more than any other cargo three-wheeler in India.
   
• In December 2022, TI Clean Mobility, a fully owned subsidiary of Tube Investment (a member of the Murugappa Group), unveiled the Montra Electric three-wheeler
   

This market research report on electric three-wheeler includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (Thousand Units) from 2018 to 2032, for the following segments:

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Market, By Battery Type

• Lithium-ion
• Lead-acid

Market, By Vehicle Type

• Passenger Carrier
• Load Carrier

Market, By Power Capacity

• Below 1,000W
• 1,000W - 1,500W
• Above 1,500W

Market, By Battery Capacity

• Below 3kWh
• 3 - 6kWh
• Above 6kWh

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Netherlands
  • Belgium
  • Austria
• Asia Pacific
  • China
  • India
  • Vietnam
  • Japan
  • South Korea
  • Taiwan
  • Thailand 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • UAE
  • Saudi Arabia