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Electric Three-Wheeler Market Size

Report ID: GMI5695
Published Date: May 2023
Report Format: PDF

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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.

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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.

Electric Three-Wheeler Market Report Attributes
Report Attribute	Details
Base Year:	2022
Electric Three-Wheeler Market Size in 2022:	USD 30 Billion
Forecast Period:	2022 to 2032
Forecast Period 2022 to 2032 CAGR:	16%
2032 Value Projection:	USD 140 Billion
Historical Data for:	2018 - 2022
No. of Pages:	200
Tables, Charts & Figures:	352
Segments covered:	Battery Type, Vehicle Type, Power Capacity, Battery Capacity
Growth Drivers:	The growing number of initiatives and awareness programs by government Increasing demand for affordable commercial vehicle Inclination towards eco-friendly and efficient solution to commute Rising prices of fuel Government emission norms and subsidies
Pitfalls & Challenges:	Inadequate charging facilities Lack of standardization

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of electric three-wheeler market exceeded USD 30 billion in 2022 and will expand at 16% CAGR during 2023 to 2032, explains GMI report.

The 1,000 - 1,500W electric three-wheelers industry will record 18% growth during 2023-2032 owing to the new vehicle launches and developments in powertrains.

Asia Pacific is the dominant region in the electric three-wheeler business with over 95% share recorded in 2022 due to the presence of supportive government policies & rapidly expanding charging infrastructure.

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, and Euler Motors, among others.