$2.3 Billion Worldwide Electric Three Wheeler Industry to 2027 - Low Total Cost of Ownership Drives Growth - ResearchAndMarkets.com

The "Electric Three Wheeler Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented By Vehicle Type, By Battery Capacity, By Battery Type, By Region" report has been added to ResearchAndMarkets.com's offering.

The Global Electric Three-wheeler Market is anticipated to grow at CAGR of 6.50% in value terms during the forecast period to reach USD2,323.50 million by 2027.

Anticipated growth in the Global Electric Three-wheeler Market can be attributed to growing fuel prices and growing government initiatives to escalate the acceptance of environment friendly automobiles including three-wheelers. Increasing urbanization, rapidly expanding charging infrastructure network are also among the other factors that are expected to positively influence the growth of the Global Electric Three-wheeler Market in the upcoming five years.

Countries across the globe have acknowledged the necessity to go electric, to curb the rising pollution levels generated from automobiles including three-wheelers. Many countries like China, India, Bangladesh etc. have already ramped up the activities to improve the market penetration of electric three-wheelers.

The electric three-wheeler does not have an internal combustion engine like most three-wheelers have, instead, the electric three-wheelers are powered by a rechargeable battery. Growth factors such as travel convenience, low total cost of ownership, affordable mass commuting, high efficiency, among others have also increased the adoption of electric three-wheelers across various regions over last five years.

The coronavirus pandemic had a negative impact on the sales of electric three-wheelers across regions around the globe. In 2020, electric three-wheeler sales declined in comparison to previous year as major electric three-wheeler producing countries around the world such as China, India etc. underwent strict lockdown in the second and third quarter of 2020 as a measure to control the spreading corona virus.

Low Total Cost of Ownership Drives the Market Growth

Cost of ownership of a traditional three-wheeler is relatively on a higher side as compared to a battery powered three-wheeler, as electric three-wheeler runs on stored charge which gives lower running cost per km. Low total cost of ownership of electric three-wheelers is observed as one of the significant selling points for electric three-wheelers globally. Although, the cost of the electric three-wheeler can itself be the same, and sometimes even costlier than their diesel/petrol powered three-wheeler, the total cost of ownership comes out to be significantly less.

For alike distance travelled, the cost associated with charging an electric three-wheeler is comparatively lesser than the cost of burning petrol or diesel, as a result total cost of ownership of the electric three-wheeler decreases dramatically for longer span of time. However, total savings depends on the particular model of electric three-wheeler an individual buys, and which diesel/petrol powered counterpart one is comparing with. However, in significant number of cases, the lifetime charging cost of an electric three-wheeler comes out to be far lower than the traditional diesel/petrol powered three-wheeler.

Easier Maintenance of Electric Three-Wheelers Drives the Market Growth

The cost to maintain an electric three-wheeler is commonly on much lower side as electric three-wheelers is free from the complexity associated with a petrol/diesel powered internal combustion engine. Coming to the maintenance of an electric three-wheeler, the owner does not have to be worried about all the fluids and moving parts like one has to with a petrol/diesel powered internal combustion engine of a traditional three wheeler.

Moreover, the power control unit of an electric three-wheeler propels the three-wheeler of stored energy coming off from the battery stored onboard and is electrically charged, consequently the electric three-wheeler lacks in terms of the number of components on-board which are in motion, which results in lesser wear and tear and hence low maintenance.

Companies Mentioned

• Jiangsu Jinpeng Group Co., Ltd.
• Mahindra & Mahindra Ltd.
• Piaggio Group
• Atul Auto Ltd.
• Changzhou Yufeng Vehicle Co., Ltd.
• Lohia Auto Industries
• Kinetic Green Energy & Power Solutions Ltd.
• Skyride Automotive
• Shado Group International Pte. Ltd
• Beevatech Limited

Report Scope:

In this report, the Global Electric Three-wheeler Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Electric Three-Wheeler Market, Vehicle Type:
• Passenger Carrier
• Load Carrier

Electric Three-Wheeler Market, By Battery Capacity:

• >101 Ah
• < 101 Ah

Electric Three-Wheeler Market, By Battery Type:

• Lead Acid
• Lithium Ion

Electric Three-Wheeler Market, By Region:

• Asia-Pacific
• China
• India
• Pakistan
• Bangladesh
• Indonesia
• Nepal
• Philippines
• Malaysia
• Thailand
• Vietnam
• Sri Lanka
• Myanmar
• Cambodia
• Singapore
• Laos
• Brunei
• Africa
• Morocco
• Egypt
• South Africa
• Nigeria
• Algeria
• Kenya
• Uganda
• Tanzania
• Ethiopia
• Sudan
• Angola
• Libya
• Middle East
• Turkey
• Iran
• Israel
• Saudi Arabia
• UAE
• Oman
• Iraq
• South America
• Peru
• Colombia
• Chile

For more information about this report visit https://www.researchandmarkets.com/r/ni4b8k

View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005478/en/