According to a new market report by Lucintel, the future of the global electric three wheeler market looks promising with opportunities in the passenger carrier and goods carrier market. The global electric three wheeler market is expected to grow with a CAGR of 5% to 7% from 2023 to 2028. The major drivers for this market are stringent government norm for pollution control, increasing concerns towards environment pollution, and increase in adoption of electric vehicles.
Lithium-ion battery and lead acid battery are the major market segments of the electric three wheeler market by battery type. On the basis of its comprehensive research, Lucintel forecasts that lithium-ion battery will remain the largest segment over the forecast period due to its higher densities as compared to lead-acid batteries, battery size can be made smaller and it takes less time in charging.
Within this market, passenger carrier is expected to remain the largest segment due to the high demographic growth rate, rising middle-class population, and increasing preference of people towards public transportation over private vehicles for last-mile connectivity.
APAC will remain the largest region due to higher demographic growth and surging number of initiatives by the Indian and Chinese government in form of tax subsidies and discount.
Atul Auto, Chongqing Zongshen Tricycle Manufacture, J.S. Auto, Kinetic Green Energy & Power Solution, Mahindra & Mahindra, Piaggio & C.SpA, Scooters India Limited, Terra Motors Corporation, Bodo Vehicle Group, and E-Tuk Factory are the major suppliers in the global electric three wheeler market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global electric three wheeler market by battery type, power type, vehicle type, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Electric Three Wheeler Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global electric three wheeler market by battery type, power type, vehicle type, and region, as follows:
Electric Three Wheeler Market by Battery Type [Value ($B) Shipment Analysis from 2017 to 2028]:
· Lithium-ion Battery
· Lead acid Battery
Electric Three Wheeler Market by Power Type [Value ($B) Shipment Analysis from 2017 to 2028]:
· Up to 1000W
· 1000W to 1500W
· Above 1500W
Electric Three Wheeler Market by Vehicle Type [Value ($B) Shipment Analysis from 2017 to 2028]:
· Passenger Carrier
· Goods Carrier
Electric Three Wheeler Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Elextric Three Wheeler Market". To download report brochure, please go to
https://www.lucintel.com and click "report brochure" tab from the menu.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the electric three wheeler market by battery type (lithium-ion battery and lead acid battery), power type (up to 1000W, 1000W to 1500W, and above 1500W), vehicle type (passenger carrier and goods carrier), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last five years and what has its impact been on the industry?