Electric Three-Wheeler Market to Soar at 5.9% CAGR to 2028

According to our latest market study on "Electric Three-Wheeler Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (E-Auto (High Speed), E-Rickshaw (Low Speed))," the global market was valued at US$ 472.56 million in 2020 and is projected to reach US$ 756.52 million by 2028; it is expected to grow at a CAGR of 5.9% during the forecast period. 

Electric three-wheeler manufacturers are trying to invest more on R&D activities for embedding latest technologies, such as global positioning system (GPS) for navigation and solar-powered engines for deriving electric power for the functioning of electric three-wheelers. GPS suggests best route to the destination, thereby saving a considerable amount of time. Further, it shows traffic status on alternative routes along with estimated time to reach the location. Omega Seiki Mobility expanded its electric three-wheeler range in November 2020 with the introduction of three new smart EVs aimed at both the B2B and B2C segments. Omega Seiki's new electric vehicle line includes simulation software, telematics, and a GPS system. The introduction of technologies such as solar-powered electric three-wheelers allows the charging of batteries through solar energy on the go, during daytime. Thus, there is no concern of shortage of batteries and related components. For instance, in December 2016, Lohia Auto debuted its latest eco-friendly vehicles-Humrahi, a solar-powered rickshaw, and Narain, a hydraulic tipper e-rickshaw-at the EV Expo 2016 in Delhi, India. Lohia Auto also unveiled India's first electric three-wheeler rickshaw, which was designed and developed in-house by the company. Such initiatives are likely to provide growth opportunities to the electric three-wheeler market during the forecast period.

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Companies Profiled in this report includes:  Goenka Electric Motor Vehicles Private Limited, Piaggio & C. SpA, Terra Motors Corporation, Kinetic Green Energy & Power Solutions Ltd., LOHIA AUTO INDUSTRIES, Bodo Vehicle Group Co. Ltd., Nobe Cars, Mahindra Electric Mobility Limited, E-Tuk Factory BV, JIANGSU KINGBON VEHICLE CO., LTD

Impact of COVID-19 Pandemic on Electric Three-Wheeler Market

The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of electronics equipment, including the hardware components of electric three-wheelers. On the basis of the emergence of COVID-19 virus across the world, followed by lockdown scenarios, the automotive industry experts have predicted that the industry would face at least a quarter of lag in electronics equipment supply chain. The electronics equipment and automotive industry is likely to pick up pace soon after the governments lift the various containment measures, which would help revive the economies. The production of the electronics equipment and automotive products is anticipated to gain pace from 2021, which is further foreseen to positively influence the electronics equipment and automotive manufacturing, including hardware components of electric three-wheelers.

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Market Insights

Increasing Level of Harmful Gases, Managing Cost, and Acceptance of Cleaner Technologies

Rising level of harmful gases, managing cost, and acceptance of cleaner technologies are among the major factors contributing toward the growth of electric three-wheeler market. The adoption of electric vehicles can drastically reduce the emission of pollutants in the environment, thereby improving the air quality. To minimize the emission of greenhouse gases via combustion of vehicular fuel, regulatory bodies across the world are offering tax benefits and incentives to increase the adoption of environment-friendly vehicles. Almost all the leading countries have announced subsidies and financial incentives to attract manufacturers to produce more electric vehicles locally. Also, tax credits and rebates are attracting many local users to purchase EVs and are likely to bring out at least about 60% green vehicles on the road by 2020, thereby reducing fuel emissions and lowering the reliance on petroleum products. The regulatory bodies of China, India, South Korea, Indonesia, and Bangladesh have been implementing various programs to enhance the sales of electric three-wheelers. For example, in March 2018, India's Ministry of Heavy Industries and Public Enterprises launched Phase-II of the FAME India Scheme, which received a total budgetary support of US$ 1.39 billion. This phase aims to support 500,000 electric three-wheelers; 55,000 electric four-wheeler passenger cars; 7,000 e-Buses; and 100,000 electric two wheelers through subsidies. This phase of the FAME Scheme aims to establish adequate public charging infrastructure to boost the EV adoption among the masses. With this, the Ministry of Heavy Industries and Public Enterprises anticipates the involvement and active participation of a wide range of stakeholders, including Public Sector Enterprises (PSEs) and government agencies.

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