Electric three-wheelers are driven by electricity and have motors with great torque and batteries with extended lifespans. A tricycle is a three-wheeled vehicle with two rear wheels and one front wheel, whereas a tadpole is a vehicle with two front wheels and one back wheel. Electric three-wheelers are more widely used in a variety of industries, including local passenger transportation and intercity freight and service transportation. Additionally, as people’s preference for electric cars has grown, manufacturers of three-wheelers have launched a large number of electric-powered models, which has aided in the expansion of the worldwide market for these vehicles.
According to SPER market research, ‘India Electric Three-Wheeler Market Size- By vehicle, By Battery Type, By Drive Type, By Motor Type, By Power Output, By Volatage Capacity ‘- Regional Outlook, Competitive Strategies, and Segment Forecast to 2033’ state that the India Electric Three-Wheeler Market is predicted to reach USD 1.87 billion by 2033 with a CAGR of 16.01%.
Drivers: The Indian electric three-wheeler market is experiencing a surge propelled by a combination of governmental initiatives, heightened environmental consciousness, and the growing popularity of electric vehicles (EVs). Stringent regulations implemented by the government to curb pollution have prompted a shift towards cleaner transportation solutions. Public awareness of the detrimental effects of emissions from petrol and diesel vehicles has increased, driving a demand for more environmentally friendly options. The rising popularity of EVs, including three-wheelers, is further fueled by a collective societal push towards sustainable and green alternatives. One of the key advantages driving this shift is the significantly lower average cost of operation and maintenance for electric three-wheelers compared to their traditional counterparts. This economic advantage, coupled with the environmental considerations, is steering consumers and businesses alike towards embracing electric three-wheelers in India.
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Challenges: Despite the positive momentum, the Indian electric three-wheeler market faces notable challenges that warrant attention. Manufacturers express concerns about the limited range of travel and the substantial size of the battery packs in electric three-wheelers. A fully charged battery provides a range of 125–130 km, which falls short when compared to the 200–220 km coverage of conventional vehicles on a full tank of petrol. This discrepancy raises apprehensions among potential buyers and poses an obstacle to widespread adoption. Furthermore, the inadequate charging infrastructure for electric vehicles compounds the challenges. Insufficient charging stations hinder the practicality of electric three-wheelers, leaving environmentally aware drivers with limited convenient charging options and potentially deterring broader acceptance in the Indian market. Addressing these challenges will be crucial for the sustained growth and widespread adoption of electric three-wheelers in India.
COVID-19 Impact
The market faced uncertainty during the COVID-19 crisis as government’s worldwide enforced total lockdowns and temporary industry shutdowns. This significantly disrupted the global production and sales of electric three-wheelers. Additionally, the pandemic affected the income sources of electric three-wheeler drivers, particularly in the passenger sector, leading to a notable rise in loan defaults. This, in turn, triggered a chain reaction as reduced access to financial facilities further hampered electric three-wheeler sales.
Key Players & Prominent Regions
Prominent participants in this industry include TVS Motors, Bajaj Auto Limited, Kinetic Green, Piaggio, Lohia Auto (The Lohia Group of Industries), Saera Electric Auto, Altigreen Propulsion Labs, Terra Motors India, Ceeon India, and others. These key players contribute significantly to the sector, leveraging their expertise to shape and influence market dynamics. Prominent Regions covered are North India, East India, West and Central India, and South India.
India Electric Three-Wheelers Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle: Based on the Vehicle, India Electric Three-Wheeler Market is segmented into Load carrier and Passenger Carrier.
By Battery Type: Based on the Battery Type, India Electric Three-Wheelers Market is segmented into Lead Acid and Lithium Ion.
By Motor Type: Based on the Motor Type, India Electric Three-Wheelers Market is segmented into the BLDC Motor and PMSM.
By Drive Type: Based on the Drive Type, the India Electric Three-wheeler Market is segmented into the Hub Type and chassis Mounted.
By Voltage Capacity: Based on the Voltage Capacity, India Electric Three-Wheeler Market is segmented into 48-59V, 60-72V, 73-96V, and Above 96V.
By Power Output: Based on the Power Output, India Electric Three-wheeler Market is segmented into <3kW, 3-6 kW, 7-10kW, and Above 10kW.
By Region: This research also includes data for North India, East India, West and Central India, South India.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
India Electric Three-Wheeler Market Forecast Research
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