Global Electric Three-Wheeler Market size was valued US$ XX Mn. in 2019 and the total revenue is expected to grow about 11% from 2020 to 2027, reaching nearly US$ XX Mn.
Global Electric Three-Wheeler Market: Overview
The Electric Three-Wheeler market is expected to show rapid evolution with technological development in transportation sector. The government legislations and initiatives to use clean fuel for vehicle to reduce pollution, creating market opportunities for electric vehicle for cargo and passenger transport. The three-wheel electric vehicle is used for various works such as shifting loads, Public transport, Utility vehicle and other transportation. The electric vehicles are clean in use, so the work environment does not get polluted due to vehicle exhaust gases.
Global Electric Three-Wheeler Market1
Global Electric Three-Wheeler Market: Vehicle Type
Global Electric Three-Wheeler Market is segmented by Vehicle type in Battery electric vehicle (BEV), Fuel cell electric vehicle (FCEV), Plug-in hybrid electric vehicle (PHEV), and Hybrid electric vehicle (HEV). The Battery Electric vehicle (BEV) is majorly growing vehicle type in Electric Three-Wheeler Market with a CAGR of XX%.
Mahindra & Mahindra Ltd.
Mahindra & Mahindra Ltd, established 1945, headquartered in Mumbai, India. Mahindra & Mahindra Ltd works in design, manufacture, development, supply, and sales of vehicles globally. Mahindra & Mahindra operates over 100 countries and invested over 0.105 Bn in R & D activities.
Bodo Vehicle Group Co., Ltd.
Bodo Vehicle Group Co., Ltd., founded in 1997, headquartered in Tianjin, China. Since 1997 this company is manufacturing electric vehicle. This company has range of three wheelers, two wheelers, electric cars and other electric vehicles. Bodo Vehicle Group has presence in 46 countries and leader in China electric vehicle market.
Global Electric Three-Wheeler Market: Drivers
Automakers are investing in EV technology
Increasing investment of EV manufacturers in the three-wheeler segment due to its demand is expected to cater growth for Global Electric Three-Wheeler Market.
OEMs are offering various types of three wheelers for passenger transportation and utility transportation, the wide product offering attract customers and creating opportunities for Global Electric Three-Wheeler Market.
Growing environmental pollution concerns
Internal Combustion engine creates air pollution, government in several regions are taking initiatives to reduce pollution by mandating to use Electric Vehicle. This will fuel the Global Electric Three-Wheeler Market.
Vehicle range per charge is increasing
Developing battery technology and fast charging of battery option is increasing the range vehicle use in single charging. Three-wheeler vehicles equipped with this fast charging option makes it reliable to use for commercial transport purpose, which is expected to fuel the growth of Global Electric Three-Wheeler Market.
Global Electric Three-Wheeler Market: Opportunities and Challenges
Renewable energy use for EV charging station.
Renewable energy sources can be used to charge electric vehicle such as wind and solar energy. The charging station can be made for charging these vehicles with charge produced by renewable sources; this energy is free of cost and reduces dependency on external power supply. These stations can remotely build to provide the charging power to electric vehicle.
Stringent Norms for charging stations installation.
The electric vehicle charging station service provider is mandated to follow set of instruction while installing charging station. The service provider requires approvals from local government and energy transfer utility provider.
Global Electric Three-Wheeler Market: Regional Overview
The Global Electric Three-Wheeler Market is segmented into various regions such as North America, Europe, Middle East & Africa, South America, and Asia Pacific. North America is showing significant growth in Global Electric Three-Wheeler Market followed by Europe. Innovation and development in battery technology and charging technology is growing in Asia Pacific market which is the largest market for growth of Electric Three Wheeler Market in forecasted period, Owing to presence of countries like India and China. The people have dependency on public transport; government policies are favorable for growth in the region. Asia Pacific region is expected to grow at 11.16% CAGR.
The report also helps in understanding Electric Three Wheeler Market dynamics, structure by analyzing the market segments and projects the Electric Three Wheeler Market size. Clear representation of competitive analysis of key players By Battery Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Electric Three Wheeler Market make the report investor’s guide.
Scope of the Electric Three Wheeler Market
Electric Three Wheeler Market, By Battery Type
• Nickel-metal hydride
• Other Battery Type
Electric Three Wheeler Market, By Vehicle Type
• Battery electric vehicle (BEV)
• Fuel cell electric vehicle (FCEV)
• Plug-in hybrid electric vehicle (PHEV)
• Hybrid electric vehicle (HEV)
Electric Three Wheeler Market, By End-Use
• Passenger carrier
• Utility/goods carrier
Electric Three Wheeler Market, by Region
• Asia Pacific
• North America
• South America
• Middle East & Africa
Key players operating in Electric Three Wheeler Market
• Piaggio & C. SpA
• Mahindra & Mahindra Ltd
• Terra Motors Corporation
• Kinetic Green Energy & Power Solutions Ltd
• Jiangsu Kingbon Vehicle Co. Ltd.
• Hero Electric Industries
• Lohia Auto Industries
• Saera Electric Auto Pvt. Ltd
• Kinetic Green Energy & Power Solutions Ltd.
• Bajaj Auto Motor Company
• TVS Motor Company
• Jiangsu Xinri E-Vehicle Co., Ltd.
• Jinhua JOBO Technology Co. Ltd.
• Cero Electric Cargo Bikes
• Worksman Cycles
• Douze Factory SAS
• XYZ Cargo
• Butchers & Bicycles ApS
• Dutch Cargo Lead Based
• Kocass Technology Co., Ltd
• G & O Family Cyclery
• Yuba Electric Cargo Bikes
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