Electric 3-Wheeler Market Report 2024-2030: Partnerships between OEMs and Delivery Fleet and Logistics Operators Presenting Business Opportunities

Dublin, May 22, 2024 (GLOBE NEWSWIRE) — “Global Electric 3-Wheeler Market by End Use (Passenger Carriers, Cargo Carriers), Range (Less than 50 Miles, Over 50 Miles), Battery Type (Acid lead, lithium-ion), Battery Capacity, Motor Type, Motor Power, Payload Capacity and Region – Forecast Report to 2030” has been added to ResearchAndMarkets.com’s The offer of

The global electric 3-wheeler market is projected to grow from USD 1.3 billion in 2024 to USD 1.5 billion by 2030, registering a CAGR of 2.2%. The electric 3-wheeler market is expanding rapidly due to the growing demand for economical and eco-friendly transportation alternatives in densely populated urban areas. Electric 3-wheelers are a low-cost, low-emission alternative to regular gasoline vehicles. Government policies and incentives are another aspect driving the growth of the electric 3-wheeler market. Many countries are making efforts to minimize carbon dioxide emissions and promote the adoption of electric vehicles. These policies include subsidies, tax breaks for manufacturers and customers of electric 3-wheelers, and investments in charging infrastructure.

The cargo carrier segment to be the fastest growing segment during the forecast period

Demand for 3-wheel electric cargo carriers has increased due to countries’ increased focus on reducing emissions. Various retail, logistics and courier companies have already started adopting Electric 3-wheelers on a small scale. With technological advancements and the development of more vehicles, the adoption rate of 3-wheel electric cargo carriers will increase exponentially. The Electric 3 wheeler is a cost-effective and environmentally friendly mode of transportation, making it ideal for businesses that need to move goods quickly and efficiently. This type of vehicle is also an excellent choice for businesses that want to reduce their environmental impact. OEMs are collaborating with logistics providers and last-mile delivery providers to increase the application of electric 3-wheelers in the industry.

Lead acid will remain the favored battery chemistry in most of the developing countries segment during the forecast period

Lead acid batteries offer advantages such as low cost, high current and low internal resistance. The charging time of lead-acid batteries ranges from 6 to 8 hours, with a battery capacity of up to 6 kWh. However, they come with drawbacks such as slow charging times, high maintenance and lower energy density compared to alternatives such as lithium-ion batteries.

Despite these limitations, lead-acid batteries remain popular in applications such as electric 3-wheelers due to their affordability and availability, especially in regions such as Asia Pacific where demands for last-mile transportation are high. The market sees a significant presence of electric 3-wheelers with lead-acid batteries, driven by their lower price compared to their ICE counterparts. As demand for zero-emission vehicles increases, manufacturers are exploring options that offer longer ranges and more battery life cycles. However, lead-acid batteries continue to find applications, especially in electric 3-wheelers, where affordability remains a key factor influencing consumer choices.

Asia Pacific will be the largest market during the forecast period

Asia Pacific will be the largest market during the forecast period. Increasing government initiatives to promote electric vehicles in India, Sri Lanka, Bangladesh, Japan, and the Philippines will boost the electric 3-wheeler market. The Japanese government has taken steps to increase the adoption of electric vehicles in the country as part of its emission reduction programs, leading to the growth of the Japanese electric 3-wheeler industry. Similarly, Bangladesh prepared an automobile industry policy that required at least 15% of registered vehicles to be powered by environmentally friendly electricity by 2030.

This is expected to drive the electric 3 wheeler market in Bangladesh. Additionally, the Philippines has promoted the use of electric 3-wheelers throughout the country, including as a form of public transportation. Major cities in the Philippines have started using electric 3-wheelers to transport residents and temporary workers. Electric 3-wheelers are also used in major business districts and urban areas of the country. Such factors are expected to keep Asia Pacific the leading electric 3-wheeler market.

Research Coverage

The report covers the electric 3-wheeler market, in terms of end use (passenger carrier and cargo carrier), Range (less than 50 miles and over 50 miles), battery type (lead acid, lithium-ion and other), Battery capacity (below 5 KWH, 5-8 KWH and above 8 KWH), Motor type (Mid motor, mid motor and other motors), Motor power (below 1500 W, 1500-2500 W and above 2500 W) Load Capacity (up to 300 kg, 300 kg to 500 kg and above 500 kg), Region (Asia Pacific, Europe, North America and RoW).

The study also includes an in-depth competitive analysis of the leading players in the market, along with their company profiles, key observations regarding product and business offerings, recent developments, and key market strategies. The market is dominated by a few globally established players such as Mahindra&Mahindra Ltd. (India), YC Electric Vehicle (India), Saera Electric Auto Pvt. Ltd. (India), Piaggio Group (Italy) and Citylife Electric Vehicles (India). These companies manufacture and supply electric 3-wheelers to various countries around the world. These companies have set up R&D infrastructure and provide best-in-class solutions to their customers.

Main attributes

The report attribute The details
No. of Pages 327
Forecast period 2024-2030
Estimated market value (USD) in 2024 1.3 billion dollars
Projected market value (USD) by 2030 1.5 billion dollars
Compound Annual Growth Rate 2.2%
Regions covered global

Premium Insights

  • Low operation and maintenance costs to drive the market
  • W segment towards the main market from 2024 to 2030
  • The lithium-ion segment will lead the market by 2030
  • The segment above 50 miles to register the highest CAGR from 2024 to 2030
  • kWh segment in the main market from 2024 to 2030
  • Passenger Carriers segment to dominate the market during the forecast period
  • KG segment to market during the forecast period
  • The Mid Motors segment will dominate the market during the forecast period
  • India will account for the largest share of the market in 2024

Market Dynamics

  • leader
    • Low operation and maintenance costs
    • Government Incentives and Subsidies
    • Advances in battery technology and decreasing battery prices
    • The market created for 3 wheels in urban transport
    • Strict emission standards and environmental regulations
  • RESTRICTIONS
    • Lack of charging infrastructure
    • Limited power, range and speed
  • OppORTuNiTy
    • Automaker- and customer-driven policies to promote sales of electric 3-wheelers
    • Partnerships between OEMs and Delivery and Logistics Fleet Operators
  • CHALLENGE
    • Limited battery capacity
    • High initial investment compared to ice variants
    • Lack of compatibility, interchangeability and standardization

Technology Analysis

  • Key technologies
    • Regenerative braking systems
    • Solid State Battery (SSB)
  • Complementary Technologies
    • Changing batteries with 3 electric wheels
  • Related technologies
    • IoT in Electric 3 Wheelers
    • Hydrogen fuel cell

Case studies

  • Case Study 1: Race Energy’s Battery Replacement Solution
  • Case Study 2: Optimizing the Performance of Electric Vehicles in the Heterogeneous Traffic of West Bengal
  • Case Study 3: Altigreen’s 3 Wheeler Electric Cargo Revolution
  • Case Study 4: Traveling Kochi in Electric Autorickshaws
  • Case study 5: Turno’s electric freight vehicles transform milk delivery
  • Case Study 6: Zyngo EV Mobility’s Path to Sustainable Delivery Solutions in India
  • Case study 7: Operation of a logistics fleet of 3-wheel plug-in electric cars
  • Case study 8: Operation of 3-wheel electric logistics fleet with battery swapping

Featured companies

  • Mahindra&Mahindra Ltd.
  • YC Electric Vehicle
  • Saera Electric Auto Pvt. Ltd.
  • The Piaggio Group
  • Citylife electric vehicles
  • Kinetic green
  • Mini Metro EV LLP
  • Atul Auto Ltd.
  • Terra Motors Corporation
  • Lohia Auto Industries
  • Bajaj Auto Ltd.
  • Omega Seiki Movement
  • Jiangsu Jinpeng Group Co. Ltd.
  • Skyride E Rickshaw
  • Shado Group International Pte. Ltd.
  • Xianghe Qiangsheng Electric Tricycle Factory
  • Kyburz
  • Prozza Hirose Manufacturing Inc.
  • Gayam Motor Works Pvt. Ltd.
  • Bemac Corporation
  • JS Auto (P) Ltd.
  • Saarthi E-Rickshaw
  • Unique international
  • Euler Motors
  • Lectrix EV Private Limited

For more information about this report visit https://www.researchandmarkets.com/r/pw9f12

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  • Global Electric 3 Wheeler Market


            

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