Electric Three-Wheeler Market To Reach $756.52 Mn Globally By 2028 – Report
The electric three-wheeler market size was valued at $472.56 million in 2020 and is projected to reach $756.52 million by 2028; it is expected to grow at a CAGR of […] The post Electric Three-Wheeler Market To Reach $756.52 Mn Globally By 2028 – Report appeared first on EMobility+.
The electric three-wheeler market size was valued at $472.56 million in 2020 and is projected to reach $756.52 million by 2028; it is expected to grow at a CAGR of 5.9% from 2021 to 2028.
The latest research study on “Electric Three-Wheeler Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type [E-Auto (High Speed) and E-Rickshaw (Low Speed)] and Geography”. The electric three-wheeler market growth is driven by the strict government norms and regulations regarding pollution control, rising awareness about harmful effects of emissions from diesel vehicles and gasoline, and growing acceptance for electric vehicles, increasing level of harmful gases, managing cost, and acceptance of cleaner technologies.
Bodo Vehicle Group Co., Ltd.; Nobe Cars; Piaggio & C. SpA; Mahindra Electric Mobility Limited; Terra Motors; Kinetic Green Energy & Power Solutions Ltd.; LOHIA AUTO INDUSTRIES; E-Tuk Factory; Goenka Electric Motor Vehicles Private Limited; and JIANGSU KINGBON VEHICLE CO., LTD are among the key players in the global electric three-wheeler market. The leading companies are focusing on expanding and diversifying their market presence by acquiring a new customer base, thereby tapping prevailing business opportunities.
In 2020, Potala Palace is the most ancient palace complex in Tibet. It attracts many tourists and pilgrims every year from all over the world. Jinpeng group will be providing 11 electric bicycles and tricycles, as well as new energy vehicles to Potala Palace for the purpose of commuting and internal maintenance.
In 2020, world-class engineering and manufacturing consulting firm Munro & Associates Inc. are working with Nobe Cars USA Inc. to launch the Nobe 100GT electric vehicle (EV) in the US.
Rising levels of harmful gases, the high cost of traditional vehicle maintenance, and the growing acceptance of cleaner technologies are among the major factors contributing to the growth of the electric three-wheeler market. To minimize the emission of greenhouse gases via the 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 received 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 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.
The outbreak of COVID-19 has severely disrupted the supply chain and manufacturing of electronics equipment including the hardware component of the electric three-wheeler. The emergence of COVID-19 across the globe that led to lockdown scenarios created disruption in the electronics equipment supply chain in 2020 and continued through till mid-2021. However, the electronics equipment and automotive industry are likely to pick up pace sooner as governments across the globe have begun lifting various containment measures steadily to revive the economy. The production of electronics equipment and automotive are anticipated to gain pace, which is further foreseen to positively influence the electronics equipment and automotive manufacturing including hardware components of electric three-wheelers.
Companies are trying to invest more in R&D activities for embedding the latest technologies, such as global positioning systems (GPS) for navigation and solar-powered engines to derive electric power for the functioning of electric three-wheelers. GPS suggests the best route available to the destination and also saves a considerable amount of time. Further, it shows traffic status on alternative routes along with the 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, allow the three-wheelers to charge the battery through solar energy on the go during the daytime. Thus, there is no concern about the shortage of batteries and related components. For instance, Lohia Auto debuted its latest eco-friendly vehicles at the EV Expo 2016 in Delhi, India, in December 2016. The first is the Humrahi, a solar-powered rickshaw, and the second is the Narain, a hydraulic tipper e-rickshaw. 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.
The electric three-wheeler market, by type, is segmented into e-auto (high speed) and e-rickshaw (low speed). The e-rickshaw (low speed) segment led the electric three-wheeler market in 2020. E-rickshaws are under-powered electric three-wheeler vehicles, and they have lower battery capacities compared with e-auto. These parameters contribute to the lower range, lower speed, and lower payload capacity of e-rickshaws. The e-rickshaws are mainly in use in developing countries in the Asia Pacific, especially in India. The e-rickshaws have the highest speed limit of 50 kmph with a maximum range of up to 70–80 km.
Piaggio Vehicles Private Limited offers e-rickshaws based on a swappable battery concept that helps overcome challenges such as high-cost battery replacement, low battery life, and charging infrastructure inadequacy. The Apé E-City offered by Piaggio Vehicles Private Limited allows users to swap batteries at the company’s recharge station. E-rikshaws are further categorized as people carriers, goods carriers, and special vehicles.
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