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Electric Three Wheeler Market worth USD 831.10 Million by 2028 | Market Projection By Technology, Major Key Players, Growth Factors, Revenue, CAGR, Regional Analysis

·5-min read

Electric three wheeler Market Key Players Studied in this Report are Mahindra Electric Mobility Limited (Bengaluru, India), Piaggio & C.SpA (Pontedera, Italy), Terra Motors (Tokyo, Japan), Kinetic Green Energy & Power Solutions Ltd. (Pune, India), Gayam Motor Works Pvt. Ltd (Hyderabad, India), Lohia Auto Industries (Uttar Pradesh, India), Omega Seiki Pvt. Ltd (Delhi, India), E-tuk (Denver, U.S.), Bodo Vehicle Group Co. Ltd (Tianjin, China), Atul Auto Limited(Rajkot, India)

Pune, India, Oct. 28, 2021 (GLOBE NEWSWIRE) -- The global electric three wheeler market size is expected to gain momentum by reaching USD 831.10 million by 2028 while exhibiting a stellar CAGR of 5.2% between 2021 to 2028. In its report titled “Global Electric Three-Wheeler Market,” Fortune Business Insights mentions that the market stood at USD 574.96 million in 2020.

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.


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The increasing demand from Electric three wheeler scooter over traditional ones is expected to drive market growth. Compared to the traditional three-wheelers, the average operation and maintenance costs of an electric three-wheeler are substantially low. Thus, demand for these has increased.

Market Segmentation:

By battery type, the market is divided into lithium-ion and lead acid. By power type, the market is segmented into Up to 1000 W, 1000 W to 1500 W and above 1500 W. By end use type, the market is segmented into passenger carrier and goods carrier. Lastly, in terms of geography, the market is divided into North America, Europe, South America, Asia Pacific, and Rest of the World.


Click here to get the short-term and long-term impacts of COVID-19 on this Market. Please visit: https://www.fortunebusinessinsights.com/electric-three-wheeler-market-105028


Increased Government Initiatives and Subsidies to Promote Electric Three-Wheelers to Drive Growth

The increasing demand for electric vehicles is expected to drive the electric three wheeler market growth. Moreover, initiatives by several governments, such as subsidy schemes and multiple reimbursement policies are expected to boost the market. For instance, the Indian government announced the launch of Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India) in 2015. This scheme offers monetary incentives for the purchase of electric and hybrid electric vehicles.

Regional Insights

Asia Pacific to Dominate Backed by Presence Large Number of Turbine Plants

Asia Pacific is expected to remain at the forefront and hold the largest position in the market during the forecast owing to the high demographic growth, a larger middle and lower-middle-class income population, and increasing inclination towards electrification of vehicles in this region. The region’s market stood at USD 514.46 million in 2020.

Europe is expected to showcase significant market share in upcoming years, owing to the rapid adoption of vehicle electrification in this region. Electric three-wheeler manufacturers are investing exponentially in R&D for innovating technologically advanced mobility solutions.


“Amidst this crisis, Fortune Business Insights™ is continuously assessing the impact of COVID-19 pandemic on various sub-markets and is enabling the global organizations to strategize for the post-COVID-19 world to sustain growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.fortunebusinessinsights.com/automotive-and-transportation-industry


List of the Companies Operating in the Market:

  • Mahindra Electric Mobility Limited (Bengaluru, India)

  • Piaggio & C.SpA (Pontedera, Italy)

  • Terra Motors (Tokyo, Japan)

  • Kinetic Green Energy & Power Solutions Ltd. (Pune, India)

  • Gayam Motor Works Pvt. Ltd (Hyderabad, India)

  • Lohia Auto Industries (Uttar Pradesh, India)

  • Omega Seiki Pvt. Ltd (Delhi, India)

  • E-tuk (Denver, U.S.)

  • Bodo Vehicle Group Co. Ltd (Tianjin, China)

  • Atul Auto Limited (Rajkot, India)


Quick Buy - Luxury Car Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/105028


Report Coverage

Details

Forecast Period

2021-2028

Forecast Period 2021-2028 CAGR

5.2%

2028 Value Projection

USD 831.10 million

Base Year

2020

Market Size in 2020

USD 574.96 Million

Historical Data for

2017-2019

No. of Pages

200

Segments covered

Battery Type, Power Type, End Use Type, and Region

Growth Drivers

Increased Government Initiatives and Subsidies to Promote Electric Three-Wheelers to Drive Growth

Asia Pacific to Dominate Backed by Presence Large Number of Turbine Plants


Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/electric-three-wheeler-market-105028


Global Luxury Car Market Segmentation:

By Battery Type:

  • Lithium-ion

  • Lead Acid

By Power Type:

  • Up to 1000 W

  • 1000 W to 1500 W

  • Above 1500 W

By End Use Type:

  • Passenger Carrier

  • Goods Carrier

By Geography:

  • North America (USA, Canada)

  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, Rest of Latin America)

  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)


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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

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