Global Electric Three-Wheeler Market Research Report – Forecast till 2026
Global Electric Three-Wheeler Market is anticipated to register a CAGR of 11.10% during the review period to surpass USD 4.9 Billion by 2026. Three wheelers or Auto-rikshaws are usually used to travel for short distances or intercity transportation. The rising urbanization and the popularity of economic alternative of auto-rikshaws have increased pollution level. Therefore, the electric three-wheeler is a favourable, environmental, and cost-effective solution for metropolitan transportation. Three-wheeler transport is very popular type in metropolitan and developing cities worldwide. Its electric version is very user friendly to operate and it is energized with easy rechargeable battery.
The Global Electric Three-Wheeler Market is estimated to exhibit a substantial market expansion during the assessment period owing to the increasing requirement for eco-friendly transportation and increasing customer inclination. Additionally, the technology advancements in electric three-wheeler vehicles contain plug-in charging options, while earlier, the battery of the three-wheeler was charged after removing it from the vehicle. Nevertheless, variations in raw material prices are expected restrain the growth of this market in the future.
Global Electric Three-Wheeler Market has been classified in terms of Battery Type, Driving Range and Vehicle Type.
Depending on battery type segment, the global market has been divided into lithium-ion, nickel-metal hydride, lead-acid, and others. The hydride segment is expected to witness the highest CAGR of 10.43%. Based on Driving Range section, the market has been categorized into less than 50 miles, 50–100 miles, and above 100 miles. The less than 50 miles segment is expected to exhibit the highest CAGR of 10.88% during the review period.
Depending on Vehicle Type, the market has been segregated into passenger carrier and utility/goods carrier. The passenger carrier segment is estimated to exhibit a higher CAGR of 11.53% during the review period.
The region-specific analysis of the global electric three-wheeler market has been bifurcated into Asia-Pacific and the Rest of the World.
Asia-Pacific is likely to drive the biggest market for electric three-wheelers because of the emerging economies in China and India. Thus, this region is estimated to exhibit the highest CAGR of 11.16% in the global electric three-wheeler market during the projected timeframe.
The regional market growth is driven by the major markets developing countries in the region such as Bangladesh, Cambodia, and Thailand. Additionally, the inclination of maximum community on public transport and supportive government regulations in Asia Pacific is driving the market. Further, the regional market is expected to upsurge owing to the presence of pominent in the region include Atul Auto, Jiangsu Kingbon Vehicle Co. Ltd, and Terra Motors Corporation.
According to MRFR analysis, the major players in the myuustarket are Piaggio & C. SpA, Mahindra & Mahindra Ltd, Terra Motors Corporation, Kinetic Green Energy & Power Solutions Ltd, and Jiangsu Kingbon Vehicle Co. Ltd.
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