Electric Three Wheelers Market: Introduction
Electric three wheelers are automobiles which are used to carry passengers or goods which are often categorized under light commercial vehicles. Electric three wheelers are motor operated vehicles powered through sealed lead acid batteries or lithium ion batteries which can be swapped or recharged after they run out of charge. Electric three wheelers are widely used by ride hailing services and short range goods carriers. As with all electric vehicles, electric three wheelers are gaining prominence due to their use of clean energy sources which curb pollution related problems.
Electric Three Wheelers Market: Market Dynamics
The growing concern regarding the increasing air pollution levels is making the public as well as government agencies to look out for more efficient and cleaner sources of energy. Electrification of automobiles is being given a serious thought and pilot versions have been launched across countries to test the viability as well as the effectiveness of electric modes of transport. Electric three wheelers are expected to play a vital role in public transportation as these automobiles offer last mile connectivity in most of the highly populated regions of the world. For instance, the Government of Nepal kick started a pilot project with respect to electric three wheelers and it turned out be successful as the demand for electric auto rickshaws increased in the country consequently. The aforementioned factor is one of the key drivers considered which is aiding the growth of the electric three wheelers market.
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The inadequacy of charging infrastructure and the low range of electric three wheelers is one of the factors which is deterring the growth of the electric three wheelers market.
Electric Three Wheelers Market: Market Segmentation
The global Electric Three Wheelers market can be segmented on the basis of, vehicle type, and battery type.
On the basis of vehicle type, the global Electric Three Wheelers market is segmented into:
- Passenger Carriers
- Load Carriers
On the basis of battery type, the global Electric Three Wheelers market is segmented into:
- Sealed Lead Acid Battery (SLA)
- Lithium Ion Battery
Electric Three Wheelers Market: Regional Outlook
The demand for electric three wheelers is high in the Asia Pacific region as the countries such as India and China have high populations and levels of atmospheric pollution are growing at an alarming rate. In addition, the demand for low cost transport and shared mobility modes for last mile connectivity is an unmet need in these markets as demand for such modes of transport outstrips supply. Europe is the second largest market for electric three wheelers due to the presence of a large number of automobile manufacturers in the regions as well as the EPA regulations which have stressed on the importance of bringing down pollution levels and the Government set targets which mandates that all automobiles should be electrically powered by 2025.
Electric Three Wheelers Market: Key Market Participants
Some of the key market participants in the global Electric Three Wheelers market are:
- Terra Motors Corporation
- Changzhou Yufeng Vehcle Co. Ltd.
- Xianghe Quiangsheng Electric Tricycle Factory
- Jiangsu Kingbon Vehicle Co. Ltd.
- Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd.
- Kinetic Green Energy & Power Solutions Ltd.
- Piaggio Group
- Lohia Auto Industries
- Groupe PSA
- Mahindra Group
- Atul Auto Limited
- Adapt Motors Pvt. Ltd.
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The Electric Three Wheelers market research report presents a comprehensive assessment of the Electric Three Wheelers market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Electric Three Wheelers market research report provides analysis and information according to market segments such as geographies, vehicle type, and battery type.