India Electric Three Wheeler Market Share, Revenue, Trends, Scope, Key Players, Growth Drivers, Challenges and Future Opportunities Till 2033


India Electric Three Wheeler Market Share, Revenue, Trends, Scope, Key Players, Growth Drivers, Challenges and Future Opportunities Till 2033: SPER Market Research

 Published: Jan-2024
 Author: SPER Analyst

India Electric Three-wheelers Market is projected to be worth USD 1.87 billion by 2033 with a CAGR of 16.01%.

In India, electric three-wheelers—also referred to as e-rickshaws—have become a popular and environmentally responsible form of public transportation. Battery-powered electric motors enable these cars to run and cut down on fuel-related expenses. Passenger carriers and load carriers make up the two main categories of electric three-wheelers. These electric cars' low carbon emissions, affordability, noiseless ride, and small size all contribute to their high adoption rate. The Indian government's increasing number of efforts and awareness campaigns to lower greenhouse gas emissions from fuel-powered cars are also driving the market's expansion. Furthermore, the government has implemented several financial help programs and incentives for the acquisition of electric three-wheeler vehicles, thus expanding the market. 

India Electric Three-Wheelers  Market Driving Factors and Challenges
The surge in fossil fuel prices in India is driving a shift towards electric three-wheelers due to their lower operating costs compared to traditional fuel-powered vehicles. Despite the higher initial purchase cost of electric vehicles, consumers are drawn to their economic advantage amidst rising gasoline and diesel prices. However, the huge power pack and limited range of travel worry the manufacturers of three-wheeled vehicles. An electric three-wheeler can travel 125–130 km on a completely charged battery, while a conventional vehicle can cover 200–220 km on a full tank of gas. Furthermore impeding the broad adoption of clean transportation is the growing problem of inadequate infrastructure for charging electric vehicles, which leaves environmentally aware drivers without practical choices. 

Impact of COVID-19 on India Electric Three-Wheelers  Market
There was concern in the market due to the COVID-19 pandemic. Governments declared a complete lockdown and a temporary closure of the industry, which harmed the global production and sales of electric three-wheelers. Moreover, the pandemic has affected the sources of income for different electric three-wheeler drivers, particularly in the passenger sector, which has resulted in a significant rise in the number of loan defaulters. This set off a subsequent series of events, with the sales of electric three-wheelers being further damaged by a contraction in financing facilities.

India Electric Three-Wheelers  Market Key Players:
TVS Motors, Kinetic Green, Piaggio, Saera Electric Auto, Altigreen Propulsion Labs, Terra Motors India, Bajaj Auto Limited,  Lohia Auto (The Lohia Group of Industries), and Ceeon India are some of the major players in the industry that have been studied in terms of competition.

India Electric Three-Wheelers Market Segmentation:

By Vehicle: Based on the Vehicle, India Electric Three-Wheeler Market is segmented into Load carrier and Passenger Carrier.

By Battery Type: Based on the Battery Type, India Electric Three-Wheelers Market is segmented into Lead Acid and Lithium Ion.
By Motor Type: Based on the Motor Type, India Electric Three-Wheelers Market is segmented into the BLDC Motor and PMSM.

By Drive Type: Based on the Drive Type, the India Electric Three-wheeler  Market is segmented into the Hub Type and chassis Mounted. 

By Voltage Capacity: Based on the Voltage Capacity, India Electric Three-Wheeler Market is segmented into 48-59V, 60-72V, 73-96V, and Above 96V.

By Power Output: Based on the Power Output, India Electric Three-wheeler Market is segmented into <3kW, 3-6 kW, 7-10kW, and Above 10kW.

By Region: This research also includes data for North India, East India, West and Central India, South India.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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