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The latest report by IMARC Group, titled “India Electric Three-Wheeler Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,“ offers a comprehensive analysis of the industry, which comprises insights into the India electric three-wheeler market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The India electric three-wheeler market size reached US$ 1,031.0 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,435.6 Million by 2032, exhibiting a growth rate (CAGR) of 13.9% during 2024-2032.
India Electric Three-Wheeler Market Overview:
An electric three-wheeler, also known as an e-rickshaw or e-trike, is a vehicle powered by an electric motor and battery system. It typically features a three-wheel configuration, with two wheels in the front and one in the rear, along with a seating area for passengers or cargo. Electric three-wheelers are commonly used for short-distance transportation in urban and peri-urban areas, offering an eco-friendly alternative to traditional gasoline-powered three-wheelers or auto-rickshaws. They are favored for their low operating costs, reduced emissions, and quiet operation. Electric three-wheelers play a significant role in addressing transportation challenges in densely populated cities, providing affordable and sustainable mobility solutions for commuters, goods delivery, and last-mile connectivity.
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India Electric Three-Wheeler Market Trends:
The market in India is majorly driven by the government's push towards clean mobility solutions and reducing vehicular emissions. Initiatives such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme offer subsidies and incentives to both manufacturers and buyers, stimulating demand for electric three-wheelers. Moreover, the high operational costs associated with traditional gasoline-powered three-wheelers, including fuel expenses and maintenance, make electric three-wheelers an attractive alternative for drivers and fleet operators. The lower running costs of electric vehicles, coupled with rising fuel prices, contribute to their increasing adoption in India's transportation sector. Additionally, the growing need for last-mile connectivity and urban transportation solutions in congested cities further drives the demand for electric three-wheelers. Their compact size, maneuverability, and ability to navigate narrow streets make them well-suited for transporting passengers and goods in urban and peri-urban areas. Furthermore, advancements in battery technology and charging infrastructure are addressing concerns related to range anxiety and charging accessibility, further bolstering the market for electric three-wheelers in India.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Mahindra Electric Mobility Limited
TVS Motors
Bajaj Auto Limited
Kinetic Green
Piaggio
Lohia Auto (The Lohia Group of Industries)
Saera Electric Auto
Altigreen Propulsion Labs
Terra Motors India
Ceeon India
India Electric Three-Wheeler Market Segmentation:
Breakup by Vehicle Type:
Passenger Carrier
Load Carrier
Breakup by Battery Type:
Lithium Ion
Lead Acid
Breakup by Drive Type:
Hub Type
Chassis Mounted
Breakup by Motor Type:
BLDC Motor (Brushless DC Motor)
PMSM (Permanent Magnet Synchronous Motor)
Breakup by Power Output:
<3 kW
3 – 6 kW
7 – 10 kW
>10 kW
Breakup by Voltage Capacity:
48 – 59V
60 – 72V
73 – 96V
Above 96V
Breakup by Region:
North India
East India
West and Central India
South India
Key highlights of the Report:
Market Performance (2018-2023)
Market Outlook (2024-2032)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Strategic Recommendations
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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