The India electric three-wheeler market size reached US$ 1.03 billion in 2023. Looking forward, the market is projected to reach US$ 3.43 billion by 2032, exhibiting a growth rate (CAGR) of 14.31% during 2023-2032.
Electric three-wheelers, commonly known as e-rickshaws, have emerged as a convenient and eco-friendly mode of public transportation in India. These vehicles operate with the help of battery-based electric motors that reduce additional costs related to fuel consumption. Electric three-wheelers are primarily classified into passenger carriers and load carriers. The high adoption rate of these electric vehicles depends upon their zero carbon emissions, compact design, cost-effectiveness, and noise-free travel experience. In India, the rising concerns towards high vehicular pollution levels are currently driving the demand for electric three-wheelers.
The soaring prices of several transportation fuels, such as diesel, petrol, LPG, CNG, etc., have led to a rising inclination towards electric three-wheelers in the country. Furthermore, the growing number of initiatives and awareness programs by the Indian government to reduce GHG emissions from fuel-powered vehicles is also propelling the market growth. In addition to this, the government has also introduced numerous subsidies and financial aids on the purchase of electric three-wheeler vehicles, thereby further augmenting the market. Moreover, the rising investments in the upgradation of public charging infrastructures for electric three-wheelers are also driving the product demand in the country.
Apart from this, several ridesharing companies in India are getting inclined towards electric three-wheelers for providing noise-free and ecologically-sustainable rides to their customers. Moreover, electric three-wheelers are increasingly being adopted by various courier companies for providing last-mile postal services and reducing carbon emissions at the same time. Numerous technological advancements have led to the integration of three-wheelers with GPS navigation, remote sensors, anti-theft locking systems, etc., which are further expected to drive the market growth in the coming years.
2. What is the expected growth rate of the India electric three-wheeler market during 2024-2032?
3. What are the key factors driving the India electric three-wheeler market?
4. What has been the impact of COVID-19 on the India electric three-wheeler market?
5. What is the breakup of the India electric three-wheeler market based on the vehicle type?
6. What is the breakup of the India electric three-wheeler market based on the battery type?
7. What are the key regions in the India electric three-wheeler market?
8. Who are the key players/companies in the India electric three-wheeler market?
Electric three-wheelers, commonly known as e-rickshaws, have emerged as a convenient and eco-friendly mode of public transportation in India. These vehicles operate with the help of battery-based electric motors that reduce additional costs related to fuel consumption. Electric three-wheelers are primarily classified into passenger carriers and load carriers. The high adoption rate of these electric vehicles depends upon their zero carbon emissions, compact design, cost-effectiveness, and noise-free travel experience. In India, the rising concerns towards high vehicular pollution levels are currently driving the demand for electric three-wheelers.
The soaring prices of several transportation fuels, such as diesel, petrol, LPG, CNG, etc., have led to a rising inclination towards electric three-wheelers in the country. Furthermore, the growing number of initiatives and awareness programs by the Indian government to reduce GHG emissions from fuel-powered vehicles is also propelling the market growth. In addition to this, the government has also introduced numerous subsidies and financial aids on the purchase of electric three-wheeler vehicles, thereby further augmenting the market. Moreover, the rising investments in the upgradation of public charging infrastructures for electric three-wheelers are also driving the product demand in the country.
Apart from this, several ridesharing companies in India are getting inclined towards electric three-wheelers for providing noise-free and ecologically-sustainable rides to their customers. Moreover, electric three-wheelers are increasingly being adopted by various courier companies for providing last-mile postal services and reducing carbon emissions at the same time. Numerous technological advancements have led to the integration of three-wheelers with GPS navigation, remote sensors, anti-theft locking systems, etc., which are further expected to drive the market growth in the coming years.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the India electric three-wheeler market report, along with forecasts at the country and regional level from 2024-2032. The report has categorized the market based on vehicle type, battery type, drive type, motor type, power output and voltage capacity.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
Competitive Landscape
Key Questions Answered in This Report
1. What was the size of the India electric three-wheeler market in 2023?2. What is the expected growth rate of the India electric three-wheeler market during 2024-2032?
3. What are the key factors driving the India electric three-wheeler market?
4. What has been the impact of COVID-19 on the India electric three-wheeler market?
5. What is the breakup of the India electric three-wheeler market based on the vehicle type?
6. What is the breakup of the India electric three-wheeler market based on the battery type?
7. What are the key regions in the India electric three-wheeler market?
8. Who are the key players/companies in the India electric three-wheeler market?
Table of Contents
1 Preface3 Executive Summary14 Value Chain Analysis16 Price Analysis17 Government Regulations18 Strategic Recommendations
2 Research Methodology
4 Introduction
5 India Electric Three-Wheeler Market
6 Market Breakup by Vehicle Type
7 Market Breakup by Battery Type
8 Market Breakup by Drive Type
9 Market Breakup by Motor Type
10 Market Breakup by Power Output
11 Market Breakup by Voltage Capacity
12 Market Breakup by Region
13 SWOT Analysis
15 Porter’s Five Forces Analysis
19 Key Players & Company Profile Analysis
List of Figures
List of Tables
Companies Mentioned
- 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
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 122 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 1.03 Trillion |
| Forecasted Market Value ( USD | $ 3.43 Trillion |
| Compound Annual Growth Rate | 14.3% |
| Regions Covered | India |
| No. of Companies Mentioned | 10 |
