出版：MarketsandMarkets（マーケッツアンドマーケッツ） 出版年月：2024年5月
Electric 3 wheeler Market – Global Forecast to 2030
電動三輪車市場 : 最終用途 (旅客輸送、積荷輸送)、航続距離 (80 マイル未満、50 マイル以上)、バッテリーの種類 (鉛蓄電池、リチウムイオン)、バッテリー容量、モーターの種類、モーター出力、積載量、地域別 – 2030年までの世界予測
Electric 3 wheeler Market by End Use (Passenger Carriers, Load Carriers), Range (Less than 50 miles, above 50 miles), Battery Type (Lead Acid, Lithium-ion), Battery Capacity, Motor Type, Motor Power, Payload Capacity and Region – Global Forecast to 2030
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Report Overview
The electric 3 wheeler market is projected to grow from USD 1.3 billion in 2024 to USD 1.5 billion by 2030, registering a CAGR of 2.2%.
電動三輪車市場は、2024年の13億米ドルから2030年までに15億米ドルに成長し、2.2%のCAGRを記録すると予測されています。
The electric 3 wheeler market is expanding rapidly due to rising demand for economical and environmentally friendly transportation alternatives in densely populated urban areas. Electric 3 wheelers are a low-cost, low-emission alternative to regular gasoline-powered vehicles. Government policies and incentives are another aspect driving the growth of the electric 3 wheeler market. Numerous countries are making efforts to minimize carbon dioxide emissions and promote the adoption of electric vehicles. These policies include subsidies, tax rebates for electric 3 wheeler manufacturers and customers, and investments in charging infrastructure.
“Load Carrier segment to be the fastest growing segment during the forecast period”
The demand for Electric 3 wheeler load carriers has been rising due to the increased focus of countries on emission reduction. Various retail, logistics, and courier companies have already started adopting Electric 3 wheelers on a small scale. With technological advancements and the development of more vehicles, the adoption rate of Electric 3 wheeler load carriers will grow exponentially. The Electric 3 wheeler is a cost-effective and eco-friendly mode of transportation, making it ideal for businesses that must move goods quickly and efficiently. This type of vehicle is also a great choice for businesses that want to reduce their environmental impact. OEMs are partnering with logistics and last-mile delivery providers to increase the application of Electric 3 wheelers in the industry.
“Lead acid to remain the favoured battery chemistry in most developing countries segment during the forecast period”
Lead-acid batteries offer advantages such as low cost, high current delivery, and low internal impedance. The charging time of lead-acid batteries ranges between 6 and 8 hours, with a battery capacity of up to 6 kWh. However, they come with drawbacks such as slow charging times, high maintenance, and lower energy density compared to alternatives like lithium-ion batteries. Despite these limitations, lead-acid batteries remain popular in applications like electric 3-wheelers due to their affordability and availability, particularly in regions like Asia Pacific where last-mile transportation demands are high. The market sees a significant presence of lead-acid battery-powered electric 3-wheelers, driven by their lower pricing compared to ICE counterparts. As the demand for emission-free vehicles rises, manufacturers are exploring options that offer longer ranges and more battery life cycles. Nevertheless, lead-acid batteries continue to find applications, especially in electric 3-wheelers, where affordability remains a key factor influencing consumer choices.
“Asia Pacific to be the largest market during the forecast period.”
Asia Pacific to be the largest market during the forecast period. Increasing government initiatives to promote EVs in India, Sri Lanka, Bangladesh, Japan, and the Philippines will boost the electric 3 wheeler market. The Japanese government has taken steps to increase the adoption of EVs in the country as part of its emission reduction programs, leading to the growth of Japan’s electric 3 wheeler industry. Similarly, Bangladesh prepared an auto industry policy that called for at least 15% of registered vehicles to be powered by “environment-friendly electricity” in 2030. This is expected to drive the electric 3 wheeler market in Bangladesh. Further, Philippines has been promoting the use of electric 3 wheelers across the country, including as a form of public transportation. Major cities in the Philippines have started using electric 3 wheelers to transport residents and transient workers. Electric 3 wheelers are also used in the country’s major business districts and urban areas. Such factors are expected to keep Asia Pacific the leading electric 3 wheeler market.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: OEMs – 24%, Tier I – 67%, Tier II and Tier III – 9%
• By Designation: CXOs – 33%, Managers – 52%, Executives – 15%
• By Country: North America – 6%, Europe – 8%, Asia Pacific – 68%, and Rest of the World – 18%
The electric 3 wheeler market is dominated by a few globally established players, such as Mahindra&Mahindra Ltd. (India), YC Electric Vehicle (India), Saera Electric Auto Pvt. Ltd. (India), Piaggio Group (Italy), and Citylife Electric Vehicles (India). These companies manufactures and supplies electric 3 wheeler to various countries globally. These companies have set up R&D infrastructure and offer best-in-class solutions to their customers.
Research Coverage:
The report covers the electric 3 wheeler market, in terms of End Use (Passenger Carrier, and Load Carrier), Range (Less than 50 miles, and above 50 miles), Battery Type (Lead Acid, Lithium-ion, and Others), Battery Capacity (Below 5 KWH, 5-8 KWH, and Above 8 KWH), Motor Type (Hub Motor, Mid Motor, and Other Motors), Motor Power (Below 1500 W, 1500-2500 W, and Above 2500 W) Payload Capacity (Upto 300 kg, 300 kg to 500 kg, and Above 500 kg), Region (Asia Pacific, Europe, North America, and Row). It covers the competitive landscape and company profiles of the major players in the electric 3 wheeler market ecosystem.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
• This report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric 3 wheeler ecosystem and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• This report will also help stakeholders understand the market’s pulse and provide information on key market drivers, restraints, challenges, and opportunities.
The report provides insight on the following pointers:
• Analysis of key drivers (Low operating and maintenance costs, Government incentives and subsidies, Advancements in battery technology and reducing battery prices, and Established market for 3 wheelers in urban transportation), restraints (Lack of charging infrastructure, and Limited power output, range, and speed), challenges (Automobile manufacturer- and customer-oriented policies to promote electric 3 wheeler sales, and Partnerships between OEMs and delivery and logistics fleet operators), and opportunities (Limited battery capacity, High initial investments compared to ICE variants, and Lack of compatibility, interchangeability, and standardization).
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the electric 3 wheeler market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the electric 3 wheeler market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the electric 3 wheeler market.
Competitive Assessment: In-depth assessment of market ranking, growth strategies, and service offerings of leading players like Mahindra&Mahindra Ltd. (India), YC Electric Vehicle (India), Saera Electric Auto Pvt. Ltd. (India), Piaggio Group (Italy), and Citylife Electric Vehicles (India), among others in electric 3 wheeler market.
Table of Contents
1 INTRODUCTION 24
1.1 STUDY OBJECTIVES 24
1.2 MARKET DEFINITION 25
TABLE 1 ELECTRIC 3 WHEELER MARKET, BY END USE 25
TABLE 2 ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE 26
TABLE 3 ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE 26
TABLE 4 ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER 27
TABLE 5 ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY 27
TABLE 6 ELECTRIC 3 WHEELER MARKET, BY RANGE 27
TABLE 7 ELECTRIC 3 WHEELER MARKET, BY PAYLOAD CAPACITY 28
1.3 INCLUSIONS AND EXCLUSIONS 28
TABLE 8 ELECTRIC 3 WHEELER MARKET: INCLUSIONS AND EXCLUSIONS 28
1.4 MARKET SCOPE 29
FIGURE 1 MARKET SEGMENTATION 29
1.4.1 REGION SCOPE 30
1.4.2 YEARS CONSIDERED 30
1.5 CURRENCY CONSIDERED 31
TABLE 9 CURRENCY EXCHANGE RATES 31
1.6 STAKEHOLDERS 31
1.7 SUMMARY OF CHANGES 32
2 RESEARCH METHODOLOGY 33
2.1 RESEARCH DATA 33
FIGURE 2 ELECTRIC 3 WHEELER MARKET: RESEARCH DESIGN 33
FIGURE 3 RESEARCH DESIGN MODEL 34
2.1.1 SECONDARY DATA 34
2.1.2 KEY SECONDARY SOURCES 35
2.1.2.1 List of secondary sources 35
2.1.2.2 Key data from secondary sources 36
2.1.3 PRIMARY DATA 36
2.1.3.1 Primary interviews – demand and supply sides 37
2.1.3.2 Key industry insights and breakdown of primary interviews 37
FIGURE 4 KEY INDUSTRY INSIGHTS 37
FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS 38
2.1.3.3 List of primary participants 38
2.2 MARKET SIZE ESTIMATION 39
FIGURE 6 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING 40
2.2.1 BOTTOM-UP APPROACH 40
FIGURE 7 BOTTOM-UP APPROACH 41
2.2.2 TOP-DOWN APPROACH 41
FIGURE 8 TOP-DOWN APPROACH 41
FIGURE 9 ELECTRIC 3 WHEELER MARKET: RESEARCH DESIGN & METHODOLOGY 42
2.2.3 RECESSION IMPACT ANALYSIS 42
2.3 DATA TRIANGULATION 43
FIGURE 10 MARKET BREAKDOWN AND DATA TRIANGULATION 43
FIGURE 11 MARKET GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS AND OPPORTUNITIES 44
2.4 FACTOR ANALYSIS 45
2.5 RESEARCH ASSUMPTIONS 45
2.6 RESEARCH LIMITATIONS 46
3 EXECUTIVE SUMMARY 47
FIGURE 12 FACTORS DRIVING ELECTRIC 3 WHEELER MARKET 48
FIGURE 13 ELECTRIC 3 WHEELER MARKET DYNAMICS 49
FIGURE 14 INDIA TO DOMINATE ELECTRIC 3 WHEELER MARKET FROM 2024 TO 2030 50
FIGURE 15 KEY PLAYERS IN ELECTRIC 3 WHEELER MARKET 51
FIGURE 16 PASSENGER CARRIERS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 52
4 PREMIUM INSIGHTS 53
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTRIC 3 WHEELER MARKET 53
FIGURE 17 LOW OPERATING AND MAINTENANCE COSTS TO DRIVE MARKET 53
4.2 ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER 53
FIGURE 18 1,500–2,500 W SEGMENT TO LEAD MARKET FROM 2024 TO 2030 53
4.3 ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE 54
FIGURE 19 LITHIUM-ION SEGMENT TO LEAD MARKET BY 2030 54
4.4 ELECTRIC 3 WHEELER MARKET, BY RANGE 54
FIGURE 20 ABOVE 50 MILES SEGMENT TO REGISTER HIGHER CAGR FROM 2024 TO 2030 54
4.5 ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY 55
FIGURE 21 5–8 KWH SEGMENT TO LEAD MARKET FROM 2024 TO 2030 55
4.6 ELECTRIC 3 WHEELER MARKET, BY END USE 55
FIGURE 22 PASSENGER CARRIERS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 55
4.7 ELECTRIC 3 WHEELER MARKET, BY PAYLOAD CAPACITY 56
FIGURE 23 300–500 KG SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 56
4.8 ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE 56
FIGURE 24 MID MOTORS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 56
4.9 ELECTRIC 3 WHEELER MARKET, BY COUNTRY 57
FIGURE 25 INDIA TO ACCOUNT FOR LARGEST MARKET SHARE IN 2024 57
5 MARKET OVERVIEW 58
5.1 INTRODUCTION 58
5.2 MARKET DYNAMICS 59
FIGURE 26 ELECTRIC 3 WHEELER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 59
5.2.1 DRIVERS 59
5.2.1.1 Low operating and maintenance costs 59
FIGURE 27 ELECTRICITY TARIFF FOR PERSONAL USE CASES AT DIFFERENT LEVELS OF ENERGY CONSUMPTION 60
TABLE 10 MAINTENANCE COST OF ELECTRIC 3 WHEELERS, BY VEHICLE MODEL 60
TABLE 11 AVERAGE ENERGY CONSUMPTION OF 3 WHEELERS 61
5.2.1.2 Government incentives and subsidies 61
TABLE 12 INDIA: GOVERNMENT INCENTIVES, BY MODEL, 2023 62
TABLE 13 BUDGETARY ALLOCATION AND EXPENDITURE OF FUNDS UNDER FAME II 64
5.2.1.3 Advancements in battery technology and reducing battery prices 65
TABLE 14 COMPARISON OF BATTERY TECHNOLOGIES IN ELECTRIC 3 WHEELERS 65
TABLE 15 INDIA: SPECIFICATIONS OF CHARGING INFRASTRUCTURE 67
FIGURE 28 LITHIUM-ION BATTERY PACK AND CELL PRICE SPLIT, 2013–2023 (USD/KWH) 68
5.2.1.4 Established market for 3 wheelers in urban transportation 69
FIGURE 29 ASIA PACIFIC: ELECTRIC 3 WHEELER SALES, 2020–2023 (THOUSAND UNITS) 69
5.2.1.5 Stringent emission norms and environmental regulations 69
TABLE 16 EMISSION REGULATION SPECIFICATIONS OF KEY COUNTRIES, BY FUEL TYPE, 2016–2023 70
5.2.2 RESTRAINTS 70
5.2.2.1 Lack of charging infrastructure 70
FIGURE 30 EV CHARGING STATION NETWORK IN INDIA 71
5.2.2.2 Limited power output, range, and speed 72
TABLE 17 ELECTRIC 3 WHEELER RANGE 72
5.2.3 OPPORTUNITIES 73
5.2.3.1 Automobile manufacturer- and customer-oriented policies to promote electric 3 wheeler sales 73
5.2.3.2 Partnerships between OEMs and delivery and logistics fleet operators 74
TABLE 18 INDIA: ROLE OF E-RICKSHAW VS. ELECTRIC AUTO RICKSHAW 74
5.2.4 CHALLENGES 75
5.2.4.1 Limited battery capacity 75
TABLE 19 BATTERY CAPACITIES OF POPULAR ELECTRIC 3 WHEELER MODELS 75
5.2.4.2 High initial investments compared to ICE variants 76
FIGURE 31 AVERAGE TOTAL COST OF CONVENTIONAL VS ELECTRIC 3 WHEELERS (2023) 76
5.2.4.3 Lack of compatibility, interchangeability, and standardization 76
TABLE 20 ELECTRIC 3 WHEELER MARKET: IMPACT OF MARKET DYNAMICS 77
5.3 VALUE CHAIN ANALYSIS 78
FIGURE 32 ELECTRIC 3 WHEELER MARKET: VALUE CHAIN ANALYSIS 78
5.4 PRICING ANALYSIS 79
5.4.1 OEM-WISE PRICING ANALYSIS 80
TABLE 21 OEM ELECTRIC 3 WHEELER PRICING ANALYSIS, 2023 (USD) 80
5.4.2 ASIA PACIFIC: AVERAGE SELLING PRICE TREND 80
TABLE 22 ELECTRIC 3 WHEELER MARKET: ASIA PACIFIC AVERAGE PRICE TREND, 2020–2030 80
FIGURE 33 VOLUME WEIGHTED AVERAGE LITHIUM-ION BATTERY PACK AND CELL PRICE SPLIT, 2013–2023 (USD/KWH) 81
5.5 ECOSYSTEM ANALYSIS 82
FIGURE 34 ELECTRIC 3 WHEELER MARKET ECOSYSTEM ANALYSIS 82
5.5.1 OEMS 82
5.5.2 RAW MATERIAL SUPPLIERS 82
5.5.3 BATTERY MANUFACTURERS 83
5.5.4 CHARGING INFRASTRUCTURE PROVIDERS 83
5.5.5 POWERTRAIN MANUFACTURERS 83
5.5.6 COMPONENT MANUFACTURERS 83
TABLE 23 ELECTRIC 3 WHEELER MARKET: ROLE OF COMPANIES IN ECOSYSTEM 83
5.6 TOTAL COST OF OWNERSHIP (TCO) ANALYSIS 85
TABLE 24 TCO COMPARISON ACROSS ELECTRIC 3W VS DIESEL 3W VEHICLES (2023) 85
TABLE 25 TCO COMPARISON ACROSS ELECTRIC 3W VS DIESEL 3W VEHICLES (2030) 86
5.7 BILL OF MATERIALS (BOM) ANALYSIS 86
FIGURE 35 BILL OF MATERIALS FOR ELECTRIC 3 WHEELER COMPONENTS (2023) 87
5.8 INVESTMENT AND FUNDING SCENARIO 87
FIGURE 36 ELECTRIC 3 WHEELER MARKET: INVESTMENT AND FUNDING SCENARIO, 2020–2023 88
5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 88
5.9.1 PASSENGER CARRIERS 88
5.9.2 LOAD CARRIERS 89
5.10 KEY STAKEHOLDERS IN BUYING PROCESS 89
FIGURE 37 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 2 END USES 89
TABLE 26 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 2 END USES (%) 89
5.10.1 BUYING CRITERIA 90
FIGURE 38 KEY BUYING CRITERIA FOR TOP 2 END USES 90
TABLE 27 KEY BUYING CRITERIA FOR TOP 2 END USES 90
5.11 TRADE ANALYSIS 91
5.11.1 IMPORT/EXPORT SCENARIO (HS CODE 870390) 91
TABLE 28 IMPORT DATA FOR HS CODE 870390, BY COUNTRY, 2020–2023 (USD MILLION) 91
TABLE 29 EXPORT DATA FOR HS CODE 870390, BY COUNTRY, 2020–2023 (USD MILLION) 92
5.12 TECHNOLOGY ANALYSIS 92
5.12.1 KEY TECHNOLOGIES 92
5.12.1.1 Regenerative braking systems 92
FIGURE 39 REGENERATIVE BRAKING IN ELECTRIC 3 WHEELERS 93
5.12.1.2 Solid-state battery (SSB) 93
5.12.2 COMPLEMENTARY TECHNOLOGIES 94
5.12.2.1 Battery swapping in electric 3 wheelers 94
FIGURE 40 PHOTOVOLTAIC (PV)-BASED BATTERY SWAPPING STATIONS 95
5.12.3 ADJACENT TECHNOLOGIES 95
5.12.3.1 IoT in electric 3 wheelers 95
FIGURE 41 IOT-ENABLED SMART GRID 96
5.12.3.2 Hydrogen fuel cell 96
FIGURE 42 COMPARISON OF HYDROGEN AND ELECTRIC VEHICLE DRIVE 97
5.13 PATENT ANALYSIS 98
FIGURE 43 NUMBER OF PUBLISHED PATENTS, 2014–2023 98
5.13.1 LEGAL STATUS OF PATENTS 98
FIGURE 44 LEGAL STATUS OF PATENTS FILED FOR ELECTRIC 3 WHEELERS 98
5.13.2 TOP PATENT APPLICANTS 99
FIGURE 45 TOP PATENT APPLICANTS, 2014–2023 99
TABLE 30 PATENT ANALYSIS 99
5.14 CASE STUDIES 106
5.14.1 CASE STUDY 1: RACE ENERGY’S BATTERY-SWAPPING SOLUTION 106
5.14.2 CASE STUDY 2: OPTIMIZING ELECTRIC VEHICLE PERFORMANCE IN WEST BENGAL’S HETEROGENEOUS TRAFFIC 106
5.14.3 CASE STUDY 3: ALTIGREEN’S ELECTRIC 3 WHEELER CARGO REVOLUTION 107
5.14.4 CASE STUDY 4: KOCHI’S JOURNEY TO ELECTRIC AUTORICKSHAWS 107
5.14.5 CASE STUDY 5: TURNO’S ELECTRIC GOODS VEHICLES TRANSFORM DAIRY DISTRIBUTION 108
5.14.6 CASE STUDY 6: ZYNGO EV MOBILITY’S PATH TO SUSTAINABLE DELIVERY SOLUTIONS IN INDIA 108
5.14.7 CASE STUDY 7: ELECTRIC 3 WHEELER LOGISTICS FLEET OPERATION WITH CAPTIVE PLUG-IN CHARGING 109
5.14.8 CASE STUDY 8: ELECTRIC 3 WHEELER LOGISTICS FLEET OPERATION WITH BATTERY SWAPPING 110
5.15 REGULATORY LANDSCAPE 110
5.15.1 INDIA 111
TABLE 31 SUBSIDY BY VEHICLE TYPE UNDER FAME II 111
TABLE 32 INDIA: GOVERNMENT INCENTIVES, BY STATE 111
5.15.2 CHINA 113
5.15.3 THAILAND 113
5.15.4 VIETNAM 113
5.15.5 LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 114
TABLE 33 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 114
TABLE 34 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 115
TABLE 35 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 116
5.16 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 117
FIGURE 46 ELECTRIC 3 WHEELER MARKET: TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 117
5.17 KEY CONFERENCES AND EVENTS 118
TABLE 36 ELECTRIC 3 WHEELER MARKET: LIST OF KEY CONFERENCES AND EVENTS, 2024 118
5.18 FUNCTIONAL SAFETY (FUSA) IN AUTOMOTIVE 118
TABLE 37 AUTOMOTIVE SAFETY INTEGRITY LEVELS FOR AUTOMOTIVE INDUSTRY 119
FIGURE 47 ASIL FOR ELECTRIFICATION COMPONENTS IN EVS 119
5.18.1 MAJOR FUNCTIONAL SAFETY (FUSA) USE CASES IN EVS 120
5.18.1.1 High-power vehicle architecture 120
5.18.1.2 Battery management systems 120
5.18.1.3 Current protection systems 120
5.18.1.4 Thermal management systems 120
5.18.2 FUNCTIONAL SAFETY TRENDS 120
6 ELECTRIC 3 WHEELER MARKET, BY END USE 121
6.1 INTRODUCTION 122
FIGURE 48 LOAD CARRIERS SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 122
TABLE 38 ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (USD MILLION) 123
TABLE 39 ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (USD MILLION) 123
TABLE 40 ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (UNITS) 123
TABLE 41 ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (UNITS) 123
6.1.1 OPERATIONAL DATA 124
TABLE 42 TOP-SELLING ELECTRIC 3 WHEELER MODELS, BY END USE 124
6.2 PASSENGER CARRIERS 124
6.2.1 DEMAND FOR COST-EFFECTIVE URBAN TRANSPORTATION TO DRIVE MARKET 124
TABLE 43 PASSENGER CARRIERS: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2020–2023 (UNITS) 125
TABLE 44 PASSENGER CARRIERS: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2024–2030 (UNITS) 125
6.3 LOAD CARRIERS 126
6.3.1 GOVERNMENT INCENTIVE SCHEMES AND SUBSIDY PROGRAMS TO DRIVE MARKET 126
TABLE 45 LOAD CARRIERS: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2020–2023 (UNITS) 126
TABLE 46 LOAD CARRIERS: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2024–2030 (UNITS) 127
6.4 KEY PRIMARY INSIGHTS 127
7 ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE 128
7.1 INTRODUCTION 129
FIGURE 49 LITHIUM-ION SEGMENT TO LEAD MARKET BY 2030 129
TABLE 47 ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2020–2023 (UNITS) 129
TABLE 48 ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2024–2030 (UNITS) 130
7.1.1 OPERATIONAL DATA 130
TABLE 49 ELECTRIC 3 WHEELER MODELS, BY BATTERY TYPE 130
TABLE 50 REPLACEMENT COST FOR BATTERY PACKS 132
7.2 LEAD-ACID 132
7.2.1 DEMAND FOR AFFORDABLE LAST-MILE TRANSPORTATION AND LOGISTICS SERVICES TO DRIVE MARKET 132
7.3 LITHIUM-ION 133
7.3.1 ONGOING INNOVATIONS AND ADVANCEMENTS IN BATTERY TECHNOLOGY TO DRIVE MARKET 133
TABLE 51 COST OF POPULAR LITHIUM-ION BATTERIES FOR ELECTRIC 3 WHEELERS 133
7.4 OTHERS 134
TABLE 52 SODIUM-ION BATTERY PROVIDERS 135
7.5 KEY PRIMARY INSIGHTS 135
8 ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY 136
8.1 INTRODUCTION 137
TABLE 53 TYPES OF BATTERIES AND THEIR CHARACTERISTICS 137
FIGURE 50 5–8 KWH SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 137
TABLE 54 ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS) 138
TABLE 55 ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS) 138
8.2 BELOW 5 KWH 138
8.2.1 DEMAND FOR AFFORDABLE AND ZERO-EMISSION TRANSPORTATION TO DRIVE MARKET 138
TABLE 56 BELOW 5 KWH: ELECTRIC 3 WHEELER MARKET, BY MODEL 139
8.3 5–8 KWH 140
8.3.1 NEED FOR HIGHER RANGE AND CARRIAGE CAPACITY TO DRIVE MARKET 140
TABLE 57 5–8 KWH: ELECTRIC 3 WHEELER MARKET, BY MODEL 140
8.4 ABOVE 8 KWH 141
8.4.1 GROWING DEMAND FOR HIGHER BATTERY CAPACITY FOR LAST-MILE DELIVERY TO DRIVE MARKET 141
TABLE 58 ABOVE 8 KWH: ELECTRIC 3 WHEELER MARKET, BY MODEL 142
8.5 KEY PRIMARY INSIGHTS 142
9 ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE 143
9.1 INTRODUCTION 144
FIGURE 51 MID MOTOR SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 144
TABLE 59 ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2020–2023 (UNITS) 144
TABLE 60 ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2024–2030 (UNITS) 145
9.2 HUB MOTORS 145
9.2.1 NEED FOR RESPONSIVE ACCELERATION, PRECISE CONTROL, AND LOW MAINTENANCE TO DRIVE DEMAND 145
TABLE 61 HUB MOTORS: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2020–2023 (UNITS) 146
TABLE 62 HUB MOTOR: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2024–2030 (UNITS) 146
9.3 MID MOTORS 147
9.3.1 COST-EFFECTIVENESS AND HIGHER EFFICIENCY TO DRIVE DEMAND 147
TABLE 63 MID MOTORS: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2020–2023 (UNITS) 147
TABLE 64 MID MOTORS: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2024–2030 (UNITS) 148
9.4 OTHER MOTORS 148
9.5 KEY PRIMARY INSIGHTS 148
10 ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER 149
10.1 INTRODUCTION 150
FIGURE 52 1,500–2,500 W SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 150
TABLE 65 ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2020–2023 (UNITS) 151
TABLE 66 ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2024–2030 (UNITS) 151
10.1.1 OPERATIONAL DATA 151
TABLE 67 POPULAR ELECTRIC 3 WHEELER MODELS, BY MOTOR POWER 151
FIGURE 53 ELECTRIC 3 WHEELER POWERTRAIN ARCHITECTURE 154
TABLE 68 FACTORS DECIDING MOTOR POWER OF ELECTRIC 3 WHEELERS 154
10.2 BELOW 1,500 W 155
10.2.1 DECARBONIZATION OBJECTIVES AND STRINGENT GOVERNMENT EMISSION REGULATIONS TO DRIVE MARKET 155
TABLE 69 BELOW 1,500 W: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2020–2023 (UNITS) 155
TABLE 70 BELOW 1,500 W: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2024–2030 (UNITS) 156
10.3 1,500–2,500 W 156
10.3.1 GROWING FOCUS OF OEMS ON PERFORMANCE ENHANCEMENT TO DRIVE MARKET 156
TABLE 71 1,500–2,500 W: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2020–2023 (UNITS) 157
TABLE 72 1,500–2,500 W: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2024–2030 (UNITS) 157
10.4 ABOVE 2,500 W 158
10.4.1 CONTINUED INNOVATION AND INVESTMENT IN ELECTRIC VEHICLE TECHNOLOGY TO DRIVE MARKET 158
TABLE 73 ABOVE 2,500 W: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2020–2023 (UNITS) 158
TABLE 74 ABOVE 2,500 W: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2024–2030 (UNITS) 159
10.5 KEY PRIMARY INSIGHTS 159
11 ELECTRIC 3 WHEELER MARKET, BY PAYLOAD CAPACITY 160
11.1 INTRODUCTION 161
FIGURE 54 300–500 KG SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 161
TABLE 75 ELECTRIC 3 WHEELER MARKET, BY PAYLOAD CAPACITY, 2020–2023 (UNITS) 161
TABLE 76 ELECTRIC 3 WHEELER MARKET, BY PAYLOAD CAPACITY, 2024–2030 (UNITS) 162
11.2 UP TO 300 KG 162
11.2.1 INCREASING DEMAND FOR AFFORDABLE ELECTRIC 3 WHEELERS TO DRIVE MARKET 162
11.3 300–500 KG 162
11.3.1 INCREASING DEMAND IN E-COMMERCE AND LOGISTICS TO DRIVE SEGMENT 162
TABLE 77 300–500 KG LOAD CAPACITY MODELS 163
11.4 ABOVE 500 KG 164
11.4.1 GROWING DEMAND FOR SUSTAINABLE TRANSPORTATION SOLUTIONS IN LOGISTICS INDUSTRY TO DRIVE MARKET 164
TABLE 78 ABOVE 500 KG PAYLOAD CAPACITY MODELS 165
11.5 KEY PRIMARY INSIGHTS 165
12 ELECTRIC 3 WHEELER MARKET, BY RANGE 166
12.1 INTRODUCTION 167
FIGURE 55 LESS THAN 50 MILES SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 167
TABLE 79 ELECTRIC 3 WHEELER MARKET, BY RANGE, 2020–2023 (UNITS) 168
TABLE 80 ELECTRIC 3 WHEELER MARKET, BY RANGE, 2024–2030 (UNITS) 168
12.2 LESS THAN 50 MILES 168
12.2.1 DEMAND FOR SHORT-DISTANCE URBAN COMMUTING AND TRANSPORTATION TO DRIVE SEGMENT 168
12.2.2 OPERATIONAL DATA 169
TABLE 81 ELECTRIC 3 WHEELER MODELS WITH LESS THAN 50 MILES RANGE 169
TABLE 82 LESS THAN 50 MILES: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2020–2023 (UNITS) 170
TABLE 83 LESS THAN 50 MILES: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2024–2030 (UNITS) 170
12.3 ABOVE 50 MILES 171
12.3.1 IMPROVEMENT IN BATTERY TECHNOLOGY TO DRIVE SEGMENT 171
12.3.2 OPERATIONAL DATA 171
TABLE 84 ELECTRIC 3 WHEELER MODELS WITH ABOVE 50 MILES RANGE 171
TABLE 85 ABOVE 50 MILES: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2020–2023 (UNITS) 173
TABLE 86 ABOVE 50 MILES: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2024–2030 (UNITS) 173
12.4 KEY PRIMARY INSIGHTS 174
13 ELECTRIC 3 WHEELER MARKET, BY REGION 175
13.1 INTRODUCTION 176
FIGURE 56 ASIA PACIFIC: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2024 VS. 2030 177
TABLE 87 ASIA PACIFIC: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2020–2023 (UNITS) 177
TABLE 88 ASIA PACIFIC: ELECTRIC 3 WHEELER MARKET, BY COUNTRY, 2024–2030 (UNITS) 178
TABLE 89 ASIA PACIFIC: ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (USD MILLION) 178
TABLE 90 ASIA PACIFIC: ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (USD MILLION) 178
13.2 ASIA PACIFIC 179
FIGURE 57 ASIA PACIFIC: ELECTRIC 3 WHEELER MARKET SNAPSHOT 179
13.2.1 RECESSION IMPACT ANALYSIS 180
13.2.2 INDIA 180
13.2.2.1 Increasing trend of last-mile delivery and battery swapping to drive market 180
TABLE 91 INDIA: GOVERNMENT SUBSIDIES AND INCENTIVES FOR ELECTRIC 3 WHEELERS, BY STATE 180
TABLE 92 COMPANIES ADOPTING ELECTRIC 3 WHEELER LOAD CARRIERS IN INDIA 182
TABLE 93 DEVELOPMENTS OF BATTERY SWAPPING STATIONS IN INDIA 183
TABLE 94 INDIA: ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (UNITS) 184
TABLE 95 INDIA: ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (UNITS) 184
TABLE 96 INDIA: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2020–2023 (UNITS) 185
TABLE 97 INDIA: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2024–2030 (UNITS) 185
TABLE 98 INDIA: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2020–2023 (UNITS) 185
TABLE 99 INDIA: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2024–2030 (UNITS) 185
TABLE 100 INDIA: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2020–2023 (UNITS) 185
TABLE 101 INDIA: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2024–2030 (UNITS) 186
TABLE 102 INDIA: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS) 186
TABLE 103 INDIA: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS) 186
TABLE 104 INDIA: ELECTRIC 3 WHEELER MARKET, BY PAYLOAD CAPACITY, 2020–2023 (UNITS) 186
TABLE 105 INDIA: ELECTRIC 3 WHEELER MARKET, BY PAYLOAD CAPACITY, 2024–2030 (UNITS) 187
TABLE 106 INDIA: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2020–2023 (UNITS) 187
TABLE 107 INDIA: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2024–2030 (UNITS) 187
13.2.3 JAPAN 188
13.2.3.1 Government focus on improving electric vehicle ecosystem to drive market 188
TABLE 108 GOVERNMENT INITIATIVES FOR EV ADOPTION IN JAPAN 189
TABLE 109 JAPAN: ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (UNITS) 189
TABLE 110 JAPAN: ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (UNITS) 189
TABLE 111 JAPAN: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2020–2023 (UNITS) 189
TABLE 112 JAPAN: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2024–2030 (UNITS) 190
TABLE 113 JAPAN: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2020–2023 (UNITS) 190
TABLE 114 JAPAN: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2024–2030 (UNITS) 190
TABLE 115 JAPAN: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2020–2023 (UNITS) 190
TABLE 116 JAPAN: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2024–2030 (UNITS) 191
TABLE 117 JAPAN: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS) 191
TABLE 118 JAPAN: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS) 191
TABLE 119 JAPAN: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2020–2023 (UNITS) 191
TABLE 120 JAPAN: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2024–2030 (UNITS) 192
13.2.4 THAILAND 192
13.2.4.1 Growing demand for e-tuk-tuk for local transport to drive market 192
TABLE 121 GOVERNMENT INITIATIVES FOR EV ADOPTION IN THAILAND 193
TABLE 122 THAILAND: ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (UNITS) 193
TABLE 123 THAILAND: ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (UNITS) 193
TABLE 124 THAILAND: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2020–2023 (UNITS) 193
TABLE 125 THAILAND: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2024–2030 (UNITS) 194
TABLE 126 THAILAND: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2020–2023 (UNITS) 194
TABLE 127 THAILAND: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2024–2030 (UNITS) 194
TABLE 128 THAILAND: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2020–2023 (UNITS) 194
TABLE 129 THAILAND: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2024–2030 (UNITS) 195
TABLE 130 THAILAND: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS) 195
TABLE 131 THAILAND: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS) 195
TABLE 132 THAILAND: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2020–2023 (UNITS) 195
TABLE 133 THAILAND: ELECTRIC 3 WHEELER MARKET, BY BATTERY MOTOR TYPE, 2024–2030 (UNITS) 196
13.2.5 BANGLADESH 196
13.2.5.1 Developments by major OEMs to drive market 196
TABLE 134 ELECTRIC 3 WHEELER DEVELOPMENTS IN BANGLADESH 197
TABLE 135 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (UNITS) 197
TABLE 136 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (UNITS) 197
TABLE 137 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2020–2023 (UNITS) 198
TABLE 138 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2024–2030 (UNITS) 198
TABLE 139 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2020–2023 (UNITS) 198
TABLE 140 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2024–2030 (UNITS) 198
TABLE 141 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2020–2023 (UNITS) 198
TABLE 142 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2024–2030 (UNITS) 199
TABLE 143 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS) 199
TABLE 144 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS) 199
TABLE 145 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2020–2023 (UNITS) 199
TABLE 146 BANGLADESH: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2024–2030 (UNITS) 200
13.2.6 NEPAL 200
13.2.6.1 Private sector financing to drive market 200
TABLE 147 GOVERNMENT INITIATIVES FOR EV ADOPTION IN NEPAL 200
TABLE 148 MAJOR ELECTRIC 3 WHEELER INVESTMENTS PROPOSED IN NEPAL 201
TABLE 149 NEPAL: ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (UNITS) 201
TABLE 150 NEPAL: ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (UNITS) 201
TABLE 151 NEPAL: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2020–2023 (UNITS) 202
TABLE 152 NEPAL: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2024–2030 (UNITS) 202
TABLE 153 NEPAL: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2020–2023 (UNITS) 202
TABLE 154 NEPAL: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2024–2030 (UNITS) 202
TABLE 155 NEPAL: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2020–2023 (UNITS) 202
TABLE 156 NEPAL: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2024–2030 (UNITS) 203
TABLE 157 NEPAL: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS) 203
TABLE 158 NEPAL: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS) 203
TABLE 159 NEPAL: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2020–2023 (UNITS) 203
TABLE 160 NEPAL: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2024–2030 (UNITS) 204
13.2.7 SRI LANKA 204
13.2.7.1 OEM initiatives towards green mobility to drive market 204
TABLE 161 LITHIUM-ION BATTERY IMPORTERS IN SRI LANKA (2023) 205
TABLE 162 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (UNITS) 205
TABLE 163 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (UNITS) 205
TABLE 164 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2020–2023 (UNITS) 205
TABLE 165 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2024–2030 (UNITS) 206
TABLE 166 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2020–2023 (UNITS) 206
TABLE 167 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2024–2030 (UNITS) 206
TABLE 168 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2020–2023 (UNITS) 206
TABLE 169 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2024–2030 (UNITS) 207
TABLE 170 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS) 207
TABLE 171 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS) 207
TABLE 172 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2020–2023 (UNITS) 207
TABLE 173 SRI LANKA: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2024–2030 (UNITS) 208
13.2.8 INDONESIA 208
13.2.8.1 Removal of import duties and luxury tax on EVs to drive market 208
TABLE 174 GOVERNMENT INITIATIVES FOR EV ADOPTION IN INDONESIA 209
TABLE 175 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (UNITS) 209
TABLE 176 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (UNITS) 209
TABLE 177 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2020–2023 (UNITS) 209
TABLE 178 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2024–2030 (UNITS) 210
TABLE 179 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2020–2023 (UNITS) 210
TABLE 180 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2024–2030 (UNITS) 210
TABLE 181 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2020–2023 (UNITS) 210
TABLE 182 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2024–2030 (UNITS) 211
TABLE 183 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS) 211
TABLE 184 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS) 211
TABLE 185 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2020–2023 (UNITS) 211
TABLE 186 INDONESIA: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2024–2030 (UNITS) 212
13.2.9 PHILIPPINES 212
13.2.9.1 Rising tourism sector to drive market 212
TABLE 187 GOVERNMENT INITIATIVES FOR EV ADOPTION IN PHILIPPINES 212
TABLE 188 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (UNITS) 213
TABLE 189 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (UNITS) 213
TABLE 190 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2020–2023 (UNITS) 213
TABLE 191 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2024–2030 (UNITS) 213
TABLE 192 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2020–2023 (UNITS) 213
TABLE 193 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2024–2030 (UNITS) 214
TABLE 194 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2020–2023 (UNITS) 214
TABLE 195 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2024–2030 (UNITS) 214
TABLE 196 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS) 214
TABLE 197 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS) 215
TABLE 198 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2020–2023 (UNITS) 215
TABLE 199 PHILIPPINES: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2024–2030 (UNITS) 215
13.2.10 VIETNAM 216
13.2.10.1 Supportive government policies for EV adoption to improve air quality to drive market 216
TABLE 200 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY END USE, 2020–2023 (UNITS) 216
TABLE 201 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY END USE, 2024–2030 (UNITS) 216
TABLE 202 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2020–2023 (UNITS) 217
TABLE 203 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER, 2024–2030 (UNITS) 217
TABLE 204 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2020–2023 (UNITS) 217
TABLE 205 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY RANGE, 2024–2030 (UNITS) 217
TABLE 206 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2020–2023 (UNITS) 217
TABLE 207 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE, 2024–2030 (UNITS) 218
TABLE 208 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS) 218
TABLE 209 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS) 218
TABLE 210 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2020–2023 (UNITS) 218
TABLE 211 VIETNAM: ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE, 2024–2030 (UNITS) 219
13.2.11 CHINA 219
13.2.11.1 Improved charging infrastructure to drive market 219
TABLE 212 EV INFRASTRUCTURE IN CHINA 219
TABLE 213 EV BATTERY MANUFACTURERS IN CHINA 220
13.2.12 SINGAPORE 220
13.2.12.1 Government focus on green mobility to drive market 220
TABLE 214 GOVERNMENT INITIATIVES FOR EV ADOPTION IN SINGAPORE 221
13.3 EUROPE 221
13.3.1 RECESSION IMPACT ANALYSIS 221
13.3.2 GERMANY 222
13.3.2.1 Growing micro-mobility and cargo last-mile delivery demand to drive market 222
TABLE 215 GOVERNMENT INITIATIVES FOR EV ADOPTION IN GERMANY 222
13.3.3 FRANCE 222
13.3.3.1 Need for zero-emission last-mile delivery to drive market 222
TABLE 216 GOVERNMENT INITIATIVES FOR EV ADOPTION IN FRANCE 223
13.3.4 SPAIN 223
13.3.4.1 Government support and incentives to drive market 223
TABLE 217 GOVERNMENT INITIATIVES FOR EV ADOPTION IN SPAIN 223
13.3.5 ITALY 224
13.3.5.1 Strong R&D ecosystem for electric 3 wheelers to drive market 224
TABLE 218 GOVERNMENT INITIATIVES FOR EV ADOPTION IN ITALY 224
13.3.6 UK 224
13.3.6.1 Government plans to electrify all on-road vehicles from 2035 to drive market 224
TABLE 219 GOVERNMENT INITIATIVES FOR EV ADOPTION IN UK 224
13.4 NORTH AMERICA 225
13.4.1 RECESSION IMPACT ANALYSIS 225
13.4.2 US 225
13.4.2.1 Government plans to slash tailpipe emissions by 49% by 2032 to drive market 225
TABLE 220 GOVERNMENT INITIATIVES FOR EV ADOPTION IN US 225
13.4.3 CANADA 226
13.4.3.1 Demand for electric trikes for personal use to drive market 226
TABLE 221 GOVERNMENT INITIATIVES FOR EV ADOPTION IN CANADA 226
13.5 REST OF THE WORLD 226
13.5.1 RECESSION IMPACT ANALYSIS 226
13.5.2 SAUDI ARABIA 227
13.5.2.1 Backing from public investment fund to drive market 227
13.5.3 SOUTH AFRICA 227
13.5.3.1 Increase in EV imports and improvement in EV charging infrastructure to drive market 227
13.5.4 UAE 227
13.5.4.1 National electric vehicles policy to drive market 227
14 COMPETITIVE LANDSCAPE 228
14.1 OVERVIEW 228
14.2 KEY PLAYER STRATEGIES, 2021–2024 228
TABLE 222 KEY PLAYER STRATEGIES, JANUARY 2021– MARCH 2024 228
14.3 MARKET SHARE ANALYSIS 229
TABLE 223 MARKET SHARE ANALYSIS OF TOP FIVE PLAYERS, 2023 229
FIGURE 58 MARKET SHARE ANALYSIS OF KEY PLAYERS, 2023 229
14.4 REVENUE ANALYSIS 231
FIGURE 59 REVENUE ANALYSIS OF KEY PLAYERS, 2018–2022 231
14.5 COMPANY VALUATION AND FINANCIAL METRICS 232
FIGURE 60 COMPANY VALUATION OF ELECTRIC 3 WHEELER MANUFACTURERS 232
FIGURE 61 FINANCIAL METRICS OF ELECTRIC 3 WHEELER MANUFACTURERS 232
14.6 BRAND/PRODUCT COMPARISON 233
FIGURE 62 BRAND/PRODUCT COMPARISON OF TOP FIVE PLAYERS 233
14.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 234
14.7.1 STARS 234
14.7.2 EMERGING LEADERS 234
14.7.3 PERVASIVE PLAYERS 234
14.7.4 PARTICIPANTS 234
FIGURE 63 ELECTRIC 3 WHEELER MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023 235
14.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 236
FIGURE 64 ELECTRIC 3 WHEELER MARKET: COMPANY FOOTPRINT, 2023 236
TABLE 224 ELECTRIC 3 WHEELER MARKET: REGION FOOTPRINT, 2023 237
TABLE 225 ELECTRIC 3 WHEELER MARKET: PRODUCT FOOTPRINT, 2023 237
TABLE 226 ELECTRIC 3 WHEELER MARKET: END USE FOOTPRINT, 2023 238
TABLE 227 ELECTRIC 3 WHEELER MARKET: APPLICATION FOOTPRINT, 2023 238
14.8 COMPANY EVALUATION MATRIX: START-UPS/SMES, 2023 239
14.8.1 PROGRESSIVE COMPANIES 239
14.8.2 RESPONSIVE COMPANIES 239
14.8.3 DYNAMIC COMPANIES 239
14.8.4 STARTING BLOCKS 239
FIGURE 65 ELECTRIC 3 WHEELER MARKET: COMPANY EVALUATION MATRIX (START-UPS/SMES), 2023 240
14.8.5 COMPETITIVE BENCHMARKING 241
TABLE 228 KEY START-UPS/SMES 241
TABLE 229 COMPETITIVE BENCHMARKING OF KEY START-UPS/SMES 242
14.9 COMPETITIVE SCENARIO 242
14.9.1 PRODUCT LAUNCHES 242
TABLE 230 ELECTRIC 3 WHEELER MARKET: PRODUCT LAUNCHES, JANUARY 2021– MARCH 2024 242
14.9.2 DEALS 245
TABLE 231 ELECTRIC 3 WHEELER MARKET: DEALS, JANUARY 2021– MARCH 2024 245
14.9.3 EXPANSIONS 252
TABLE 232 ELECTRIC 3 WHEELER MARKET: EXPANSIONS, JANUARY 2021– MARCH 2024 252
14.9.4 OTHERS 254
TABLE 233 ELECTRIC 3 WHEELER MARKET: OTHERS, JANUARY 2021– MARCH 2024 254
15 COMPANY PROFILES 255
(Business overview, Products/Solutions/Services offered, Recent developments & MnM View)*
15.1 KEY PLAYERS 255
15.1.1 MAHINDRA&MAHINDRA LTD. 255
TABLE 234 MAHINDRA&MAHINDRA LTD.: COMPANY OVERVIEW 255
FIGURE 66 MAHINDRA&MAHINDRA LTD.: COMPANY SNAPSHOT 256
FIGURE 67 MAHINDRA&MAHINDRA LTD.: MANUFACTURING PLANTS IN INDIA 257
TABLE 235 MAHINDRA&MAHINDRA LTD.: PRODUCTS OFFERED 258
FIGURE 68 MAHINDRA&MAHINDRA LTD.: ELECTRIC 3 WHEELER PRODUCT PORTFOLIO 260
TABLE 236 MAHINDRA&MAHINDRA LTD.: PRODUCT LAUNCHES 261
TABLE 237 MAHINDRA&MAHINDRA LTD.: DEALS 262
TABLE 238 MAHINDRA&MAHINDRA LTD.: EXPANSIONS 264
15.1.2 YC ELECTRIC VEHICLE 265
TABLE 239 YC ELECTRIC VEHICLE: COMPANY OVERVIEW 265
TABLE 240 YC ELECTRIC VEHICLE: PRODUCTS OFFERED 265
TABLE 241 YC ELECTRIC VEHICLE: PRODUCTS AND FEATURES 266
15.1.3 SAERA ELECTRIC AUTO PVT. LTD. 268
TABLE 242 SAERA ELECTRIC AUTO PVT. LTD.: COMPANY OVERVIEW 268
TABLE 243 SAERA ELECTRIC AUTO PVT. LTD.: PRODUCTS OFFERED 268
TABLE 244 SAERA ELECTRIC AUTO PVT. LTD.: PRODUCT LAUNCHES 270
TABLE 245 SAERA ELECTRIC AUTO PVT. LTD.: DEALS 270
TABLE 246 SAERA ELECTRIC AUTO PVT. LTD.: EXPANSIONS 271
TABLE 247 SAERA ELECTRIC AUTO PVT. LTD.: OTHERS 271
15.1.4 PIAGGIO GROUP 273
TABLE 248 PIAGGIO GROUP: COMPANY OVERVIEW 273
FIGURE 69 PIAGGIO GROUP: COMPANY SNAPSHOT 274
TABLE 249 PIAGGIO GROUP: PRODUCTS OFFERED 275
TABLE 250 PIAGGIO GROUP: PRODUCT LAUNCHES 276
TABLE 251 PIAGGIO GROUP: DEALS 277
TABLE 252 PIAGGIO GROUP: EXPANSIONS 278
15.1.5 CITYLIFE ELECTRIC VEHICLES 280
TABLE 253 CITYLIFE ELECTRIC VEHICLES: COMPANY OVERVIEW 280
TABLE 254 CITYLIFE ELECTRIC VEHICLES: PRODUCTS OFFERED 280
15.1.6 KINETIC GREEN 283
TABLE 255 KINETIC GREEN: COMPANY OVERVIEW 283
FIGURE 70 KINETIC GREEN: COMPANY SNAPSHOT 283
TABLE 256 KINETIC GREEN: PRODUCTS OFFERED 284
TABLE 257 KINETIC GREEN: PRODUCT LAUNCHES 285
TABLE 258 KINETIC GREEN: DEALS 285
TABLE 259 KINETIC GREEN: EXPANSIONS 286
15.1.7 MINI METRO EV LLP 287
TABLE 260 MINI METRO EV LLP: COMPANY OVERVIEW 287
TABLE 261 MINI METRO EV LLP: PRODUCTS OFFERED 287
15.1.8 ATUL AUTO LTD. 291
TABLE 262 ATUL AUTO LTD.: COMPANY OVERVIEW 291
FIGURE 71 ATUL AUTO LTD.: COMPANY SNAPSHOT 292
FIGURE 72 ATUL AUTO LTD.: PRODUCT PORTFOLIO 292
TABLE 263 ATUL AUTO LTD.: PRODUCTS OFFERED 293
TABLE 264 ATUL AUTO LTD.: PRODUCT LAUNCHES 293
TABLE 265 ATUL AUTO LTD.: DEALS 294
TABLE 266 ATUL AUTO LTD.: EXPANSIONS 295
TABLE 267 ATUL AUTO LTD.: OTHERS 295
15.1.9 TERRA MOTORS CORPORATION 296
TABLE 268 TERRA MOTORS CORPORATION: COMPANY OVERVIEW 296
TABLE 269 TERRA MOTORS CORPORATION: PRODUCTS OFFERED 296
TABLE 270 TERRA MOTORS CORPORATION: PRODUCT LAUNCHES 298
TABLE 271 TERRA MOTORS CORPORATION: DEALS 298
TABLE 272 TERRA MOTORS CORPORATION: EXPANSIONS 299
15.1.10 LOHIA AUTO INDUSTRIES 300
TABLE 273 LOHIA AUTO INDUSTRIES: COMPANY OVERVIEW 300
FIGURE 73 ELECTRIC UTILITY VEHICLES OFFERED BY LOHIA AUTO INDUSTRIES 300
TABLE 274 LOHIA AUTO INDUSTRIES: PRODUCTS OFFERED 301
15.1.11 BAJAJ AUTO LTD. 302
TABLE 275 BAJAJ AUTO LTD.: COMPANY OVERVIEW 302
FIGURE 74 BAJAJ AUTO LTD.: COMPANY SNAPSHOT 302
TABLE 276 BAJAJ AUTO LTD.: PRODUCTS OFFERED 303
15.1.12 OMEGA SEIKI MOBILITY 304
TABLE 277 OMEGA SEIKI MOBILITY: COMPANY OVERVIEW 304
TABLE 278 OMEGA SEIKI MOBILITY: PRODUCTS OFFERED 304
TABLE 279 OMEGA SEIKI MOBILITY: PRODUCT LAUNCHES 306
TABLE 280 OMEGA SEIKI MOBILITY: DEALS 306
TABLE 281 OMEGA SEIKI MOBILITY: EXPANSIONS 308
*Details on Business overview, Products/Solutions/Services offered, Recent developments & MnM View might not be captured in case of unlisted companies.
15.2 OTHER PLAYERS 309
15.2.1 JIANGSU JINPENG GROUP CO., LTD. 309
15.2.2 SKYRIDE E RICKSHAW 310
15.2.3 SHADO GROUP INTERNATIONAL PTE. LTD. 311
15.2.4 XIANGHE QIANGSHENG ELECTRIC TRICYCLE FACTORY 312
15.2.5 KYBURZ 313
15.2.6 PROZZA HIROSE MANUFACTURING INC. 313
15.2.7 GAYAM MOTOR WORKS PVT. LTD. 314
15.2.8 BEMAC CORPORATION 314
15.2.9 J.S. AUTO (P) LTD. 315
15.2.10 SAARTHI E-RICKSHAW 315
15.2.11 UNIQUE INTERNATIONAL 316
15.2.12 EULER MOTERS 316
15.2.13 LECTRIX EV PRIVATE LIMITED 317
16 RECOMMENDATIONS BY MARKETSANDMARKETS 318
16.1 INDIA: KEY FOCUS MARKET FOR ELECTRIC 3 WHEELERS 318
16.2 LAST-MILE DELIVERY, LOGISTICS, SUPPLY CHAIN, AND WAREHOUSING TO CREATE NEW OPPORTUNITIES FOR MANUFACTURERS 318
16.3 FALL IN BATTERY PRICES TO BRING DOWN TCO OF ELECTRIC 3 WHEELERS 319
16.4 CONCLUSION 319
17 APPENDIX 320
17.1 KEY INSIGHTS FROM INDUSTRY EXPERTS 320
17.2 DISCUSSION GUIDE 320
17.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 323
17.4 CUSTOMIZATION OPTIONS 325
17.5 RELATED REPORTS 325
17.6 AUTHOR DETAILS 326