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 electric three-wheeler market share in India. 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:
Electric three-wheelers, also known as e-rickshaws or e-trikes, are environmentally friendly vehicles powered by electric motors. They offer a sustainable alternative to traditional fossil fuel-powered three-wheelers, reducing emissions and dependence on non-renewable energy sources. Electric three-wheelers are popular in urban and peri-urban areas for short-distance transportation, last-mile connectivity, and goods delivery services. With zero tailpipe emissions and low operating costs, e-trikes contribute to improving air quality and reducing carbon footprint in congested urban environments. They are also well-suited for emerging markets where affordability, efficiency, and ease of maintenance are essential considerations. As governments worldwide promote electric mobility initiatives and incentivize clean transportation solutions, the market for electric three-wheelers is experiencing significant growth and adoption.
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India Electric Three-Wheeler Market Trends:
The market in India is majorly driven by the government's initiatives to promote electric mobility and reduce vehicular pollution. Incentives such as subsidies, tax benefits, and grants for electric vehicle manufacturers and buyers encourage the adoption of e-trikes. Additionally, stringent emission norms and regulations aimed at curbing air pollution in major cities create a favorable environment for electric vehicles, including three-wheelers. The cost-effectiveness of e-trikes compared to traditional fossil fuel-powered three-wheelers is a key factor. With lower operating costs and reduced dependency on expensive fossil fuels, e-trikes offer a financially attractive option for drivers and fleet operators, particularly in the commercial passenger and goods transportation sectors.
The increasing urbanization and congestion in Indian cities drive the demand for efficient and eco-friendly last-mile transportation solutions. E-trikes provide an ideal solution for short-distance commuting, intra-city travel, and urban logistics, offering convenience, affordability, and reduced environmental impact.
Moreover, advancements in battery technology, charging infrastructure, and government support for domestic manufacturing contribute to the growth of the e-trike market in India. With improvements in battery range, performance, and charging times, e-trikes become more viable and practical for widespread adoption across various applications and regions. Additionally, the COVID-19 pandemic has highlighted the importance of clean and sustainable transportation solutions, further driving the demand for e-trikes as people prioritize safety, hygiene, and environmental responsibility.
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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