Electric Three-Wheeler Market Analysis

Electric Three-Wheeler Market Analysis

The passenger carrier segment held over USD 20 billion of the electric three-wheeler market value of in 2022. The increasing popularity of three-wheelers as a regular mode of public transportation is a major factor driving segment growth. Public transport is preferred over private transport in developing nations with a sizable middle-class population. As electric three-wheelers become a practical and affordable option, the market for passenger-carrying electric three-wheelers is expanding. Additionally, governments all over the world have implemented incentives to promote the development of sustainable mass transit in urban & rural areas, promoting industry development

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The lithium-ion segment held industry share of around 85% in 2022 and is expected to grow at a lucrative pace by 2032. As opposed to other battery types, such as lead-acid batteries, lithium-ion batteries have relatively low levels of toxic heavy metals, making them environmental-friendly. Owing to its ability to store a large amount of energy in a small space, lithium-ion batteries can perform at a high level for a much longer period between charges compared to other batteries. When compared to lead-acid batteries, lithium-ion batteries have a longer shelf life, which is boosting their market growth.

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The 1,000 - 1,500W segment held a dominant share of electric three-wheeler market in 2022 and is expected to witness 18% growth till 2032. The demand for powerful electric three-wheelers and developments to meet this demand are directly related to the increasing demand of this segment. OEMs prefer 1,000W to 1,500W motors as they produce immediate torque that boosts vehicle efficiency and acceleration. Electric motors can operate with a single gear and reach high speeds more quickly than internal combustion engines. The methodological advantages that 1,000W to 1,500W vehicles provide make them ideal for passenger carriers.
 

Asia Pacific is the leading region in the global electric three-wheeler industry with 95% share in 2022. The industry in this area is expanding due to the presence of supportive government policies and rapidly expanding charging stations. In the Asia Pacific province, China and India are most likely to accept electric three-wheelers. Furthermore, the region is moving toward electric vehicles due to the rising costs of various transportation fuels such as diesel, petrol, and compressed natural gas.