Electric Three-Wheeler Market Introduction
Electric three-wheeler, also referred to as e-rickshaw, is an electrically powered three-wheeler used to carry both passengers and utility. It is considered as a common form of urban and sub-urban transport. Electric three-wheeler comprises an electric motor that is powered by a rechargeable battery. Moreover, latest electric three-wheeler vehicles contain plug-in charging options, while earlier, the battery of the three-wheel was charged after removing it from the vehicle.
Global Electric Three-Wheeler Market - Competitive Landscape
- In 2018 MOVE Summit, Bajaj Auto Limited introduced its new electric auto rickshaw for the market in India. The company’s new electric three-wheeler is likely to be a part of the soon to be launched 'Urbanite' sub-brand from Bajaj Auto Limited. It is expected to handle the brand's electric vehicles in the market in India. In terms of terms of features, the new three-wheeler is projected to contain powerful headlamps, fully-digital instrument cluster, and a standard fire extinguisher.
Mahindra & Mahindra Ltd.
Established in 1945, Mahindra & Mahindra Ltd. is currently based in Mumbai, India. Mahindra & Mahindra Ltd. engages in the design, development, manufacture, sales, and supply of automotive, automotive systems, and automotive equipment around the world. The company has a presence in over 100 countries worldwide. In 2018, it invested over US$ 0.102 Bn in research and development activities.
Piaggio & C. SpA
Founded in 1884, Piaggio & C. SpA is presently based in Pontedera, Italy. The company specializes in the manufacture of automobiles such as two-wheelers, three-wheelers, and commercial vehicles. It also is a key player in the field of robotics across the globe. Piaggio & C. SpA Group’s brands include Piaggio, Aprilia, Vespa, Gilera, Moto Guzzi, and Derbi.
Bodo Vehicle Group Co., Ltd.
Established in 1997, Bodo Vehicle Group Co., Ltd. is presently based in Tianjin, China. The company has been manufacturing electric vehicles since 1997. The company manufactures various electric vehicles including electric three-wheelers, electric bicycles, electric scooters, and electric cars. Bodo Vehicle Group Co., Ltd. caters to customers in 46 countries, and it is a leading electric vehicle brand in China.
Is something restraining your company’s growth in the Electric Three-Wheeler Market? Ask for the Report Brochure here
Global Electric Three-Wheeler Market - Dynamics
Rising preference for electric vehicles over fossil fuel vehicles driving demand for electric three-wheelers
Surge in awareness among society about emissions has significantly driven society’s preferences toward electric mobility, especially for public transportation. Countries with large middle class populations are adopting electric three-wheelers at a significant pace. Moreover, rising price of fuel is prompting consumers to prefer electric three-wheelers, as they are significantly cost-effective in the long-term. Moreover, they require very less maintenance, as compared to that required by traditional fossil fuel powered three-wheelers.
Additionally, electric three-wheeler manufacturers have also identified their potential and are launching their electric models in order to consolidate their position among the leading manufacturers. This is anticipated to drive the demand for electric three-wheelers in the near future.
Increase in stringency of vehicular emission norms
Rise in stringency of transportation emission norms and regulation for the automotive industry is compelling auto manufacturers to commence the production of electric three-wheelers. Electric three-wheelers generate less noise during operation, unlike gasoline-powered noisy three-wheelers, thereby reducing noise pollution. Furthermore, the operating cost of an electric three-wheeler is considerably lower than that of a conventional fossil fuel powered three-wheeler. These factors are likely to boost the demand of electric three-wheelers in the near future.
Higher cost of electric three-wheelers with similar configuration to hamper the electric three-wheeler market
Electric three-wheelers are significantly more expensive than fossil fuel powered three-wheelers, owing to the high cost of batteries. Thus, preference of lower middle class consumers in developing nations is still inclined toward vehicles that run on conventional fuels. Moreover, the cost of the battery of an electric three-wheeler is significantly high; hence, the replacement of battery is likely to further boost its operating cost. This, in turn, is anticipated to hinder the electric three-wheeler market in the near future.
Looking for Regional Analysis or Competitive Landscape in Electric Three-Wheeler Market, Ask for a Customized Report here
Global Electric Three-Wheeler Market - Segmentation
Based on type, the global electric three-wheeler market can be bifurcated into
- Battery Powered
Based on battery type, the global electric three-wheeler market can be divided into
- Nickel Metal Hydride
- Lead Acid
Based on end-user, the global electric three-wheeler market can be classified into
- Passenger Carrier
- Utility Carrier
Based on driving range type, the global electric three-wheeler market can be segregated into
- Less than 50 miles
- 50-100 miles
- Above 100 miles
Based on seat capacity, the global electric three-wheeler market can be split into
- Four & Above
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.