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.

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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.

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Global Electric Three-Wheeler Market - Segmentation

Based on type, the global electric three-wheeler market can be bifurcated into

  • Battery Powered
  • Hybrid

Based on battery type, the global electric three-wheeler market can be divided into

  • Lithium-ion
  • Nickel Metal Hydride
  • Lead Acid
  • Others

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

  • One
  • Two
  • Three
  • 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.

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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)
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  • Middle East and Africa (GCC, Southern Africa, and North Africa)

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  • Reporting and evaluation of recent industry developments
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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:

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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:

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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.

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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:

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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?

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Electric Three Wheeler Market

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