Electric Three-Wheeler Market Trends, Growth, & Outlook 2028
The electric three-wheeler market was valued at US$ 472.56 million in 2020 and is projected to reach US$ 756.52 million by 2028; it is expected to grow at a CAGR of 5.9% from 2021 to 2028.
Electric three-wheelers are widely used for carrying passengers to their desired destination as well as for the transportation of goods. These three-wheelers run on electric motors powered by rechargeable batteries. The batteries can be recharged at an electric charging station or any other respective charging point. Many low as well as middle income countries across the world have a higher usage rate of three-wheelers, which were initially powered by Internal combustion (IC) engines. But most of these internal combustion engine three-wheelers have become inefficient and old. This has led the manufacturers to increase their expenditure on research and development of electric three-wheelers. Moreover, electric three-wheelers are much popular in urban and suburban areas specially to transport a small number of passengers and compact goods in short span of time. A few of the key factors driving the electric three-wheeler market growth are strict government norms and regulations regarding pollution control, rising awareness about harmful effects of emissions from diesel vehicles and gasoline, and growing acceptance for electric vehicles. Since petrol and diesel are exhaustible resources, people have already started thinking about other possible alternatives. Electric three-wheeler vehicles have started replacing petrol and diesel three-wheeler vehicles. Average cost of maintenance and operation of electric three-wheelers is substantially lower than conventional three-wheelers. However, heavy battery pack and low range of distance covered are some of the areas of concern faced by the manufacturers of electric-three-wheeler vehicles. Electric three-wheelers cover ~125–130 kms with its battery fully charged, while conventional vehicles cover ~200–220 Kms with full fuel tank.
APAC dominated the electric Three-Wheeler market in 2020. India is one of the largest shareholders in the electric three-wheelers market in the region. The low-emission vehicle industry in the country is growing rapidly on the back of favorable initiatives by governments as well as robust presence of manufacturers such as Mahindra & Mahindra, Atul Auto, Piaggio, and Lohia Auto. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles II (FAME II) Scheme, with a budget of USD 1.4 billion, would be spending USD 1.19 billion on enabling upfront discounts on EV purchases and USD 1.9 million on promoting the implementation of charging infrastructure. To meet demand, these measures will benefit 0.5 million electric three-wheelers.
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Electric Three-Wheeler Market: Strategic Insights
Market Size Value in US$ 472.56 Million in 2020 Market Size Value by US$ 756.52 Million by 2028 Growth rate CAGR of 5.9% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Electric Three-Wheeler Market: Strategic Insights
| Market Size Value in | US$ 472.56 Million in 2020 |
| Market Size Value by | US$ 756.52 Million by 2028 |
| Growth rate | CAGR of 5.9% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Electric Three-Wheeler Market
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of electronics equipment, including the hardware components of electric three-wheelers. On the basis of the emergence of COVID-19 virus across the world, followed by lockdown scenarios, the automotive industry experts have predicted that the industry would face at least a quarter of lag in electronics equipment supply chain. The electronics equipment and automotive industry is likely to pick up pace soon after the governments lift the various containment measures, which would help revive the economies. The production of the electronics equipment and automotive products is anticipated to gain pace from 2021, which is further foreseen to positively influence the electronics equipment and automotive manufacturing, including hardware components of electric three-wheelers.
Market Insights
Increasing Level of Harmful Gases, Managing Cost, and Acceptance of Cleaner Technologies
Rising level of harmful gases, managing cost, and acceptance of cleaner technologies are among the major factors contributing toward the growth of electric three-wheeler market. The adoption of electric vehicles can drastically reduce the emission of pollutants in the environment, thereby improving the air quality. To minimize the emission of greenhouse gases via combustion of vehicular fuel, regulatory bodies across the world are offering tax benefits and incentives to increase the adoption of environment-friendly vehicles. Almost all the leading countries have announced subsidies and financial incentives to attract manufacturers to produce more electric vehicles locally. Also, tax credits and rebates are attracting many local users to purchase EVs and are likely to bring out at least about 60% green vehicles on the road by 2020, thereby reducing fuel emissions and lowering the reliance on petroleum products. The regulatory bodies of China, India, South Korea, Indonesia, and Bangladesh have been implementing various programs to enhance the sales of electric three-wheelers. For example, in March 2018, India's Ministry of Heavy Industries and Public Enterprises launched Phase-II of the FAME India Scheme, which received a total budgetary support of US$ 1.39 billion. This phase aims to support 500,000 electric three-wheelers; 55,000 electric four-wheeler passenger cars; 7,000 e-Buses; and 100,000 electric two wheelers through subsidies. This phase of the FAME Scheme aims to establish adequate public charging infrastructure to boost the EV adoption among the masses. With this, the Ministry of Heavy Industries and Public Enterprises anticipates the involvement and active participation of a wide range of stakeholders, including Public Sector Enterprises (PSEs) and government agencies.
Type-Based Market Insights
The electric three-wheeler market, by type, is segmented into e-auto (high speed) and e-rickshaw (low speed). The e-rickshaw segment led the market in 2020. E-rickshaws are under-powered electric three-wheeler vehicles, and they have lower battery capacities compared to e-auto.
Product developments and market initiatives are the commonly adopted strategies by companies to expand their product portfolio. Piaggio & C. SpA, Terra Motors Corporation, Kinetic Green Energy & Power Solutions Ltd., LOHIA AUTO INDUSTRIES, and Mahindra Electric Mobility Limited are among the key players implementing strategies to enlarge the customer base and gain significant share in the global electric three-wheeler market, which, in turn, permits them to maintain their brand name. A few of the recent key developments are mentioned below:
- In October 2020, Mahindra Electric Mobility Ltd announced the launch of its new electric 3-wheeler cargo model—Treo Zor—in India. Based on the proven Treo platform, the cargo would be provided in 3 variants—Pickup, Delivery Van, and Flat Bed.
- In February 2018, Mahindra & Mahindra Ltd and LG Chem announced a collaboration in the field of advanced Li-ion battery technology.
Electric Three-Wheeler Market Report Scope
Electric Three-Wheeler Market Segmentation:
By Type
- E-Auto (High Speed)
- E-Rickshaw (Low Speed
Company Profiles
- Goenka Electric Motor Vehicles Private Limited
- Piaggio & C. SpA
- Terra Motors Corporation
- Kinetic Green Energy & Power Solutions Ltd.
- LOHIA AUTO INDUSTRIES
- Bodo Vehicle Group Co. Ltd.
- Nobe Cars
- Mahindra Electric Mobility Limited
- E-Tuk Factory BV
- JIANGSU KINGBON VEHICLE CO., LTD
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Africa, South Korea, United Kingdom, United States
Frequently Asked Questions
E-rickshaws are under-powered electric three-wheeler vehicles, and they have lower battery capacities compared to e-auto. These parameters contribute to the lower range, lower speed, and lower payload capacity of e-rickshaws. The e-rickshaws are mainly in use in developing countries in Asia Pacific, especially in India. The e-rickshaws have the highest speed limit of 50 kmph with a maximum range of up to 70–80 km. Piaggio Vehicles Private Limited offers e-rickshaws based on swappable battery concept that helps used to overcome challenges such as high-cost battery replacement, low battery life, and charging infrastructure inadequacy. The Apé E-City offered by Piaggio Vehicles Private Limited allows users to swap batteries at company’s recharge station. E-rikshaws are further categorized as people carriers, goods carriers, and special vehicles.
Filtering through congested traffic in various metro cities is attained with great difficulty and sometime may end up in collisions while travelling in conventional vehicles. Passengers are likely to opt for small three-wheeler vehicles for their daily commute as means of public transport owing to its ease of maneuverability. Moreover, huge public transport vehicles such as buses, as well as taxis, cannot reach every location, especially when the destination is in remote area. Moreover, time required for arriving at the destination is substantially reduced owing to the small size of three-wheelers.
Companies are trying to invest more on R&D activities for embedding latest technologies, such as global positioning system (GPS) for navigation and solar-powered engines to derive electric power for the functioning of electric three-wheelers. GPS suggests best route available to the destination and also saves a considerable amount of time. Further, it shows traffic status on alternative routes along with estimated time to reach the location. Omega Seiki Mobility expanded its electric three-wheeler range in November 2020 with the introduction of three new smart EVs aimed at both the B2B and B2C segments. Omega Seiki's new electric vehicle line includes simulation software, telematics, and a GPS system.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Three-Wheeler - Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Electric Three-Wheeler Market – North America PEST Analysis
4.2.2 Electric Three-Wheeler Market – Europe PEST Analysis
4.2.3 Electric Three-Wheeler Market – APAC PEST Analysis
4.2.4 Electric Three-Wheeler Market – MEA PEST Analysis
4.2.5 Electric Three-Wheeler Market – Rest of MEA PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Electric Three-Wheeler Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Level of Harmful Gases, Managing Cost, and Acceptance of Cleaner Technologies
5.1.2 Rising Traffic Congestion
5.2 Market Restraints
5.2.1 Concerns Regarding the Lack of Supporting Infrastructure for Electric Vehicles
5.3 Market Opportunities
5.3.1 Scope for Integration of Technologies such as GPS and Solar-Powered Engines
5.4 Future Trends
5.4.1 Growing Popularity of Autonomous Electric Three-Wheelers
5.5 Impact Analysis of Drivers and Restraints
6. Electric Three-Wheeler Market – Global Market Analysis
6.1 Overview
6.2 Global Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning – Five Key Players
7. Electric Three-Wheeler Market – By Type
7.1 Overview
7.2 Electric Three-Wheeler Market Breakdown, by Type (2020 and 2028)
7.3 E-Auto (High Speed)
7.3.1 Overview
7.3.2 E-Auto (High Speed): Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
7.3.3 People Carrier
7.3.3.1 Overview
7.3.3.2 People Carrier: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
7.3.4 Goods Carrier
7.3.4.1 Overview
7.3.4.2 Goods Carrier: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
7.3.5 Special Vehicles
7.3.5.1 Overview
7.3.5.2 Special Vehicles: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
7.4 E-Rickshaw (Low Speed)
7.4.1 Overview
7.4.2 E-Rickshaw (Low Speed): Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
7.4.3 People Carrier
7.4.3.1 Overview
7.4.3.2 People Carrier: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
7.4.4 Goods Carrier
7.4.4.1 Overview
7.4.4.2 Goods Carrier: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
7.4.5 Special Vehicles
7.4.5.1 Overview
7.4.5.2 Special Vehicles: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
8. Global Electric Three-Wheeler Market – Geographic Analysis
8.1 Overview
8.2 North America: Electric Three-Wheeler Market
8.2.1 Overview
8.2.2 North America: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.2.3 North America: Electric Three-Wheeler Market Revenue Share, by Type (2020 and 2028)
8.2.4 North America: Electric Three-Wheeler Market Revenue Share, by Country (2020 and 2028)
8.2.5 US: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.2.5.1.1 US: Electric Three-Wheeler Market, by Type
8.2.5.2 Canada: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.2.5.2.1 Canada: Electric Three-Wheeler Market, by Type
8.2.5.3 Mexico: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.2.5.3.1 Mexico: Electric Three-Wheeler Market, by Type
8.3 Europe Electric Three-Wheeler Market Revenue and Forecasts to 2028
8.3.1 Europe Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
8.3.2 Europe Electric Three-Wheeler Market Breakdown, By Type
8.3.3 Europe: Electric Three-Wheeler Market Revenue Share, by Country (2020 and 2028)
8.3.4 Germany Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
8.3.4.1.1 Germany Electric Three-Wheeler Market Breakdown, By Type
8.3.4.2 France Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
8.3.4.2.1 France Electric Three-Wheeler Market Breakdown, By Type
8.3.4.3 Italy Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
8.3.4.3.1 Italy Electric Three-Wheeler Market Breakdown, By Types
8.3.4.4 UK Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
8.3.4.4.1 UK Electric Three-Wheeler Market Breakdown, By Type
8.3.4.5 Russia Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
8.3.4.5.1 Russia Electric Three-Wheeler Market Breakdown, By Type
8.3.4.6 Rest of Europe Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
8.3.4.6.1 Rest of Europe Electric Three-Wheeler Market Breakdown, By Type
8.4 APAC: Electric Three-Wheeler Market
8.4.1 Overview
8.4.2 APAC: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.4.3 APAC: Electric Three-Wheeler Market, by Type
8.4.4 APAC: Electric Three-Wheeler Market, by Key Country
8.4.4.1 China: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.4.4.1.1 China: Electric Three-Wheeler Market, by Type
8.4.4.2 Japan: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.4.4.2.1 Japan: Electric Three-Wheeler Market, by Type
8.4.4.3 India: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.4.4.3.1 India: Electric Three-Wheeler Market, by Type
8.4.4.4 South Korea: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.4.4.4.1 South Korea: Electric Three-Wheeler Market, by Type
8.4.4.5 Rest of APAC: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.4.4.5.1 Rest of APAC: Electric Three-Wheeler Market, by Type
8.5 MEA: Electric Three-Wheeler Market, Revenue and Forecast to 2028
8.5.1 Overview
8.5.2 MEA: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.5.3 MEA: Electric Three-Wheeler Market Revenue Share, by Type
8.5.4 MEA: Electric Three-Wheeler Market Revenue Share, by Country
8.5.4.1 South Africa: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.5.4.1.1 South Africa: Electric Three-Wheeler Market Breakdown, by Type
8.5.4.2 Rest of MEA: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.5.4.2.1 Rest of MEA: Electric Three-Wheeler Market Breakdown, by Type
8.6 SAM: Electric Three-Wheeler Market, Revenue and Forecast to 2028
8.6.1 Overview
8.6.2 SAM: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.6.3 SAM: Electric Three-Wheeler Market Revenue Share, by Type
8.6.4 SAM: Electric Three-Wheeler Market Revenue Share, by Country
8.6.4.1 Brazil: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.6.4.1.1 Brazil: Electric Three-Wheeler Market Breakdown, by Type
8.6.4.2 Argentina: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.6.4.2.1 Argentina: Electric Three-Wheeler Market Breakdown, by Type
8.6.4.3 Rest of SAM: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
8.6.4.3.1 Rest of SAM: Electric Three-Wheeler Market Breakdown, by Type
9. Impact of COVID-19 Pandemic on Global Electric Three-Wheeler Market
9.1 Overview
9.2 North America: Impact Assessment of COVID-19 Pandemic
9.3 Europe: Impact Assessment of COVID-19 Pandemic
9.4 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
9.4.1 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
9.4.2 South America: Impact Assessment of COVID-19 Pandemic
10. Industry Landscape
10.1 Market Initiative
10.2 New Development
11. Company Profiles
11.1 Goenka Electric Motor Vehicles Private Limited
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Piaggio & C. SpA
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Terra Motors Corporation
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Kinetic Green Energy & Power Solutions Ltd.
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 LOHIA AUTO INDUSTRIES
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Bodo Vehicle Group Co. Ltd.
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Nobe Cars
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Mahindra Electric Mobility Limited
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 E-Tuk Factory BV
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 JIANGSU KINGBON VEHICLE CO., LTD
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
LIST OF TABLES
Table 1. Global Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. Global Electric Three-Wheeler Market, by Region, 2018–2028 (US$ Mn)
Table 3. North America: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 4. North America: Electric Three-Wheeler Market, by Country, 2018–2028 (US$ Mn)
Table 5. US: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 6. Canada: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 7. Mexico: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 8. Europe: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 9. Europe: Electric Three-Wheeler Market, by Country, 2018–2028 (US$ Mn)
Table 10. Germany: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 11. France: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 12. Italy: Electric Three-Wheeler Market, by Types, 2018–2028 (US$ Mn)
Table 13. UK Electric Three-Wheeler Market Revenue and Forecasts to 2028 – By Type (US$ Mn)
Table 14. Russia: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 15. Rest of Europe: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 16. Asia Pacific: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 17. Asia Pacific: Electric Three-Wheeler Market, by Country, 2018–2028 (US$ Mn)
Table 18. China: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 19. Japan: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 20. India: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 21. South Korea: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 22. Rest of Asia Pacific: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 23. MEA: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 24. MEA: Electric Three-Wheeler Market, by Country, 2018–2028 (US$ Mn)
Table 25. South Africa: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 26. Rest of MEA: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 27. SAM: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 28. SAM: Electric Three-Wheeler Market, by Country, 2018–2028 (US$ Mn)
Table 29. Brazil: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 30. Argentina: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 31. Rest of SAM: Electric Three-Wheeler Market, by Type, 2018–2028 (US$ Mn)
Table 32. Glossary of Terms, Electric Three-Wheeler Market
LIST OF FIGURES
Figure 1. Electric Three-Wheeler Market Segmentation
Figure 2. Electric Three-Wheeler Market Segmentation – By Geography
Figure 3. Electric Three-Wheeler Market Overview
Figure 4. Electric Three-Wheeler Market, By Geography
Figure 5. Electric Three-Wheeler Market, by Type
Figure 6. North America - PEST Analysis
Figure 7. Europe - PEST Analysis
Figure 8. APAC – PEST Analysis
Figure 9. MEA – PEST Analysis
Figure 10. Rest of MEA – PEST Analysis
Figure 11. Electric Vehicle Actuator Market, Ecosystem
Figure 12. Electric Three-Wheeler Market Impact Analysis of Drivers and Restraints
Figure 13. Global Electric Three-Wheeler Market
Figure 14. Global Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Electric Three-Wheeler Market Revenue Share, by Type (2020 and 2028)
Figure 16. E-Auto (High Speed): Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. People Carrier: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Goods Carrier: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Special Vehicles: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. E-Rickshaw (Low Speed): Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. People Carrier: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Goods Carrier: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Special Vehicles: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Global Electric Three-Wheeler Market, By Geography – 2020 (US$ Mn)
Figure 25. North America: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 26. North America: Electric Three-Wheeler Market, by Type, 2020 & 2028 (%)
Figure 27. North America: Electric Three-Wheeler Market, by Country, 2020 & 2028 (%)
Figure 28. US: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 29. Canada: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 30. Mexico: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 31. Europe Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 32. Europe Electric Three-Wheeler Market Breakdown, By Type, 2020 and 2028 (%)
Figure 33. Europe: Electric Three-Wheeler Market, by Country, 2020 & 2028 (%)
Figure 34. Germany Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 35. France Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 36. Italy Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 37. UK Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 38. Russia Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 39. Rest of Europe Electric Three-Wheeler Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 40. APAC: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 41. Asia Pacific: Electric Three-Wheeler Market, by Type, 2020 & 2028 (%)
Figure 42. Asia Pacific: Electric Three-Wheeler Market, by Country, 2020 & 2028 (%)
Figure 43. China: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 44. Japan: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 45. India: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 46. South Korea: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 47. Rest of APAC: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 48. MEA: Electric Three-Wheeler Market, Revenue and Forecast to 2028 (US$ Mn)
Figure 49. MEA: Electric Three-Wheeler Market, by Type, 2020 & 2028 (%)
Figure 50. MEA: Electric Three-Wheeler Market, by Country, 2020 & 2028 (%)
Figure 51. South Africa: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 52. Rest of MEA: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 53. SAM: Electric Three-Wheeler Market, Revenue and Forecast to 2028 (US$ Mn)
Figure 54. SAM: Electric Three-Wheeler Market, by Type, 2020 & 2028 (%)
Figure 55. SAM: Electric Three-Wheeler Market, by Country, 2020 & 2028 (%)
Figure 56. Brazil: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 57. Argentina: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 58. Rest of SAM: Electric Three-Wheeler Market – Revenue and Forecast to 2028 (US$ Mn)
Figure 59. Impact of COVID-19 Pandemic in North American Country Markets
Figure 60. Impact of COVID-19 Pandemic in Europe Country Markets
Figure 61. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
Figure 62. Impact of COVID-19 Pandemic in Middle East and Africa Country Markets
Figure 63. Impact of COVID-19 Pandemic in South America Country Markets
The List of Companies - Electric Three-Wheeler Market
- Goenka Electric Motor Vehicles Private Limited
- Piaggio & C. SpA
- Terra Motors Corporation
- Kinetic Green Energy & Power Solutions Ltd.
- LOHIA AUTO INDUSTRIES
- Bodo Vehicle Group Co. Ltd.
- Nobe Cars
- Mahindra Electric Mobility Limited
- E-Tuk Factory BV
- JIANGSU KINGBON VEHICLE CO., LTD
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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