Electric 3 wheeler Market

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Electric 3 wheeler Market by End Use (Passenger Carriers, Load Carriers), Range (Less than 50 miles, above 50 miles), Battery Type (Lead Acid, Lithium-ion), Battery Capacity, Motor Type, Motor Power, Payload Capacity and Region – Global Forecast to 2030

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Report Code: AT 7860 May, 2024, by marketsandmarkets.com

[326 Pages Report] The global electric 3 wheeler market size was valued at USD 1.3 billion in 2024 and is expected to reach USD 1.5 billion by 2030, at a CAGR of 2.2%, during the forecast period 2024-2030. Increasing environmental concerns and a push for sustainability are prompting consumers and businesses to shift towards electric vehicles. Government regulations and incentives are further accelerating this transition. Additionally, the need for efficient last-mile delivery solutions in urban areas, coupled with advancements in battery technology and declining costs, is fueling demand for electric 3 wheelers. These factors combined are propelling the electric 3 wheeler market forward.

Electric 3 wheeler Market

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Electric 3 wheeler Market Opportunities

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Market Dynamics:

Driver: Advancements in battery technology coupled with reducing battery prices

The electric 3 wheeler market predominantly relies on lithium-ion or lead-acid batteries, with lithium batteries showing superior performance in adverse weather. The demand for lithium-ion batteries, particularly variants like Lithium Iron Phosphate (LFP) and Lithium Manganese Oxide (LMO), is projected to rise with the increasing adoption of electric 3 wheelers. Research into battery chemistry, including advanced options like intermetallic anodes and lithium metal, aims to enhance battery efficiency and overcome range limitations. Governments in countries like India, China, and Thailand are incentivizing battery production to promote electric vehicle adoption, including tax benefits and production-linked incentives. Significant price reductions in lithium-ion battery packs have been recorded, with further declines expected as manufacturers like CATL and BYD target substantial cost reductions by 2024, potentially making electric vehicles cost-competitive with internal combustion engine vehicles. Future advancements, such as solid-state batteries, hold promise for further price reductions in the coming years.

Restraint: Limited power output, range, and speed

The electric 3 wheeler market is in its early stages, with vehicles yet to match conventional standards in mileage and power. Recent launches have struggled to meet user expectations for power output, often due to limited torque and battery capacity. Top speeds are restricted, hindering industry growth. Range remains a concern, typically falling short of conventional vehicles, dissuading long-distance travelers. Manufacturers are addressing these issues with conceptual models aimed at meeting performance and design standards, signaling potential improvements in the future.

Opportunity: Partnership with delivery and logistics fleet operators

The shift to electric 3 wheelers is driven by fleet operators seeking eco-friendly solutions and cost savings. OEMs benefit from bulk sales opportunities by catering to specific fleet requirements, like payload capacities and range options. Collaborating with fleet operators fosters long-term relationships, recurring revenue, and market leadership. Partnerships also yield valuable feedback for product enhancement, ensuring electric 3 wheelers evolve with market needs. Some OEMs are already expanding through such partnerships, poised for sustained electric 3 wheeler market growth.

Challenge: High initial investments than ICE variants

Electric 3 wheelers entail lower long-term operating costs compared to their internal combustion engine (ICE) counterparts. Their initial investments exceed those required for conventional 3 wheelers. This stems from the higher costs associated with components like batteries, motors, and other electrical elements, which are pricier than traditional mechanical parts. The battery alone constitutes 40-50% of the overall production cost of electric 3 wheelers. Presently, most manufacturers provide electric 3 wheelers along with charging infrastructure, elevating the initial financial outlay for prospective buyers. The substantial expenses involved in the development of electric 3 wheelers and associated components, such as batteries and monitoring systems, pose a significant barrier to their widespread adoption. Further, electric 3 wheelers necessitate frequent and rapid charging facilitated by specialized equipment available only at EV charging stations. The cumulative costs of the battery, charger, and installation contribute to the higher price tag of electric 3 wheelers compared to conventional ICE vehicles. Additionally, the expense of electricity presents a challenge in certain jurisdictions, with costs escalating over time, potentially impeding the electric 3 wheeler market.

Market Ecosystem

Top Companies in Electric 3 wheeler Market

Passenger carriers to be the largest segment during the forecast period.

Passenger carriers to be the largest segment during the forecast period. Passenger carriers are electric 3 wheelers primarily designed for transporting passengers, accommodating seating capacities of up to four individuals, inclusive of the driver. Prominent models available in the market include the Mahindra Treo, Atul Elite Cargo, Comfort Plus, and Standard Deluxe. Various OEMs have engaged in the development of electric 3 wheeler passenger carriers, forging strategic partnerships to introduce advanced models to the market. In urban ares, electric 3 wheelers emerge as the optimal choice for passenger transit, offering a cost-efficient, environmentally friendly, and convenient mode of transportation. In comparison to conventional ICE counterparts, electric 3 wheelers have lower overall ownership costs, thereby saving users expenses associated with fuel and maintenance. Moreover, they are often quieter than gasoline-powered vehicles, rendering them particularly suitable for tranquil city environments. This trend is expected to propel growth within the passenger carrier segment over the forecast period.

Lithium-ion battery to be the largest segment during the forecast period.

The lithium-ion battery segment will lead the market during the forecast period. These batteries are available in diverse configurations, incorporating temperature sensors, voltage converters, and battery charge state monitors. The utilization of Li-ion batteries can enhance payload capacities and extend the range of 3 wheelers compared to lead-acid counterparts. Despite their elevated cost, Li-ion batteries offer an extended travel range per charge, making them a potentially preferable option for e-rickshaws necessitating extensive operational distances. The electric 3 wheeler industry increasingly gravitates toward Li-ion batteries owing to their notable attributes, including high energy density, rapid charging capabilities, prolonged lifespan, and diminished maintenance requirements. While initial investment concerns persist, advancements in manufacturing methodologies are expected to alleviate this challenge by driving cost reductions. Further, Government initiatives such as the FAME II Incentive and heightened import tariffs are expected to stimulate domestic manufacturing of lithium-ion batteries, consequently reducing overall electric 3 wheeler costs and solidifying their superiority over lead-acid batteries in the marketplace.

Asia Pacific is expected to lead the electric 3 wheeler during the forecast period.

In recent years, the Asia Pacific region has emerged as a pivotal center for automobile production, driven significantly by the escalating demand for EVs. This region has become a focal point for automotive manufacturing, with China and India collectively producing over 30 million vehicles annually, according to the International Organization of Motor Vehicle Manufacturers (OICA). The electric 3 wheeler market in the Asia Pacific region has experienced rapid and consistent growth year after year. This growth is attributed to the presence of some of the world's most rapidly advancing economies, including China, Japan, Thailand, and India. India particularly stands out as one of the largest markets for electric 3 wheelers. Manufacturers have acknowledged the immense growth potential of this market, spurred by the advantages associated with electrifying 3 wheelers, such as noise-free operation and reduced maintenance costs. The proliferation of electric 3 wheelers in the region caters to domestic demand and serves overseas markets. This leads to increasing emphasis on developing and producing electric 3 wheelers to meet evolving global transportation needs.

Asia Pacific Electric 3 wheeler Market Size, and Share

Key Market Players

The electric 3 wheeler market is dominated by Mahindra&Mahindra Ltd. (India), YC Electric Vehicle (India), Saera Electric Auto Pvt. Ltd. (India), Piaggio Group (Italy), and Citylife Electric Vehicles (India), among others. These companies manufactures and supplies electric 3 wheeler to various countries globally. These companies have set up R&D infrastructure and offer best-in-class solutions to their customers.

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Scope of the Report

Report Metric

Details

Market size available for years

2020–2030

Base year considered

2023

Forecast period

2024-2030

Forecast Units

Value (USD Billion/Million) and Volume (Units)

Segments Covered

Motor Type, Motor Power, Battery Capacity, Range, Battery Type, Payload Capacity, End-Use, and Region

Geographies Covered

Asia Pacific, Europe, North America, Rest of the World

Companies Covered

Mahindra&Mahindra Ltd. (India), YC Electric Vehicle (India), Saera Electric Auto Pvt. Ltd. (India), Piaggio Group (Italy), and Citylife Electric Vehicles (India)
A total of 30 major company profiles were covered and provided.

This research report categorizes the electric 3 wheeler market based on Motor Type, Motor Power, Battery Capacity, Range, Battery Type, Payload Capacity, End-Use, and Region.

Based on Motor Power:

  • Below 1,500 W
  • 1,500–2,500 W
  • Above 2,500 W

Based on Motor Type:

  • Hub Motors
  • Mid Motors
  • Other Motors

Based on Battery Capacity:

  • Below 5 kWh
  • 5–8 kWh
  • Above 8 kWh

Based on Range:

  • Up to 50 miles
  • Above 50 miles

Based on Battery Type:

  • Lead-acid battery
  • Lithium-ion battery
  • Others

Based on Payload Capacity:

  • Up to 300 kg
  • 300–500 kg
  • Above 500 kg

Based on End Use:

  • Passenger Carriers
  • Load Carriers

Based on the region:

  • Asia Pacific (APAC)
    • Bangladesh
    • China
    • India
    • Indonesia
    • Japan
    • Nepal
    • Philipinnes
    • Singapore
    • Sri Lanka
    • Thailand
    • Vietnam
  • North America (NA)
    • US
    • Canada
  • Europe (EU)
    • France
    • Germany
    • Spain
    • Italy
    • UK
  • Rest of the World (RoW)
    • South Africa
    • UAE
    • Saudi Arabia

Recent Developments

  • In February 2024, Car & General partnered with Piaggio Vehicles Pvt. Ltd. (PVPL), a subsidiary of Piaggio Group, to introduce electric 3 wheelers in the Kenyan market. These vehicles, known as Piaggio Ape Electrik, will be available in two variants: the Ape E-City FX Max for passenger transport and the Ape E-Xtra FX Max for cargo transportation.
  • In January 2024, At the third edition of the Tamil Nadu Global Investors Meet, Terra Motors Corporation signed a memorandum of understanding with the Tamil Nadu Government. Under the MOU, the company intends to invest USD 41.66 billion in developing charging infrastructure in Tamil Nadu.
  • In January 2024, Omega Seiki Mobility partnered with Kissan Mobility to deploy 500 electric 3 wheelers for last-mile delivery purposes. This partnership, valued at USD 2.40 million, encompasses various applications across sectors, including e-commerce, fast-moving consumer goods, and durables segments.
  • In December 2023, Atul Auto Ltd. partnered with Perpetuity Capital to facilitate the financing of its electric 3 wheeler vehicles. This partnership entails the involvement of Oracle Marketing Private Limited, the NBFC arm of Perpetuity Capital, which will extend financing services for Atul Auto’s electric vehicles. An MOU for a Retail Finance agreement to finance a minimum of 500 vehicles in 2024 has been signed.
  • In December 2023, Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra&Mahindra Ltd., collaborated with Attero to tackle environmental challenges linked to the responsible disposal of electric vehicle (EV) batteries via efficient recycling endeavors. This collaboration is intricately tailored to foster sustainability and the recycling or reuse of lithium-ion batteries.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 24)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           TABLE 1 ELECTRIC 3 WHEELER MARKET, BY END USE
           TABLE 2 MARKET, BY BATTERY TYPE
           TABLE 3 MARKET, BY MOTOR TYPE
           TABLE 4 MARKET, BY MOTOR POWER
           TABLE 5 MARKET, BY BATTERY CAPACITY
           TABLE 6 MARKET, BY RANGE
           TABLE 7 MARKET, BY PAYLOAD CAPACITY
    1.3 INCLUSIONS AND EXCLUSIONS 
           TABLE 8 ELECTRIC 3 WHEELER MARKET: INCLUSIONS AND EXCLUSIONS
    1.4 MARKET SCOPE 
           FIGURE 1 MARKET SEGMENTATION
           1.4.1 REGION SCOPE
           1.4.2 YEARS CONSIDERED
    1.5 CURRENCY CONSIDERED 
           TABLE 9 CURRENCY EXCHANGE RATES
    1.6 STAKEHOLDERS 
    1.7 SUMMARY OF CHANGES 
 
2 RESEARCH METHODOLOGY (Page No. - 33)
    2.1 RESEARCH DATA 
           FIGURE 2 ELECTRIC 3 WHEELER MARKET: RESEARCH DESIGN
           FIGURE 3 RESEARCH DESIGN MODEL
           2.1.1 SECONDARY DATA
           2.1.2 KEY SECONDARY SOURCES
                    2.1.2.1 List of secondary sources
                    2.1.2.2 Key data from secondary sources
           2.1.3 PRIMARY DATA
                    2.1.3.1 Primary interviews – demand and supply sides
                    2.1.3.2 Key industry insights and breakdown of primary interviews
                               FIGURE 4 KEY INDUSTRY INSIGHTS
                               FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS
                    2.1.3.3 List of primary participants
    2.2 MARKET SIZE ESTIMATION 
           FIGURE 6 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
           2.2.1 BOTTOM-UP APPROACH
                    FIGURE 7 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    FIGURE 8 TOP-DOWN APPROACH
                    FIGURE 9 ELECTRIC 3 WHEELER MARKET: RESEARCH DESIGN & METHODOLOGY
           2.2.3 RECESSION IMPACT ANALYSIS
    2.3 DATA TRIANGULATION 
           FIGURE 10 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 11 MARKET GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS AND OPPORTUNITIES
    2.4 FACTOR ANALYSIS 
    2.5 RESEARCH ASSUMPTIONS 
    2.6 RESEARCH LIMITATIONS 
 
3 EXECUTIVE SUMMARY (Page No. - 47)
    FIGURE 12 FACTORS DRIVING ELECTRIC 3 WHEELER MARKET 
    FIGURE 13 MARKET DYNAMICS 
    FIGURE 14 INDIA TO DOMINATE MARKET FROM 2024 TO 2030 
    FIGURE 15 KEY PLAYERS IN MARKET 
    FIGURE 16 PASSENGER CARRIERS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 
 
4 PREMIUM INSIGHTS (Page No. - 53)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTRIC 3 WHEELER MARKET 
           FIGURE 17 LOW OPERATING AND MAINTENANCE COSTS TO DRIVE MARKET
    4.2 MARKET, BY MOTOR POWER 
           FIGURE 18 1,500–2,500 W SEGMENT TO LEAD MARKET FROM 2024 TO 2030
    4.3 MARKET, BY BATTERY TYPE 
           FIGURE 19 LITHIUM-ION SEGMENT TO LEAD MARKET BY 2030
    4.4 MARKET, BY RANGE 
           FIGURE 20 ABOVE 50 MILES SEGMENT TO REGISTER HIGHER CAGR FROM 2024 TO 2030
    4.5 MARKET, BY BATTERY CAPACITY 
           FIGURE 21 5–8 KWH SEGMENT TO LEAD MARKET FROM 2024 TO 2030
    4.6 MARKET, BY END USE 
           FIGURE 22 PASSENGER CARRIERS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
    4.7 MARKET, BY PAYLOAD CAPACITY 
           FIGURE 23 300–500 KG SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
    4.8 MARKET, BY MOTOR TYPE 
           FIGURE 24 MID MOTORS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
    4.9 MARKET, BY COUNTRY 
           FIGURE 25 INDIA TO ACCOUNT FOR LARGEST MARKET SHARE IN 2024
 
5 MARKET OVERVIEW (Page No. - 58)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 26 ELECTRIC 3 WHEELER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Low operating and maintenance costs
                               FIGURE 27 ELECTRICITY TARIFF FOR PERSONAL USE CASES AT DIFFERENT LEVELS OF ENERGY CONSUMPTION
                               TABLE 10 MAINTENANCE COST OF ELECTRIC 3 WHEELERS, BY VEHICLE MODEL
                               TABLE 11 AVERAGE ENERGY CONSUMPTION OF 3 WHEELERS
                    5.2.1.2 Government incentives and subsidies
                               TABLE 12 INDIA: GOVERNMENT INCENTIVES, BY MODEL, 2023
                               TABLE 13 BUDGETARY ALLOCATION AND EXPENDITURE OF FUNDS UNDER FAME II
                    5.2.1.3 Advancements in battery technology and reducing battery prices
                               TABLE 14 COMPARISON OF BATTERY TECHNOLOGIES IN ELECTRIC 3 WHEELERS
                               TABLE 15 INDIA: SPECIFICATIONS OF CHARGING INFRASTRUCTURE
                               FIGURE 28 LITHIUM-ION BATTERY PACK AND CELL PRICE SPLIT, 2013–2023 (USD/KWH)
                    5.2.1.4 Established market for 3 wheelers in urban transportation
                               FIGURE 29 ASIA PACIFIC: ELECTRIC 3 WHEELER SALES, 2020–2023 (THOUSAND UNITS)
                    5.2.1.5 Stringent emission norms and environmental regulations
                               TABLE 16 EMISSION REGULATION SPECIFICATIONS OF KEY COUNTRIES, BY FUEL TYPE, 2016–2023
           5.2.2 RESTRAINTS
                    5.2.2.1 Lack of charging infrastructure
                               FIGURE 30 EV CHARGING STATION NETWORK IN INDIA
                    5.2.2.2 Limited power output, range, and speed
                               TABLE 17 ELECTRIC 3 WHEELER RANGE
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Automobile manufacturer- and customer-oriented policies to promote electric 3 wheeler sales
                    5.2.3.2 Partnerships between OEMs and delivery and logistics fleet operators
                               TABLE 18 INDIA: ROLE OF E-RICKSHAW VS. ELECTRIC AUTO RICKSHAW
           5.2.4 CHALLENGES
                    5.2.4.1 Limited battery capacity
                               TABLE 19 BATTERY CAPACITIES OF POPULAR ELECTRIC 3 WHEELER MODELS
                    5.2.4.2 High initial investments compared to ICE variants
                               FIGURE 31 AVERAGE TOTAL COST OF CONVENTIONAL VS ELECTRIC 3 WHEELERS (2023)
                    5.2.4.3 Lack of compatibility, interchangeability, and standardization
                               TABLE 20 ELECTRIC 3 WHEELER MARKET: IMPACT OF MARKET DYNAMICS
    5.3 VALUE CHAIN ANALYSIS 
           FIGURE 32 MARKET: VALUE CHAIN ANALYSIS
    5.4 PRICING ANALYSIS 
           5.4.1 OEM-WISE PRICING ANALYSIS
                    TABLE 21 OEM ELECTRIC 3 WHEELER PRICING ANALYSIS, 2023 (USD)
           5.4.2 ASIA PACIFIC: AVERAGE SELLING PRICE TREND
                    TABLE 22 MARKET: ASIA PACIFIC AVERAGE PRICE TREND, 2020–2030
                    FIGURE 33 VOLUME WEIGHTED AVERAGE LITHIUM-ION BATTERY PACK AND CELL PRICE SPLIT, 2013–2023 (USD/KWH)
    5.5 ECOSYSTEM ANALYSIS 
           FIGURE 34 MARKET ECOSYSTEM ANALYSIS
           5.5.1 OEMS
           5.5.2 RAW MATERIAL SUPPLIERS
           5.5.3 BATTERY MANUFACTURERS
           5.5.4 CHARGING INFRASTRUCTURE PROVIDERS
           5.5.5 POWERTRAIN MANUFACTURERS
           5.5.6 COMPONENT MANUFACTURERS
                    TABLE 23 ELECTRIC 3 WHEELER MARKET: ROLE OF COMPANIES IN ECOSYSTEM
    5.6 TOTAL COST OF OWNERSHIP (TCO) ANALYSIS 
           TABLE 24 TCO COMPARISON ACROSS ELECTRIC 3W VS DIESEL 3W VEHICLES (2023)
           TABLE 25 TCO COMPARISON ACROSS ELECTRIC 3W VS DIESEL 3W VEHICLES (2030)
    5.7 BILL OF MATERIALS (BOM) ANALYSIS 
           FIGURE 35 BILL OF MATERIALS FOR ELECTRIC 3 WHEELER COMPONENTS (2023)
    5.8 INVESTMENT AND FUNDING SCENARIO 
           FIGURE 36 ELECTRIC 3 WHEELER MARKET: INVESTMENT AND FUNDING SCENARIO, 2020–2023
    5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.9.1 PASSENGER CARRIERS
           5.9.2 LOAD CARRIERS
    5.10 KEY STAKEHOLDERS IN BUYING PROCESS 
           FIGURE 37 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 2 END USES
           TABLE 26 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 2 END USES (%)
           5.10.1 BUYING CRITERIA
                    FIGURE 38 KEY BUYING CRITERIA FOR TOP 2 END USES
                    TABLE 27 KEY BUYING CRITERIA FOR TOP 2 END USES
    5.11 TRADE ANALYSIS 
           5.11.1 IMPORT/EXPORT SCENARIO (HS CODE 870390)
                    TABLE 28 IMPORT DATA FOR HS CODE 870390, BY COUNTRY, 2020–2023 (USD MILLION)
                    TABLE 29 EXPORT DATA FOR HS CODE 870390, BY COUNTRY, 2020–2023 (USD MILLION)
    5.12 TECHNOLOGY ANALYSIS 
           5.12.1 KEY TECHNOLOGIES
                    5.12.1.1 Regenerative braking systems
                               FIGURE 39 REGENERATIVE BRAKING IN ELECTRIC 3 WHEELERS
                    5.12.1.2 Solid-state battery (SSB)
           5.12.2 COMPLEMENTARY TECHNOLOGIES
                    5.12.2.1 Battery swapping in electric 3 wheelers
                               FIGURE 40 PHOTOVOLTAIC (PV)-BASED BATTERY SWAPPING STATIONS
           5.12.3 ADJACENT TECHNOLOGIES
                    5.12.3.1 IoT in electric 3 wheelers
                               FIGURE 41 IOT-ENABLED SMART GRID
                    5.12.3.2 Hydrogen fuel cell
                               FIGURE 42 COMPARISON OF HYDROGEN AND ELECTRIC VEHICLE DRIVE
    5.13 PATENT ANALYSIS 
                    FIGURE 43 NUMBER OF PUBLISHED PATENTS, 2014–2023
           5.13.1 LEGAL STATUS OF PATENTS
                    FIGURE 44 LEGAL STATUS OF PATENTS FILED FOR ELECTRIC 3 WHEELERS
           5.13.2 TOP PATENT APPLICANTS
                    FIGURE 45 TOP PATENT APPLICANTS, 2014–2023
                    TABLE 30 PATENT ANALYSIS
    5.14 CASE STUDIES 
           5.14.1 CASE STUDY 1: RACE ENERGY’S BATTERY-SWAPPING SOLUTION
           5.14.2 CASE STUDY 2: OPTIMIZING ELECTRIC VEHICLE PERFORMANCE IN WEST BENGAL’S HETEROGENEOUS TRAFFIC
           5.14.3 CASE STUDY 3: ALTIGREEN’S ELECTRIC 3 WHEELER CARGO REVOLUTION
           5.14.4 CASE STUDY 4: KOCHI’S JOURNEY TO ELECTRIC AUTORICKSHAWS
           5.14.5 CASE STUDY 5: TURNO’S ELECTRIC GOODS VEHICLES TRANSFORM DAIRY DISTRIBUTION
           5.14.6 CASE STUDY 6: ZYNGO EV MOBILITY’S PATH TO SUSTAINABLE DELIVERY SOLUTIONS IN INDIA
           5.14.7 CASE STUDY 7: ELECTRIC 3 WHEELER LOGISTICS FLEET OPERATION WITH CAPTIVE PLUG-IN CHARGING
           5.14.8 CASE STUDY 8: ELECTRIC 3 WHEELER LOGISTICS FLEET OPERATION WITH BATTERY SWAPPING
    5.15 REGULATORY LANDSCAPE 
           5.15.1 INDIA
                    TABLE 31 SUBSIDY BY VEHICLE TYPE UNDER FAME II
                    TABLE 32 INDIA: GOVERNMENT INCENTIVES, BY STATE
           5.15.2 CHINA
           5.15.3 THAILAND
           5.15.4 VIETNAM
           5.15.5 LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 33 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 34 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 35 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.16 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
                    FIGURE 46 MARKET: TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
    5.17 KEY CONFERENCES AND EVENTS 
                    TABLE 36 ELECTRIC 3 WHEELER MARKET: LIST OF KEY CONFERENCES AND EVENTS, 2024
    5.18 FUNCTIONAL SAFETY (FUSA) IN AUTOMOTIVE 
                    TABLE 37 AUTOMOTIVE SAFETY INTEGRITY LEVELS FOR AUTOMOTIVE INDUSTRY
                    FIGURE 47 ASIL FOR ELECTRIFICATION COMPONENTS IN EVS
           5.18.1 MAJOR FUNCTIONAL SAFETY (FUSA) USE CASES IN EVS
                    5.18.1.1 High-power vehicle architecture
                    5.18.1.2 Battery management systems
                    5.18.1.3 Current protection systems
                    5.18.1.4 Thermal management systems
           5.18.2 FUNCTIONAL SAFETY TRENDS
 
6 ELECTRIC 3 WHEELER MARKET, BY END USE (Page No. - 121)
    6.1 INTRODUCTION 
           FIGURE 48 LOAD CARRIERS SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD
           TABLE 38 MARKET, BY END USE, 2020–2023 (USD MILLION)
           TABLE 39 MARKET, BY END USE, 2024–2030 (USD MILLION)
           TABLE 40 MARKET, BY END USE, 2020–2023 (UNITS)
           TABLE 41 MARKET, BY END USE, 2024–2030 (UNITS)
           6.1.1 OPERATIONAL DATA
                    TABLE 42 TOP-SELLING ELECTRIC 3 WHEELER MODELS, BY END USE
    6.2 PASSENGER CARRIERS 
           6.2.1 DEMAND FOR COST-EFFECTIVE URBAN TRANSPORTATION TO DRIVE MARKET
                    TABLE 43 PASSENGER CARRIERS: MARKET, BY COUNTRY, 2020–2023 (UNITS)
                    TABLE 44 PASSENGER CARRIERS: MARKET, BY COUNTRY, 2024–2030 (UNITS)
    6.3 LOAD CARRIERS 
           6.3.1 GOVERNMENT INCENTIVE SCHEMES AND SUBSIDY PROGRAMS TO DRIVE MARKET
                    TABLE 45 LOAD CARRIERS: MARKET, BY COUNTRY, 2020–2023 (UNITS)
                    TABLE 46 LOAD CARRIERS: MARKET, BY COUNTRY, 2024–2030 (UNITS)
    6.4 KEY PRIMARY INSIGHTS 
 
7 ELECTRIC 3 WHEELER MARKET, BY BATTERY TYPE (Page No. - 128)
    7.1 INTRODUCTION 
           FIGURE 49 LITHIUM-ION SEGMENT TO LEAD MARKET BY 2030
           TABLE 47 MARKET, BY BATTERY TYPE, 2020–2023 (UNITS)
           TABLE 48 MARKET, BY BATTERY TYPE, 2024–2030 (UNITS)
           7.1.1 OPERATIONAL DATA
                    TABLE 49 ELECTRIC 3 WHEELER MODELS, BY BATTERY TYPE
                    TABLE 50 REPLACEMENT COST FOR BATTERY PACKS
    7.2 LEAD-ACID 
           7.2.1 DEMAND FOR AFFORDABLE LAST-MILE TRANSPORTATION AND LOGISTICS SERVICES TO DRIVE MARKET
    7.3 LITHIUM-ION 
           7.3.1 ONGOING INNOVATIONS AND ADVANCEMENTS IN BATTERY TECHNOLOGY TO DRIVE MARKET
                    TABLE 51 COST OF POPULAR LITHIUM-ION BATTERIES FOR ELECTRIC 3 WHEELERS
    7.4 OTHERS 
           TABLE 52 SODIUM-ION BATTERY PROVIDERS
    7.5 KEY PRIMARY INSIGHTS 
 
8 ELECTRIC 3 WHEELER MARKET, BY BATTERY CAPACITY (Page No. - 136)
    8.1 INTRODUCTION 
           TABLE 53 TYPES OF BATTERIES AND THEIR CHARACTERISTICS
           FIGURE 50 5–8 KWH SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
           TABLE 54 MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS)
           TABLE 55 MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS)
    8.2 BELOW 5 KWH 
           8.2.1 DEMAND FOR AFFORDABLE AND ZERO-EMISSION TRANSPORTATION TO DRIVE MARKET
                    TABLE 56 BELOW 5 KWH: MARKET, BY MODEL
    8.3 5–8 KWH 
           8.3.1 NEED FOR HIGHER RANGE AND CARRIAGE CAPACITY TO DRIVE MARKET
                    TABLE 57 5–8 KWH: MARKET, BY MODEL
    8.4 ABOVE 8 KWH 
           8.4.1 GROWING DEMAND FOR HIGHER BATTERY CAPACITY FOR LAST-MILE DELIVERY TO DRIVE MARKET
                    TABLE 58 ABOVE 8 KWH: MARKET, BY MODEL
    8.5 KEY PRIMARY INSIGHTS 
 
9 ELECTRIC 3 WHEELER MARKET, BY MOTOR TYPE (Page No. - 143)
    9.1 INTRODUCTION 
           FIGURE 51 MID MOTOR SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
           TABLE 59 MARKET, BY MOTOR TYPE, 2020–2023 (UNITS)
           TABLE 60 MARKET, BY MOTOR TYPE, 2024–2030 (UNITS)
    9.2 HUB MOTORS 
           9.2.1 NEED FOR RESPONSIVE ACCELERATION, PRECISE CONTROL, AND LOW MAINTENANCE TO DRIVE DEMAND
                    TABLE 61 HUB MOTORS: MARKET, BY COUNTRY, 2020–2023 (UNITS)
                    TABLE 62 HUB MOTOR: MARKET, BY COUNTRY, 2024–2030 (UNITS)
    9.3 MID MOTORS 
           9.3.1 COST-EFFECTIVENESS AND HIGHER EFFICIENCY TO DRIVE DEMAND
                    TABLE 63 MID MOTORS: MARKET, BY COUNTRY, 2020–2023 (UNITS)
                    TABLE 64 MID MOTORS: MARKET, BY COUNTRY, 2024–2030 (UNITS)
    9.4 OTHER MOTORS 
    9.5 KEY PRIMARY INSIGHTS 
 
10 ELECTRIC 3 WHEELER MARKET, BY MOTOR POWER (Page No. - 149)
     10.1 INTRODUCTION 
               FIGURE 52 1,500–2,500 W SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
               TABLE 65 MARKET, BY MOTOR POWER, 2020–2023 (UNITS)
               TABLE 66 MARKET, BY MOTOR POWER, 2024–2030 (UNITS)
             10.1.1 OPERATIONAL DATA
                       TABLE 67 POPULAR ELECTRIC 3 WHEELER MODELS, BY MOTOR POWER
                       FIGURE 53 ELECTRIC 3 WHEELER POWERTRAIN ARCHITECTURE
                       TABLE 68 FACTORS DECIDING MOTOR POWER OF ELECTRIC 3 WHEELERS
     10.2 BELOW 1,500 W 
             10.2.1 DECARBONIZATION OBJECTIVES AND STRINGENT GOVERNMENT EMISSION REGULATIONS TO DRIVE MARKET
                       TABLE 69 BELOW 1,500 W: MARKET, BY COUNTRY, 2020–2023 (UNITS)
                       TABLE 70 BELOW 1,500 W: MARKET, BY COUNTRY, 2024–2030 (UNITS)
     10.3 1,500–2,500 W 
             10.3.1 GROWING FOCUS OF OEMS ON PERFORMANCE ENHANCEMENT TO DRIVE MARKET
                       TABLE 71 1,500–2,500 W: MARKET, BY COUNTRY, 2020–2023 (UNITS)
                       TABLE 72 1,500–2,500 W: MARKET, BY COUNTRY, 2024–2030 (UNITS)
     10.4 ABOVE 2,500 W 
             10.4.1 CONTINUED INNOVATION AND INVESTMENT IN ELECTRIC VEHICLE TECHNOLOGY TO DRIVE MARKET
                       TABLE 73 ABOVE 2,500 W: MARKET, BY COUNTRY, 2020–2023 (UNITS)
                       TABLE 74 ABOVE 2,500 W:  MARKET, BY COUNTRY, 2024–2030 (UNITS)
     10.5 KEY PRIMARY INSIGHTS 
 
11 ELECTRIC 3 WHEELER MARKET, BY PAYLOAD CAPACITY (Page No. - 160)
     11.1 INTRODUCTION 
               FIGURE 54 300–500 KG SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
               TABLE 75 MARKET, BY PAYLOAD CAPACITY, 2020–2023 (UNITS)
               TABLE 76 MARKET, BY PAYLOAD CAPACITY, 2024–2030 (UNITS)
     11.2 UP TO 300 KG 
             11.2.1 INCREASING DEMAND FOR AFFORDABLE ELECTRIC 3 WHEELERS TO DRIVE MARKET
     11.3 300–500 KG 
             11.3.1 INCREASING DEMAND IN E-COMMERCE AND LOGISTICS TO DRIVE SEGMENT
                       TABLE 77 300–500 KG LOAD CAPACITY MODELS
     11.4 ABOVE 500 KG 
             11.4.1 GROWING DEMAND FOR SUSTAINABLE TRANSPORTATION SOLUTIONS IN LOGISTICS INDUSTRY TO DRIVE MARKET
                       TABLE 78 ABOVE 500 KG PAYLOAD CAPACITY MODELS
     11.5 KEY PRIMARY INSIGHTS 
 
12 ELECTRIC 3 WHEELER MARKET, BY RANGE (Page No. - 166)
     12.1 INTRODUCTION 
               FIGURE 55 LESS THAN 50 MILES SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
               TABLE 79 MARKET, BY RANGE, 2020–2023 (UNITS)
               TABLE 80 MARKET, BY RANGE, 2024–2030 (UNITS)
     12.2 LESS THAN 50 MILES 
             12.2.1 DEMAND FOR SHORT-DISTANCE URBAN COMMUTING AND TRANSPORTATION TO DRIVE SEGMENT
             12.2.2 OPERATIONAL DATA
                       TABLE 81 ELECTRIC 3 WHEELER MODELS WITH LESS THAN 50 MILES RANGE
                       TABLE 82 LESS THAN 50 MILES: MARKET, BY COUNTRY, 2020–2023 (UNITS)
                       TABLE 83 LESS THAN 50 MILES: MARKET, BY COUNTRY, 2024–2030 (UNITS)
     12.3 ABOVE 50 MILES 
             12.3.1 IMPROVEMENT IN BATTERY TECHNOLOGY TO DRIVE SEGMENT
             12.3.2 OPERATIONAL DATA
                       TABLE 84 ELECTRIC 3 WHEELER MODELS WITH ABOVE 50 MILES RANGE
                       TABLE 85 ABOVE 50 MILES: MARKET, BY COUNTRY, 2020–2023 (UNITS)
                       TABLE 86 ABOVE 50 MILES: MARKET, BY COUNTRY, 2024–2030 (UNITS)
     12.4 KEY PRIMARY INSIGHTS 
 
13 ELECTRIC 3 WHEELER MARKET, BY REGION (Page No. - 175)
     13.1 INTRODUCTION 
               FIGURE 56 ASIA PACIFIC: MARKET, BY COUNTRY, 2024 VS. 2030
               TABLE 87 ASIA PACIFIC: MARKET, BY COUNTRY, 2020–2023 (UNITS)
               TABLE 88 ASIA PACIFIC: MARKET, BY COUNTRY, 2024–2030 (UNITS)
               TABLE 89 ASIA PACIFIC: MARKET, BY END USE, 2020–2023 (USD MILLION)
               TABLE 90 ASIA PACIFIC: MARKET, BY END USE, 2024–2030 (USD MILLION)
     13.2 ASIA PACIFIC 
               FIGURE 57 ASIA PACIFIC: MARKET SNAPSHOT
             13.2.1 RECESSION IMPACT ANALYSIS
             13.2.2 INDIA
                       13.2.2.1 Increasing trend of last-mile delivery and battery swapping to drive market
                                   TABLE 91 INDIA: GOVERNMENT SUBSIDIES AND INCENTIVES FOR ELECTRIC 3 WHEELERS, BY STATE
                                   TABLE 92 COMPANIES ADOPTING ELECTRIC 3 WHEELER LOAD CARRIERS IN INDIA
                                   TABLE 93 DEVELOPMENTS OF BATTERY SWAPPING STATIONS IN INDIA
                                   TABLE 94 INDIA: MARKET, BY END USE, 2020–2023 (UNITS)
                                   TABLE 95 INDIA: MARKET, BY END USE, 2024–2030 (UNITS)
                                   TABLE 96 INDIA: MARKET, BY MOTOR POWER, 2020–2023 (UNITS)
                                   TABLE 97 INDIA: MARKET, BY MOTOR POWER, 2024–2030 (UNITS)
                                   TABLE 98 INDIA: MARKET, BY RANGE, 2020–2023 (UNITS)
                                   TABLE 99 INDIA: MARKET, BY RANGE, 2024–2030 (UNITS)
                                   TABLE 100 INDIA: MARKET, BY BATTERY TYPE, 2020–2023 (UNITS)
                                   TABLE 101 INDIA: MARKET, BY BATTERY TYPE, 2024–2030 (UNITS)
                                   TABLE 102 INDIA: MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS)
                                   TABLE 103 INDIA: MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS)
                                   TABLE 104 INDIA: MARKET, BY PAYLOAD CAPACITY, 2020–2023 (UNITS)
                                   TABLE 105 INDIA: MARKET, BY PAYLOAD CAPACITY, 2024–2030 (UNITS)
                                   TABLE 106 INDIA: MARKET, BY MOTOR TYPE, 2020–2023 (UNITS)
                                   TABLE 107 INDIA: MARKET, BY MOTOR TYPE, 2024–2030 (UNITS)
             13.2.3 JAPAN
                       13.2.3.1 Government focus on improving electric vehicle ecosystem to drive market
                                   TABLE 108 GOVERNMENT INITIATIVES FOR EV ADOPTION IN JAPAN
                                   TABLE 109 JAPAN: MARKET, BY END USE, 2020–2023 (UNITS)
                                   TABLE 110 JAPAN: MARKET, BY END USE, 2024–2030 (UNITS)
                                   TABLE 111 JAPAN: MARKET, BY MOTOR POWER, 2020–2023 (UNITS)
                                   TABLE 112 JAPAN: MARKET, BY MOTOR POWER, 2024–2030 (UNITS)
                                   TABLE 113 JAPAN: MARKET, BY RANGE, 2020–2023 (UNITS)
                                   TABLE 114 JAPAN: MARKET, BY RANGE, 2024–2030 (UNITS)
                                   TABLE 115 JAPAN: MARKET, BY BATTERY TYPE, 2020–2023 (UNITS)
                                   TABLE 116 JAPAN: MARKET, BY BATTERY TYPE, 2024–2030 (UNITS)
                                   TABLE 117 JAPAN: MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS)
                                   TABLE 118 JAPAN: MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS)
                                   TABLE 119 JAPAN: MARKET, BY MOTOR TYPE, 2020–2023 (UNITS)
                                   TABLE 120 JAPAN: MARKET, BY MOTOR TYPE, 2024–2030 (UNITS)
             13.2.4 THAILAND
                       13.2.4.1 Growing demand for e-tuk-tuk for local transport to drive market
                                   TABLE 121 GOVERNMENT INITIATIVES FOR EV ADOPTION IN THAILAND
                                   TABLE 122 THAILAND: MARKET, BY END USE, 2020–2023 (UNITS)
                                   TABLE 123 THAILAND: MARKET, BY END USE, 2024–2030 (UNITS)
                                   TABLE 124 THAILAND: MARKET, BY MOTOR POWER, 2020–2023 (UNITS)
                                   TABLE 125 THAILAND: MARKET, BY MOTOR POWER, 2024–2030 (UNITS)
                                   TABLE 126 THAILAND: MARKET, BY RANGE, 2020–2023 (UNITS)
                                   TABLE 127 THAILAND: MARKET, BY RANGE, 2024–2030 (UNITS)
                                   TABLE 128 THAILAND: MARKET, BY BATTERY TYPE, 2020–2023 (UNITS)
                                   TABLE 129 THAILAND: MARKET, BY BATTERY TYPE, 2024–2030 (UNITS)
                                   TABLE 130 THAILAND: MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS)
                                   TABLE 131 THAILAND: MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS)
                                   TABLE 132 THAILAND: MARKET, BY MOTOR TYPE, 2020–2023 (UNITS)
                                   TABLE 133 THAILAND: MARKET, BY BATTERY MOTOR TYPE, 2024–2030 (UNITS)
             13.2.5 BANGLADESH
                       13.2.5.1 Developments by major OEMs to drive market
                                   TABLE 134 ELECTRIC 3 WHEELER DEVELOPMENTS IN BANGLADESH
                                   TABLE 135 BANGLADESH: MARKET, BY END USE, 2020–2023 (UNITS)
                                   TABLE 136 BANGLADESH: MARKET, BY END USE, 2024–2030 (UNITS)
                                   TABLE 137 BANGLADESH: MARKET, BY MOTOR POWER, 2020–2023 (UNITS)
                                   TABLE 138 BANGLADESH: MARKET, BY MOTOR POWER, 2024–2030 (UNITS)
                                   TABLE 139 BANGLADESH: MARKET, BY RANGE, 2020–2023 (UNITS)
                                   TABLE 140 BANGLADESH: MARKET, BY RANGE, 2024–2030 (UNITS)
                                   TABLE 141 BANGLADESH: MARKET, BY BATTERY TYPE, 2020–2023 (UNITS)
                                   TABLE 142 BANGLADESH: MARKET, BY BATTERY TYPE, 2024–2030 (UNITS)
                                   TABLE 143 BANGLADESH: MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS)
                                   TABLE 144 BANGLADESH: MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS)
                                   TABLE 145 BANGLADESH: MARKET, BY MOTOR TYPE, 2020–2023 (UNITS)
                                   TABLE 146 BANGLADESH: MARKET, BY MOTOR TYPE, 2024–2030 (UNITS)
             13.2.6 NEPAL
                       13.2.6.1 Private sector financing to drive market
                                   TABLE 147 GOVERNMENT INITIATIVES FOR EV ADOPTION IN NEPAL
                                   TABLE 148 MAJOR ELECTRIC 3 WHEELER INVESTMENTS PROPOSED IN NEPAL
                                   TABLE 149 NEPAL: MARKET, BY END USE, 2020–2023 (UNITS)
                                   TABLE 150 NEPAL: MARKET, BY END USE, 2024–2030 (UNITS)
                                   TABLE 151 NEPAL: MARKET, BY MOTOR POWER, 2020–2023 (UNITS)
                                   TABLE 152 NEPAL: MARKET, BY MOTOR POWER, 2024–2030 (UNITS)
                                   TABLE 153 NEPAL: MARKET, BY RANGE, 2020–2023 (UNITS)
                                   TABLE 154 NEPAL: MARKET, BY RANGE, 2024–2030 (UNITS)
                                   TABLE 155 NEPAL: MARKET, BY BATTERY TYPE, 2020–2023 (UNITS)
                                   TABLE 156 NEPAL: MARKET, BY BATTERY TYPE, 2024–2030 (UNITS)
                                   TABLE 157 NEPAL: MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS)
                                   TABLE 158 NEPAL: MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS)
                                   TABLE 159 NEPAL: MARKET, BY MOTOR TYPE, 2020–2023 (UNITS)
                                   TABLE 160 NEPAL: MARKET, BY MOTOR TYPE, 2024–2030 (UNITS)
             13.2.7 SRI LANKA
                       13.2.7.1 OEM initiatives towards green mobility to drive market
                                   TABLE 161 LITHIUM-ION BATTERY IMPORTERS IN SRI LANKA (2023)
                                   TABLE 162 SRI LANKA: MARKET, BY END USE, 2020–2023 (UNITS)
                                   TABLE 163 SRI LANKA: MARKET, BY END USE, 2024–2030 (UNITS)
                                   TABLE 164 SRI LANKA: MARKET, BY MOTOR POWER, 2020–2023 (UNITS)
                                   TABLE 165 SRI LANKA: MARKET, BY MOTOR POWER, 2024–2030 (UNITS)
                                   TABLE 166 SRI LANKA: MARKET, BY RANGE, 2020–2023 (UNITS)
                                   TABLE 167 SRI LANKA: MARKET, BY RANGE, 2024–2030 (UNITS)
                                   TABLE 168 SRI LANKA: MARKET, BY BATTERY TYPE, 2020–2023 (UNITS)
                                   TABLE 169 SRI LANKA: MARKET, BY BATTERY TYPE, 2024–2030 (UNITS)
                                   TABLE 170 SRI LANKA: MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS)
                                   TABLE 171 SRI LANKA: MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS)
                                   TABLE 172 SRI LANKA: MARKET, BY MOTOR TYPE, 2020–2023 (UNITS)
                                   TABLE 173 SRI LANKA: MARKET, BY MOTOR TYPE, 2024–2030 (UNITS)
             13.2.8 INDONESIA
                       13.2.8.1 Removal of import duties and luxury tax on EVs to drive market
                                   TABLE 174 GOVERNMENT INITIATIVES FOR EV ADOPTION IN INDONESIA
                                   TABLE 175 INDONESIA: MARKET, BY END USE, 2020–2023 (UNITS)
                                   TABLE 176 INDONESIA: MARKET, BY END USE, 2024–2030 (UNITS)
                                   TABLE 177 INDONESIA: MARKET, BY MOTOR POWER, 2020–2023 (UNITS)
                                   TABLE 178 INDONESIA: MARKET, BY MOTOR POWER, 2024–2030 (UNITS)
                                   TABLE 179 INDONESIA: MARKET, BY RANGE, 2020–2023 (UNITS)
                                   TABLE 180 INDONESIA: MARKET, BY RANGE, 2024–2030 (UNITS)
                                   TABLE 181 INDONESIA: MARKET, BY BATTERY TYPE, 2020–2023 (UNITS)
                                   TABLE 182 INDONESIA: MARKET, BY BATTERY TYPE, 2024–2030 (UNITS)
                                   TABLE 183 INDONESIA: MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS)
                                   TABLE 184 INDONESIA: MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS)
                                   TABLE 185 INDONESIA: MARKET, BY MOTOR TYPE, 2020–2023 (UNITS)
                                   TABLE 186 INDONESIA: MARKET, BY MOTOR TYPE, 2024–2030 (UNITS)
             13.2.9 PHILIPPINES
                       13.2.9.1 Rising tourism sector to drive market
                                   TABLE 187 GOVERNMENT INITIATIVES FOR EV ADOPTION IN PHILIPPINES
                                   TABLE 188 PHILIPPINES: MARKET, BY END USE, 2020–2023 (UNITS)
                                   TABLE 189 PHILIPPINES: MARKET, BY END USE, 2024–2030 (UNITS)
                                   TABLE 190 PHILIPPINES: MARKET, BY MOTOR POWER, 2020–2023 (UNITS)
                                   TABLE 191 PHILIPPINES: MARKET, BY MOTOR POWER, 2024–2030 (UNITS)
                                   TABLE 192 PHILIPPINES: MARKET, BY RANGE, 2020–2023 (UNITS)
                                   TABLE 193 PHILIPPINES: MARKET, BY RANGE, 2024–2030 (UNITS)
                                   TABLE 194 PHILIPPINES: MARKET, BY BATTERY TYPE, 2020–2023 (UNITS)
                                   TABLE 195 PHILIPPINES: MARKET, BY BATTERY TYPE, 2024–2030 (UNITS)
                                   TABLE 196 PHILIPPINES: MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS)
                                   TABLE 197 PHILIPPINES: MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS)
                                   TABLE 198 PHILIPPINES: MARKET, BY MOTOR TYPE, 2020–2023 (UNITS)
                                   TABLE 199 PHILIPPINES: MARKET, BY MOTOR TYPE, 2024–2030 (UNITS)
             13.2.10 VIETNAM
                       13.2.10.1 Supportive government policies for EV adoption to improve air quality to drive market
                                   TABLE 200 VIETNAM: MARKET, BY END USE, 2020–2023 (UNITS)
                                   TABLE 201 VIETNAM: MARKET, BY END USE, 2024–2030 (UNITS)
                                   TABLE 202 VIETNAM: MARKET, BY MOTOR POWER, 2020–2023 (UNITS)
                                   TABLE 203 VIETNAM: MARKET, BY MOTOR POWER, 2024–2030 (UNITS)
                                   TABLE 204 VIETNAM: MARKET, BY RANGE, 2020–2023 (UNITS)
                                   TABLE 205 VIETNAM: MARKET, BY RANGE, 2024–2030 (UNITS)
                                   TABLE 206 VIETNAM: MARKET, BY BATTERY TYPE, 2020–2023 (UNITS)
                                   TABLE 207 VIETNAM: MARKET, BY BATTERY TYPE, 2024–2030 (UNITS)
                                   TABLE 208 VIETNAM: MARKET, BY BATTERY CAPACITY, 2020–2023 (UNITS)
                                   TABLE 209 VIETNAM: MARKET, BY BATTERY CAPACITY, 2024–2030 (UNITS)
                                   TABLE 210 VIETNAM: MARKET, BY MOTOR TYPE, 2020–2023 (UNITS)
                                   TABLE 211 VIETNAM: MARKET, BY MOTOR TYPE, 2024–2030 (UNITS)
              13.2.11 CHINA
                       13.2.11.1 Improved charging infrastructure to drive market
                                   TABLE 212 EV INFRASTRUCTURE IN CHINA
                                   TABLE 213 EV BATTERY MANUFACTURERS IN CHINA
              13.2.12 SINGAPORE
                       13.2.12.1 Government focus on green mobility to drive market
                                   TABLE 214 GOVERNMENT INITIATIVES FOR EV ADOPTION IN SINGAPORE
     13.3 EUROPE 
             13.3.1 RECESSION IMPACT ANALYSIS
             13.3.2 GERMANY
                       13.3.2.1 Growing micro-mobility and cargo last-mile delivery demand to drive market
                                   TABLE 215 GOVERNMENT INITIATIVES FOR EV ADOPTION IN GERMANY
             13.3.3 FRANCE
                       13.3.3.1 Need for zero-emission last-mile delivery to drive market
            TABLE 216 GOVERNMENT INITIATIVES FOR EV ADOPTION IN FRANCE
             13.3.4 SPAIN
                       13.3.4.1 Government support and incentives to drive market
                                   TABLE 217 GOVERNMENT INITIATIVES FOR EV ADOPTION IN SPAIN
             13.3.5 ITALY
                       13.3.5.1 Strong R&D ecosystem for electric 3 wheelers to drive market
                                   TABLE 218 GOVERNMENT INITIATIVES FOR EV ADOPTION IN ITALY
             13.3.6 UK
                       13.3.6.1 Government plans to electrify all on-road vehicles from 2035 to drive market
                                   TABLE 219 GOVERNMENT INITIATIVES FOR EV ADOPTION IN UK
     13.4 NORTH AMERICA 
             13.4.1 RECESSION IMPACT ANALYSIS
             13.4.2 US
                       13.4.2.1 Government plans to slash tailpipe emissions by 49% by 2032 to drive market
                                   TABLE 220 GOVERNMENT INITIATIVES FOR EV ADOPTION IN US
             13.4.3 CANADA
                       13.4.3.1 Demand for electric trikes for personal use to drive market
                                   TABLE 221 GOVERNMENT INITIATIVES FOR EV ADOPTION IN CANADA
     13.5 REST OF THE WORLD 
             13.5.1 RECESSION IMPACT ANALYSIS
             13.5.2 SAUDI ARABIA
                       13.5.2.1 Backing from public investment fund to drive market
             13.5.3 SOUTH AFRICA
                       13.5.3.1 Increase in EV imports and improvement in EV charging infrastructure to drive market
             13.5.4 UAE
                       13.5.4.1 National electric vehicles policy to drive market
 
14 COMPETITIVE LANDSCAPE (Page No. - 228)
     14.1 OVERVIEW 
     14.2 KEY PLAYER STRATEGIES, 2021–2024 
               TABLE 222 KEY PLAYER STRATEGIES, JANUARY 2021– MARCH 2024
     14.3 MARKET SHARE ANALYSIS 
            TABLE 223 MARKET SHARE ANALYSIS OF TOP FIVE PLAYERS, 2023
            FIGURE 58 MARKET SHARE ANALYSIS OF KEY PLAYERS, 2023
     14.4 REVENUE ANALYSIS 
               FIGURE 59 REVENUE ANALYSIS OF KEY PLAYERS, 2018–2022
     14.5 COMPANY VALUATION AND FINANCIAL METRICS 
               FIGURE 60 COMPANY VALUATION OF ELECTRIC 3 WHEELER MANUFACTURERS
               FIGURE 61 FINANCIAL METRICS OF ELECTRIC 3 WHEELER MANUFACTURERS
     14.6 BRAND/PRODUCT COMPARISON 
               FIGURE 62 BRAND/PRODUCT COMPARISON OF TOP FIVE PLAYERS
     14.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 
             14.7.1 STARS
             14.7.2 EMERGING LEADERS
             14.7.3 PERVASIVE PLAYERS
             14.7.4 PARTICIPANTS
                       FIGURE 63 ELECTRIC 3 WHEELER MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023
             14.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
                       FIGURE 64 MARKET: COMPANY FOOTPRINT, 2023
                       TABLE 224 MARKET: REGION FOOTPRINT, 2023
                       TABLE 225 MARKET: PRODUCT FOOTPRINT, 2023
                       TABLE 226 MARKET: END USE FOOTPRINT, 2023
                       TABLE 227 MARKET: APPLICATION FOOTPRINT, 2023
     14.8 COMPANY EVALUATION MATRIX: START-UPS/SMES, 2023 
             14.8.1 PROGRESSIVE COMPANIES
             14.8.2 RESPONSIVE COMPANIES
             14.8.3 DYNAMIC COMPANIES
             14.8.4 STARTING BLOCKS
                       FIGURE 65 ELECTRIC 3 WHEELER MARKET: COMPANY EVALUATION MATRIX (START-UPS/SMES), 2023
             14.8.5 COMPETITIVE BENCHMARKING
                       TABLE 228 KEY START-UPS/SMES
                       TABLE 229 COMPETITIVE BENCHMARKING OF KEY START-UPS/SMES
     14.9 COMPETITIVE SCENARIO 
             14.9.1 PRODUCT LAUNCHES
                       TABLE 230 MARKET: PRODUCT LAUNCHES, JANUARY 2021– MARCH 2024
             14.9.2 DEALS
                       TABLE 231 MARKET: DEALS, JANUARY 2021– MARCH 2024
             14.9.3 EXPANSIONS
                       TABLE 232 MARKET: EXPANSIONS, JANUARY 2021– MARCH 2024
             14.9.4 OTHERS
                       TABLE 233 MARKET: OTHERS, JANUARY 2021– MARCH 2024
 
15 COMPANY PROFILES (Page No. - 255)
(Business overview, Products/Solutions/Services offered, Recent developments & MnM View)*
     15.1 KEY PLAYERS 
             15.1.1 MAHINDRA&MAHINDRA LTD.
                       TABLE 234 MAHINDRA&MAHINDRA LTD.: COMPANY OVERVIEW
                       FIGURE 66 MAHINDRA&MAHINDRA LTD.: COMPANY SNAPSHOT
                       FIGURE 67 MAHINDRA&MAHINDRA LTD.: MANUFACTURING PLANTS IN INDIA
                       TABLE 235 MAHINDRA&MAHINDRA LTD.: PRODUCTS OFFERED
                       FIGURE 68 MAHINDRA&MAHINDRA LTD.: ELECTRIC 3 WHEELER PRODUCT PORTFOLIO
                       TABLE 236 MAHINDRA&MAHINDRA LTD.: PRODUCT LAUNCHES
                       TABLE 237 MAHINDRA&MAHINDRA LTD.: DEALS
                       TABLE 238 MAHINDRA&MAHINDRA LTD.: EXPANSIONS
             15.1.2 YC ELECTRIC VEHICLE
                       TABLE 239 YC ELECTRIC VEHICLE: COMPANY OVERVIEW
                       TABLE 240 YC ELECTRIC VEHICLE: PRODUCTS OFFERED
                       TABLE 241 YC ELECTRIC VEHICLE: PRODUCTS AND FEATURES
             15.1.3 SAERA ELECTRIC AUTO PVT. LTD.
                       TABLE 242 SAERA ELECTRIC AUTO PVT. LTD.: COMPANY OVERVIEW
                       TABLE 243 SAERA ELECTRIC AUTO PVT. LTD.: PRODUCTS OFFERED
                       TABLE 244 SAERA ELECTRIC AUTO PVT. LTD.: PRODUCT LAUNCHES
                       TABLE 245 SAERA ELECTRIC AUTO PVT. LTD.: DEALS
                       TABLE 246 SAERA ELECTRIC AUTO PVT. LTD.: EXPANSIONS
                       TABLE 247 SAERA ELECTRIC AUTO PVT. LTD.: OTHERS
             15.1.4 PIAGGIO GROUP
                       TABLE 248 PIAGGIO GROUP: COMPANY OVERVIEW
                       FIGURE 69 PIAGGIO GROUP: COMPANY SNAPSHOT
                       TABLE 249 PIAGGIO GROUP: PRODUCTS OFFERED
                       TABLE 250 PIAGGIO GROUP: PRODUCT LAUNCHES
                       TABLE 251 PIAGGIO GROUP: DEALS
                       TABLE 252 PIAGGIO GROUP: EXPANSIONS
             15.1.5 CITYLIFE ELECTRIC VEHICLES
                       TABLE 253 CITYLIFE ELECTRIC VEHICLES: COMPANY OVERVIEW
                       TABLE 254 CITYLIFE ELECTRIC VEHICLES: PRODUCTS OFFERED
             15.1.6 KINETIC GREEN
                       TABLE 255 KINETIC GREEN: COMPANY OVERVIEW
                       FIGURE 70 KINETIC GREEN: COMPANY SNAPSHOT
                       TABLE 256 KINETIC GREEN: PRODUCTS OFFERED
                       TABLE 257 KINETIC GREEN: PRODUCT LAUNCHES
                       TABLE 258 KINETIC GREEN: DEALS
                       TABLE 259 KINETIC GREEN: EXPANSIONS
             15.1.7 MINI METRO EV LLP
                       TABLE 260 MINI METRO EV LLP: COMPANY OVERVIEW
                       TABLE 261 MINI METRO EV LLP: PRODUCTS OFFERED
                       15.1.8 ATUL AUTO LTD.
                       TABLE 262 ATUL AUTO LTD.: COMPANY OVERVIEW
                       FIGURE 71 ATUL AUTO LTD.: COMPANY SNAPSHOT
                       FIGURE 72 ATUL AUTO LTD.: PRODUCT PORTFOLIO
                       TABLE 263 ATUL AUTO LTD.: PRODUCTS OFFERED
                       TABLE 264 ATUL AUTO LTD.: PRODUCT LAUNCHES
                       TABLE 265 ATUL AUTO LTD.: DEALS
                       TABLE 266 ATUL AUTO LTD.: EXPANSIONS
                       TABLE 267 ATUL AUTO LTD.: OTHERS
             15.1.9 TERRA MOTORS CORPORATION
                       TABLE 268 TERRA MOTORS CORPORATION: COMPANY OVERVIEW
                       TABLE 269 TERRA MOTORS CORPORATION: PRODUCTS OFFERED
                       TABLE 270 TERRA MOTORS CORPORATION: PRODUCT LAUNCHES
                       TABLE 271 TERRA MOTORS CORPORATION: DEALS
                       TABLE 272 TERRA MOTORS CORPORATION: EXPANSIONS
             15.1.10 LOHIA AUTO INDUSTRIES
                                   TABLE 273 LOHIA AUTO INDUSTRIES: COMPANY OVERVIEW
                                   FIGURE 73 ELECTRIC UTILITY VEHICLES OFFERED BY LOHIA AUTO INDUSTRIES
                                   TABLE 274 LOHIA AUTO INDUSTRIES: PRODUCTS OFFERED
             15.1.11 BAJAJ AUTO LTD.
                                   TABLE 275 BAJAJ AUTO LTD.: COMPANY OVERVIEW
                                   FIGURE 74 BAJAJ AUTO LTD.: COMPANY SNAPSHOT
                                   TABLE 276 BAJAJ AUTO LTD.: PRODUCTS OFFERED
             15.1.12 OMEGA SEIKI MOBILITY
                                   TABLE 277 OMEGA SEIKI MOBILITY: COMPANY OVERVIEW
                                   TABLE 278 OMEGA SEIKI MOBILITY: PRODUCTS OFFERED
                                   TABLE 279 OMEGA SEIKI MOBILITY: PRODUCT LAUNCHES
                                   TABLE 280 OMEGA SEIKI MOBILITY: DEALS
                                   TABLE 281 OMEGA SEIKI MOBILITY: EXPANSIONS
*Details on Business overview, Products/Solutions/Services offered, Recent developments & MnM View might not be captured in case of unlisted companies.
     15.2 OTHER PLAYERS 
             15.2.1 JIANGSU JINPENG GROUP CO., LTD.
             15.2.2 SKYRIDE E RICKSHAW
             15.2.3 SHADO GROUP INTERNATIONAL PTE. LTD.
             15.2.4 XIANGHE QIANGSHENG ELECTRIC TRICYCLE FACTORY
             15.2.5 KYBURZ
             15.2.6 PROZZA HIROSE MANUFACTURING INC.
             15.2.7 GAYAM MOTOR WORKS PVT. LTD.
             15.2.8 BEMAC CORPORATION
             15.2.9 J.S. AUTO (P) LTD.
             15.2.10 SAARTHI E-RICKSHAW
             15.2.11 UNIQUE INTERNATIONAL
             15.2.12 EULER MOTERS
             15.2.13 LECTRIX EV PRIVATE LIMITED
 
16 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 318)
     16.1 INDIA: KEY FOCUS MARKET FOR ELECTRIC 3 WHEELERS 
     16.2 LAST-MILE DELIVERY, LOGISTICS, SUPPLY CHAIN, AND WAREHOUSING TO CREATE NEW OPPORTUNITIES FOR MANUFACTURERS 
     16.3 FALL IN BATTERY PRICES TO BRING DOWN TCO OF ELECTRIC 3 WHEELERS 
     16.4 CONCLUSION 
 
17 APPENDIX (Page No. - 320)
     17.1 KEY INSIGHTS FROM INDUSTRY EXPERTS 
     17.2 DISCUSSION GUIDE 
     17.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     17.4 CUSTOMIZATION OPTIONS 
     17.5 RELATED REPORTS 
     17.6 AUTHOR DETAILS 

The study involved four major activities in estimating the current size of the electric 3 wheeler market. Exhaustive secondary research was done to collect information on the market, the peer market, and the child markets. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [for example, European Alternative Fuels Observatory (EAFO), European Automobile Manufacturers' Association (ACEA), China Association of Automobile Manufacturers (CAAM), International Organization of Motor Vehicle Manufacturers (OICA), Electrical Vehicle Charging Association (EVCA), National Highway Traffic Safety Administration (NHTSA), International Energy Association (IEA)], articles, directories, technical handbooks, trade websites, technical articles, and databases (for example, Marklines, and Factiva) have been used to identify and collect information useful for an extensive commercial study of the global Electric 3 wheeler market.

Primary Research

Extensive primary research was conducted after acquiring an understanding of the Electric 3 wheeler market scenario through secondary research. Several primary interviews were conducted with market experts from both the supply (automotive OEMs and E3W component providers across major regions, namely, Asia Pacific, Europe, North America, and Rest Of the World. Approximately 10% and 90% of primary interviews were conducted from the demand and supply sides, respectively. Primary data was collected through questionnaires, emails, and telephonic interviews.

In the canvassing of primaries, various departments within organizations, such as sales, operations, and marketing, were covered to provide a holistic viewpoint in the report. After interacting with industry experts, brief sessions were also conducted with highly experienced independent consultants to reinforce the findings from primaries. This, along with the in-house subject matter experts’ opinions, led to the findings described in the remainder of this report.

Electric 3 wheelerMarket Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The bottom-up approach was used to estimate and validate the size of the electric 3 wheeler market. In this approach, vehicle production statistics for each end use were considered at the country levels. The penetration of each end use at the country level was identified through model mapping to determine the market size in terms of volume. Then, the penetration of each end use for all countries was applied to obtain the volume of the market. The country-level volume for each end use was multiplied by the average OE price of each end use to derive the market size in terms of volume. Extensive secondary and primary research was conducted to understand the market scenario for the end use in the automotive industry. Several primary interviews were conducted with key opinion leaders related to electric vehicle developments, including OEMs, Tier-1 suppliers, and applications. Qualitative aspects such as drivers, restraints, opportunities, and challenges were considered while calculating and forecasting the market size.

Electric 3 wheelerMarket Market Bottom Up Approach

To know about the assumptions considered for the study, Request for Free Sample Report

Market Size Validation

To derive the market for electric 3 wheeler market, by segment, in terms of volume, the adoption rate of all segments was identified at country level. To derive the market in terms of value, the cost breakup percentage of end use segment at the regional level was applied to the global value of the market. This gives the market for each segment in terms of volume and value. Mapping was done at the regional level to understand the contribution by type of component. The market size was derived at the regional level in terms of volume. The total volume of the electric 3-wheeler market was multiplied by the % breakdown of each component at the country level.

Electric 3 wheelerMarket Market Top Down Approach

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Market Definition

Electric 3-wheelers are plug-in 3-wheeled vehicles that use electric motors to achieve locomotion. The electricity is stored in a rechargeable battery that drives the electric motor. These vehicles are zero-emission electric motor-driven vehicles. The operating and top speeds of electric 3-wheelers are based on battery technology and its type.

List of Key Stakeholders

  • Automotive Component Manufacturers
  • Automotive OEMs
  • Companies Operating in the Electric 3 Wheeler Ecosystem
  • Distributors and Retailers
  • Electric 3 Wheeler Component Manufacturers
  • EV Battery Manufacturers
  • EV Motor Manufacturers
  • Fleet Operators
  • Legal and Regulatory Authorities
  • Manufacturers of Electric 3 Wheelers
  • Raw Material Suppliers for Electric 3 Wheelers or their Components
  • Technology Providers
  • Electric Vehicle Association of Thailand
  • Association of Indonesian Automotive Manufacturers
  • Lanka Electric Vehicle Association
  • Transport Authorities

Report Objectives

  • To analyze the electric 3 wheeler market and forecast its size, in terms of volume (units) and value (USD million), from 2024 to 2030
  • To provide detailed information regarding major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To segment the market, by end use, payload capacity, motor type, motor power, battery type, battery capacity, range, and region
    • To segment the market and forecast its size by volume (units) based on motor type
      (hub motors, mid motors, and other motors)
    • To segment the market and forecast its size by volume (units) based on motor power
      (below 1,500 W, 1,500–2,500 W, and above 2,500 W)
    • To segment the market and forecast its size by volume (units) based on battery capacity (below 5 kWh, 5–8 kWh, and above 8 kWh)
    • To segment the market and forecast its size by volume (units) and value (USD million) based on end use (passenger carriers and load carriers)
    • To segment the market and forecast its size by volume (units) based on a range (less than 50 miles and above 50 miles)
    • To segment the market and forecast its size by volume (units) based on battery type (lead acid, lithium-ion, and others)
    • To segment the market and forecast its size by volume (units) based on payload capacity (up to 300 kg, 300–500 kg, and above 500 kg).
    • To segment the market and forecast its size by volume (units) and value (USD million) based on region (Asia Pacific, Europe, North America, and Rest of the World)
  • To strategically profile key players and comprehensively analyze their market shares and core competencies
  • To analyze the technological developments impacting the market
  • To analyze opportunities for stakeholders and the competitive landscape for market leaders
  • To provide detailed information regarding the major factors influencing the market growth (drivers, challenges, restraints, and opportunities)
  • To strategically analyze markets with respect to individual growth trends, prospects, and contributions to the total market
  • To study the following with respect to the market
    • Value Chain Analysis
    • Ecosystem Analysis
    • Technology Analysis
    • Case Study Analysis
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  • Profiling of Additional Market Players (Up to 5)
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Report Code
AT 7860
Published ON
May, 2024
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