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India Electric Three-wheeler Market Report

According to the latest report by IMARC Group, titled “India Electric Three-wheeler Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the Indian electric three-wheeler market reached a value of US$ 754.5 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,874.9 Million by 2027, exhibiting a CAGR of 16.25% during 2022-2027.  An electric three-wheeler is an electrically powered vehicle that is widely used for public transportation. It is a convenient mode of transport system that is mainly available in different forms, including loaders and cargo and passenger vehicles. It is an eco-friendly electric rickshaw that is equipped with batteries and high- torque motors. Additionally, it is powered by advanced lithium-ion technology that offers easy access to narrow roads, last-mile connectivity and a noise-free travel experience. In India, the electric three-wheeler is gaining traction due to its numerous advantages, such as it helps in improving air quality by reducing the emission of greenhouse gas (GHG) and aids in minimizing additional costs associated with maintenance and fuel consumption. 

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India Electric Three-wheeler Industry Drivers:

The market in India is majorly driven by the growing environmental concerns among the masses. This can be attributed to the rising pollution levels and their associated health issues. Along with this, numerous initiatives undertaken by the government to reduce pollution levels are positively impacting the adoption of electric three-wheelers across India. Additionally, the introduction of numerous financial aids and incentives for the purchase of electric three-wheeler vehicles, are creating a positive market outlook. In line with this, the rising investments by private and public agencies in infrastructural development projects to accommodate e-rickshaws. For instance, the growing development of charging stations across multiple states is providing a boost to the market growth.

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India Electric Three-wheeler Industry Growth Analysis:

Apart from this, continual developments in the automotive industry are also acting as a growth-inducing factor. Furthermore, continuous technological advancements in lithium-ion technology and the widespread integration of global positioning systems (GPS) with electric three-wheelers are propelling the product demand across India. With the augmenting prices of petrol and diesel across the country, there has been a considerable rise in the adoption of electric three-wheelers among individuals. Since electric three-wheelers are affordable and provide door-to-door accessibility to the masses, this is another growth-inducing factor. Other factors, including rapid urbanization, increasing traffic congestion, the growing expenditure in the manufacturing of commercial vehicles and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth across India.   

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Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined with some of the key players being:

• Mahindra Electric Mobility Limited
• TVS Motors
• Bajaj Auto Limited
• Kinetic Green
• Piaggio
• Lohia Auto (The Lohia Group of Industries)
• Saera Electric Auto
• Altigreen Propulsion Labs
• Terra Motors India
• Ceeon India

Breakup by Power Output:

• 3 – 6 kW
• 7 – 10 kW
• >10 kW

Breakup by Battery Type:

• Lithium-Ion
• Lead Acid

Breakup by Drive Type:

• Hub Type
• Chassis Mounted

Breakup by Motor Type:

• BLDC Motor (Brushless DC Motor)
• PMSM (Permanent Magnet Synchronous Motor)

Breakup by Voltage Capacity:

• 48 – 59V
• 60 – 72V
• 73 – 96V
• Above 96V

Breakup by Vehicle Type:

• Passenger Carrier
• Load Carrier

Breakup by Region:

• North India
• East India
• West and Central India
• South India

Key highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

NOTE: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.

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