The global electric three wheeler market is anticipated to grow at a considerable CAGR of 6.2% during the forecast period. Various Initiatives by Government and Organizations is Boosting the Demand for Global Electric Three Wheeler Market across the globe. According to Global Fuel Economy Initiative (GFEI) and UN Environment Programme (UNEP), they have set a target of cutting CO2 emissions from motorcycles and three-wheelers by 80% by 2035 and 95% by 2050.
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Globally, several policies, implementation mechanisms and approaches are being promoted for the growth and uptake of EVs. According to The Energy and Resources Institute (TERI), data of 2019
• In Sri Lanka Under the 2018 budget, the concept of ‘tourist-friendly ‘tuk-tuk’ was conceived in collaboration with the hospitality industry. This program provides for existing three-wheeler drivers to register with the Sri Lanka Tourism Development Authority (SLTDA). The initiative allows a three-wheeler driver to serve as a local tour guide as well. Import taxes on diesel three-wheeler raised by around 50,000 in order to encourage the transition to environmentally friendly electric three-wheelers.
• In Philippines, Joint venture between Department of Energy and Asian Development Bank (ADB) put out 100,000 electric powered tricycles on roads. Joint venture between Department of Energy and Asian Development Bank (ADB) to put 100,000 electric powered tricycles on road
• Amazon India is planning to introduce 10,000 electric delivery vehicles in India by 2025. These vehicles will be both electric three- (including e-rickshaws) and four-wheelers and will be manufactured in India.
• 1 million Electric 2 Wheelers, 5 lakh Electric 3 Wheelers, 55,000 Electric Cars and 7,090 Electric Buses are to be supported under Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India II) through subsidies by Government of India. Allocation of Rs 1000 crore has also been made under FAME II for provision of EV charging stations.
• Grofers has at present 50 electric three-wheelers in Jaipur and 100 electric three-wheelers in Delhi. Further, it plans to deploy 500 electric three-wheelers across its 13 operational markets. The electric vehicles will reduce the last-mile delivery costs by up to 50% and carbon footprint by more than 40%
As technological progress in the electrification of two/three-wheelers, buses, and trucks advances and the market for them grows, electric vehicles are expanding significantly. Ambitious policy announcements have been critical in stimulating the electric-vehicle rollout in major vehicle markets in recent years. These factors are boosting the demand for electric three wheelers across the globe.
Market Coverage
• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Battery Type
o By Power Type
o By End-Use
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- including Atul Auto Ltd., Mahindra Electric Mobility Ltd., Omega Seiki Mobility , Piaggio & C. S.p.A , Terra Motors and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Electric Three Wheeler Market Report Segment
By Battery Type
By Power Type
By Power End-Use
Global Electric Three Wheeler Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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