What is the size of the electric three-wheeler market in India?

The latest report by IMARC Group, titled “Indian Electric Three-Wheeler Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”,  offers a comprehensive analysis of the industry, which comprises insights on the 3 wheeler market share in india. The report also includes competitor and regional analysis, and contemporary advancements in the market. The electric three-wheeler market in India reached US$ 890 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,156 Million by 2028, exhibiting a growth rate (CAGR) of 15.8% during 2023-2028. 

Industry Overview:

Electric three-wheelers, or e-rickshaws, are eco-friendly modes of transportation that operate on high torque electric motors and long-lasting, durable batteries. They consist of a harness, controller, motor, batteries, and throttle. Electric three-wheelers are widely used for commuting passengers within the city and transporting goods and services from one place to another. They are powered by Li-ion or lead-acid batteries that help improve urban air quality by reducing total greenhouse gas (GHG) emissions. As compared to fuel-power vehicles, electric three-wheelers have a more compact design, are cost-effective, and offer a noise-free travel experience. 

India Electric Three-wheeler Market Trends:

The rising environmental concerns have resulted in an increasing consumer inclination towards sustainable modes of transportation, such as electric three-wheelers, over conventional vehicles, which is favoring the market growth in India. Furthermore, the initiatives undertaken by the Government of India (GoI) to control pollution and reduce greenhouse gas (GHG) emissions from fuel-powered vehicles are supporting the market growth. In addition to this, the government is organizing various awareness programs and offering subsidies and financial aid for the purchase of electric vehicles (EVs), which is propelling the market growth. Moreover, the rising popularity of shared mobility due to inflating transportation fuel prices that also assist in reducing traffic congestion and commuting expenses is fueling the market growth. Other factors, including the extensive research and development (R&D) activities and the rising investments in the upgradation of public charging infrastructures for electric three-wheelers, are anticipated to drive the market toward growth across the country. 

India Electric Three-wheeler Market 2023-2028 Analysis and Segmentation:

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

Our report has categorized the market based on vehicle type, battery type, drive type, motor type, power output and voltage capacity.

Breakup by Power Output:

• <3 kW
• 3 – 6 kW
• 7 – 10 kW
• >10 kW

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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)

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
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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