Electric Three-Wheeler Market Overview:
Electric three wheelers or
e-rickshaws are vehicles aimed at providing comfortable rides without emissions.
Developments in lithium batteries and investments in charging infrastructure
can lead to favorable opportunities for e-rickshaw manufacturers. The global Russian
Federation Electric Three-Wheeler Market report by Market Research
Future (MRFR) comprises opportunities and latest trends for the period of 2019
to 2025 (forecast period). It also contains insights as well as suggestive
measures during the COVID-19 pandemic during the forecast period.
Market Scope
The global Russian
Federation Electric Three-Wheeler Market is expected to witness 20.35% CAGR
during the forecast period.
Major drivers of the
market are the decline in battery prices, low operational costs of electric
three wheelers, demand for clean transportation modes, and initiatives by
prominent players. Supportive government policies for establishing charging
infrastructure and centers for maintenance and repair can bode well for the
market. Incentives offered by nations for lowering fuel emissions and adoption
of environment-friendly vehicles can fuel the market growth over the forecast
period.
The COVID-19 impact on the
industry seems negligible as consumers seek affordable vehicles in light of the
pandemic. The large potential of electrification in India and China owing to
three-wheelers being used for office commutes are likely to bode well for the
market. The expansion of the ecommerce sector and the need for last-mile
connectivity can fuel the demand in the global Russian Federation Electric
Three-Wheeler Market till 2025.
But the global Russian Federation
Electric Three-Wheeler Market is restrained by lack of range, low awareness
levels in underdeveloped countries, and limited battery capacity.
Segmentation
The global Russian
Federation Electric Three-Wheeler Market is segmented by type, battery type,
and battery capacity.
On the basis of type, the
global market has been segmented into passenger carriers and goods carriers.
On the basis of battery
type, the global Russian Federation Electric Three-Wheeler Market is divided
into lithium ion and lead acid. The lithium ion segment is expected to register
the fastest CAGR during the forecast period in the global Russian Federation Electric
Three-Wheeler Market. The decreasing prices of Li-ion batteries and their
higher capacity to lead acid batteries making them lighter and more efficient
are major factors expected to drive the demand for lithium ion battery over the
forecast period.
On the basis of battery
capacity, the global market has been segmented into < 1,000 W and >1,000
W. The >1000 W segment is expected to register highest growth rate due to
the increasing demand for electric three wheelers in leisure and sports
activities.
Regional Analysis
Geographically, the global
Russian Federation Electric Three-Wheeler Market has been segmented into four
major regions, which are North America, Europe, Asia Pacific (APAC), and Rest-of-the-World
(RoW).
The Russian Federation Electric
Three-Wheeler Market in APAC is expected to hold the largest market share in Russian
Federation Electric Three-Wheeler Market and expected to lead the market through
the forecast period. This can be due to the increasing government initiatives
for welcoming electric mobility, stringent government policies scrapping
lead-acid powered vehicles, and increasing demand for electric three wheelers
from China and India. The presence of China, which is the largest market for
electric three wheelers, can facilitate market growth. The foray of big players
in India into the electric vehicle space and the low manufacturing costs of
e-rickshaws can bode well for the market.
Competition Outlook
Hero Electric three wheelers
Pvt. Ltd., ATUL Auto Ltd., Jiangsu Kingbon Vehicle Co. Ltd., Kinetic Green
Energy & Power Solutions Ltd., Changzhou Yufeng Vehicle Co. Ltd., Xianghe
Qiangsheng Electric Tricycle Factory, Electrotherm Limited, Saera Electric Auto
Pvt. Ltd., Lohia Auto Industries, Clean Motion, Mahindra & Mahindra
Limited, Piaggio & C. SpA, Jiangsu East Yonsland Vehicle Manufacturing Co.
Ltd., and Terra Motors Corporation are key players of the global Russian
Federation Electric Three-Wheeler Market. Tax breaks and subsidies provided to
manufacturers can boost the production of electric vehicles. Investments in
domestic manufacture and charging manufacture and value chain can pave the way
in the years ahead.
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