![]() The rise in expenditure on commercial vehicles in developed and developing countries is creating the need for affordable commercial vehicles. Increase in demand for affordable commercial vehicle ![]() Amazon India announced that its fleet of delivery vehicles will include 10,000 electric vehicles by 2025, which is expected to reduce the overall transportation cost considerably. For instance, in 2021, Amazon India partnered with Mahindra Electric to deploy EVs in its delivery fleet. Furthermore, governments of many countries are keen to convert their last-mile delivery fleet to electric due to their added benefits. In addition, with effective integration of advance technology, design, and workflow, many leading players are trying to bring the upfront cost of electric loader rickshaws, which further foresee the preference for loader rickshaws as a last mile connectivity solution. For Instance, an India-based company uses electric loader rickshaws (three-wheelers) to provide first and last-mile delivery services to e-commerce and food-tech players such as Amazon, Swiggy, and Bigbasket. Many companies in e-commerce, pharma, textiles, retail, FMCG, and other utility segments, such as dairy, poultry, and gas, prefer three-wheelers as a last-mile connectivity solution as they offer excellent maneuverability at affordable prices. SpA, Scooters India Limited, Terra Motors Corporation, and Zuperia Auto Pvt. Ltd., Kinetic Green Vehicles, Mahindra Electric Mobility Limited, Piaggio & C. The leading players operating in the electric three wheeler market are Adapt Motors, Altigreen, ATUL Auto Limited, BILITI Electric Inc., Bodo Vehicle Group Co., Ltd., Chongqing Zongshen Vehicle Co., Ltd., E-TUK Factory, Green Impex, J.S. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. By battery type, it is fragmented into lithium-ion and lead acid. By power type, the market is divided into up to 1000W, 1000W to 1500W, and above 1500W. The electric three wheeler market is segmented into vehicle type, power type, battery type and region. By vehicle type, the market is categorized into passenger carrier and load carrier. ![]() In addition, growth in the trend of shared mobility and greater availability of credit and financing options creates market opportunities for the key players operating in the electric three wheeler market. However, lack of standardization of EV charging and high cost of battery are the factors expected to hamper the growth of the electric three wheeler market. ![]() The factors such as rise in the trend of last mile connectivity, increase in demand for affordable commercial vehicle, and inclination toward use of electric three wheelers as an eco-friendly & efficient solution for commute supplement the growth of the electric three wheeler market. The vehicle was available at a starting price of $3,400 (INR 2.73 lacs) and was driven by an 8kW motor which allowed it to have a payload capacity of 550Kg. For instance, in October 2020, Mahindra Electric Mobility Limited launched the new Treo Zor electric 3-wheeler cargo vehicle. With the increasing fuel prices at the international level, growth in pollution, and traffic congestion, especially in urban areas, electric three-wheeler manufacturing companies have introduced numerous electric-propelled three-wheelers, which positively impacts the growth of the global electric three wheeler market. Moreover, with the increased inclination toward electric vehicles, three-wheeler manufacturing companies have introduced numerous electric-propelled three-wheelers, which positively impacts the growth of the global electric three-wheeler market. Electric three-wheelers have a wider application in different industries, such as passenger commuting within the city as well as transportation of goods and services from one place to another. Three-wheelers with a combination of one single wheel in front and two at the back are tricycles, whereas one with two front wheels and a single back wheel is known as a tadpole. The global electric three wheeler market size was valued at $0.77 billion in 2021, and is projected to reach $1.5 billion by 2031, growing at a CAGR of 7% from 2022 to 2031.Įlectric three-wheelers are electrically powered vehicles that are equipped with high torque motors and longer durability batteries.
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