India Electric Three-Wheeler Market Expected to Grow with a CAGR of over 15% by 2025: According to BlueWeave Consulting
Published | December 2018
Indian electric three-wheeler industry is experiencing positive growth, e-rickshaws being the fastest growing segment in recent years. According to a new market report published by BlueWeave Consulting, The India Electric Three-Wheeler market is expected to record a CAGR of over 15% from 2018 to 2025. A positive macroeconomic outlook and the government’s expansionary policies are the key factors for this growth.
Growing need to curb the air pollution levels and the rising incentive schemes by the government is mainly driving the Indian electric three-wheeler market
Growth in the market is led by the increasing need to curb the air pollution levels and the rising incentive schemes by the government to support manufacturing as well as use of electric three-wheelers. Moreover, consistently increasing affordability of electric three-wheelers is also boosting their adoption across the country. Increasing investments by electric vehicle manufacturers to develop more advanced, efficient and affordable electric three-wheelers is likely to fuel growth in India electric three-wheeler market in the coming years.
The auto industry in India is one of the largest automotive industries globally. The automotive industry accounts for more than 8% of the country’s GDP. The three-wheeler segment is the second fastest growing industry after two-wheeler. Walking or cycling for longer distances is not possible, thus more demand for electric three-wheeler vehicle like e-auto rickshaws are surging. Government’s initiative to provide e-rickshaws for convenient and pollution free transportation is another major reason for the growth of the market.
India Electric Three-Wheeler Market: Scope of the Report
The India Electric Three-Wheeler market is segmented on the basis of vehicle type, battery type, and battery capacity. On the basis of vehicle type, the market is segmented into Passenger Carrier and Load Carrier. On the battery capacity basis, the market is segmented into <101Ah & >101Ah. Based on battery type, the market is divided into Lead Acid Battery, Lithium-ion Battery and Nickel Metal Hydride Battery.
India Electric Three-Wheeler Market: Competitive Dynamics
Companies, such as Lohia Auto Industries, Hero Electric Vehicles Pvt Ltd, Saera Electric Auto Pvt. Ltd., Kinetic Green Energy & Power Solutions Ltd., Terra Motors India Corp., and Clean Motion are the key players in manufacturing Electric Three-Wheeler's in India.
Market Segmentation: India Electric Three-Wheeler Market
By Vehicle Type
· Passenger Carrier
· Load Carrier
By Battery Capacity
By Battery Type
· Lead Acid Battery
· Lithium-ion Battery
· Nickel Metal Hydride Battery
In addition, the report provides analysis of the India Electric Three-Wheeler market with respect to the following geographic segments:
· North Region
· East Region
· West Region
· South Region
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