According to our latest market study on “Electric Three-Wheeler Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (E-Auto (High Speed), E-Rickshaw (Low Speed)),” the global market was valued at US$ 472.56 million in 2020 and is projected to reach US$ 756.52 million by 2028; it is expected to grow at a CAGR of 5.9% during the forecast period.
Electric three-wheeler manufacturers are trying to invest more on R&D activities for embedding latest technologies, such as global positioning system (GPS) for navigation and solar-powered engines for deriving electric power for the functioning of electric three-wheelers. GPS suggests best route to the destination, thereby saving a considerable amount of time. Further, it shows traffic status on alternative routes along with estimated time to reach the location. Omega Seiki Mobility expanded its electric three-wheeler range in November 2020 with the introduction of three new smart EVs aimed at both the B2B and B2C segments. Omega Seiki's new electric vehicle line includes simulation software, telematics, and a GPS system. The introduction of technologies such as solar-powered electric three-wheelers allows the charging of batteries through solar energy on the go, during daytime. Thus, there is no concern of shortage of batteries and related components. For instance, in December 2016, Lohia Auto debuted its latest eco-friendly vehicles—Humrahi, a solar-powered rickshaw, and Narain, a hydraulic tipper e-rickshaw—at the EV Expo 2016 in Delhi, India. Lohia Auto also unveiled India's first electric three-wheeler rickshaw, which was designed and developed in-house by the company. Such initiatives are likely to provide growth opportunities to the electric three-wheeler market during the forecast period.
Asia Pacific region held the largest share of the electric three-wheeler market in 2020. In 2018–2019, when other auto segments experienced a slow demand growth rate, compared to previous years, sales for electric three-wheeler segment grew considerably. Further, APAC is characterized by large population and emerging economies such as China, India, South Korea, Indonesia, Thailand, and Vietnam. The large share of the region in the global electric three-wheeler market is attributed to the increasingly high pace of urbanization and escalating prices of fossil fuels. Also, government initiatives to boost the electrification of vehicles are further driving the adoption of electric three-wheelers in APAC.
Companies profiled for Electric three-wheeler market are Bodo Vehicle Group Co., Ltd., Nobe Cars, Piaggio & C. SpA, Mahindra Electric Mobility Limited, Terra Motors, Kinetic Green Energy & Power Solutions Ltd., LOHIA AUTO INDUSTRIES, E-Tuk Factory, Goenka Electric Motor Vehicles Private Limited; and JIANGSU KINGBON VEHICLE CO., LTD.
Impact of COVID-19 Pandemic on Electric Three-Wheeler Market
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of electronics equipment, including the hardware components of electric three-wheelers. On the basis of the emergence of COVID-19 virus across the world, followed by lockdown scenarios, the automotive industry experts have predicted that the industry would face at least a quarter of lag in electronics equipment supply chain. The electronics equipment and automotive industry is likely to pick up pace soon after the governments lift the various containment measures, which would help revive the economies. The production of the electronics equipment and automotive products is anticipated to gain pace from 2021, which is further foreseen to positively influence the electronics equipment and automotive manufacturing, including hardware components of electric three-wheelers.