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The electric three-wheeler market share is expected to increase by 306 thousand units from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.91%.
This electric three-wheeler market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers electric three-wheeler market segmentations by end user (passenger carrier and goods carrier) and geography (Europe, North America, APAC, South America, MEA). The electric three-wheeler market report also offers information on several market vendors, including Bodo Vehicle Group Co. Ltd., E-Tuk Factory BV, Goenka Electric Motor Vehicles Pvt. Ltd, Kerala Automobiles Ltd., Kinetic Green Energy & Power Solutions Ltd., LOHIA AUTO INDUSTRIES, Mahindra Electric Mobility Ltd., Omega Seiki Private Limited, Piaggio & C. Spa, and Terra Motors among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The subsidies and tax incentives on electric three-wheeler s to reduce dependency on petroleum products is notably driving the electric three-wheeler market growth, although factors such as concerns about range and performance may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the electric three-wheeler industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Electric Three-Wheeler Market Driver
The subsidies and tax incentives on electric three-wheeler s to reduce dependency on petroleum products is a major factor driving the global electric three-wheeler market share growth. To deal with fuel emission and fuel consumption problems, regulatory bodies across the globe are providing various incentives and tax benefits to increase the adoption of environment-friendly vehicles. Almost all top vehicle market countries have introduced fiscal incentives and subsidies to attract manufacturers to produce more hybrid/electric vehicles locally. In addition, tax credits and rebates are attracting more local end-users to purchase EVs. This drive will push for at least 60% green vehicles on the road by 2022, which will reduce fuel emissions and reduce dependency on petroleum products. Regulatory bodies in India, China, South Korea, Indonesia, Bangladesh, and other APAC countries have been implementing vigorous programs to boost the sales of electric three-wheelers and other electric and hybrid vehicles. These programs include incentives, which could be subsidies on price, reduced taxes, financing policies, and simplifying EV registration and licensing procedures. These government activities are expected to increase buyer confidence; hence, increase the market of electric three-wheelers over the forecast period.
Key Electric Three-Wheeler Market Trend
The expansion by local manufacturers to foreign countries is another factor supporting the global electric three-wheeler market share growth. Most of the electric three-wheelers available in India, Sri Lanka, Bangladesh, and Indonesia have been assembled only in those countries, but the vehicle parts have been imported mainly from China as completely knocked down units, which has resulted in an increase in vehicle cost. OEMs in Japan and China have been expanding. Such factors are driving the market to grow significantly.
Key Electric Three-Wheeler Market Challenge
The concerns about range and performance will be a major challenge for the global electric three-wheeler market share growth during the forecast period. Electric three-wheelers are typically less powerful and have a limited travel range (60-80 km per charge) compared to conventional ICE-powered vehicles and, hence, are considered suitable only for short-distance travel. The limited travel range of these battery electric vehicles results in consumers' concerns that their vehicle's battery may run out of charge before reaching the destination and doubts about battery performance. Limited range and performance are major factors hindering the growth of the global electric three-wheeler market. Even though battery packs come with a minimum two-year warranty, the battery performance is based on several factors like the number of charge cycles, the depletion rate, charging and discharging durations, and humidity, etc. Thus, most electric three-wheeler owners are left with a question of when the battery will fail or start having higher depletion rates. The replacement of the battery can cost nearly 50% of the vehicle s price. These issues will serve as obstacles to the growth of the market.
This electric three-wheeler market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global electric three-wheeler market as part of the global motorcycle market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the electric three-wheeler market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the electric three-wheeler market encompasses successful business strategies deployed by the key vendors. The electric three-wheeler market is concentrated and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The electric three-wheeler market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the electric three-wheeler market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global motorcycle market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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