India Electric Three-Wheeler Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

India Electric Three-Wheeler Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The India electric three-wheeler market size reached US$ 890 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,156 Million by 2028, exhibiting a growth rate (CAGR) of 15.8% during 2023-2028.

Electric three-wheelers, commonly known as e-rickshaws, have emerged as a convenient and eco-friendly mode of public transportation in India. These vehicles operate with the help of battery-based electric motors that reduce additional costs related to fuel consumption. Electric three-wheelers are primarily classified into passenger carriers and load carriers. The high adoption rate of these electric vehicles depends upon their zero carbon emissions, compact design, cost-effectiveness, and noise-free travel experience. In India, the rising concerns towards high vehicular pollution levels are currently driving the demand for electric three-wheelers.

The soaring prices of several transportation fuels, such as diesel, petrol, LPG, CNG, etc., have led to a rising inclination towards electric three-wheelers in the country. Furthermore, the growing number of initiatives and awareness programs by the Indian government to reduce GHG emissions from fuel-powered vehicles is also propelling the market growth. In addition to this, the government has also introduced numerous subsidies and financial aids on the purchase of electric three-wheeler vehicles, thereby further augmenting the market. Moreover, the rising investments in the upgradation of public charging infrastructures for electric three-wheelers are also driving the product demand in the country. Apart from this, several ridesharing companies in India are getting inclined towards electric three-wheelers for providing noise-free and ecologically-sustainable rides to their customers. Moreover, electric three-wheelers are increasingly being adopted by various courier companies for providing last-mile postal services and reducing carbon emissions at the same time. Numerous technological advancements have led to the integration of three-wheelers with GPS navigation, remote sensors, anti-theft locking systems, etc., which are further expected to drive the market growth in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India electric three-wheeler market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on vehicle type, battery type, drive type, motor type, power output and voltage capacity.

Breakup by Vehicle Type:

Passenger Carrier
Load Carrier
 

Breakup by Battery Type:

Lithium Ion
Lead Acid
 

Breakup by Drive Type:

Hub Type
Chassis Mounted
 

Breakup by Motor Type:

BLDC Motor (Brushless DC Motor)
PMSM (Permanent Magnet Synchronous Motor)
 

Breakup by Power Output:

<3 kW
3 – 6 kW
7 – 10 kW
>10 kW
 

Breakup by Voltage Capacity:

48 – 59V
60 – 72V
73 – 96V
Above 96V
 

Breakup by Region:

North India
East India
West and Central India
South India
 

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Mahindra Electric Mobility Limited, TVS Motors, Bajaj Auto Limited, Kinetic Green, Piaggio, Lohia Auto (The Lohia Group of Industries), Saera Electric Auto, Altigreen Propulsion Labs, Terra Motors India and Ceeon India.

Key Questions Answered in This Report

1. What was the size of the India electric three-wheeler market in 2022?
2. What is the expected growth rate of the India electric three-wheeler market during 2023-2028?
3. What are the key factors driving the India electric three-wheeler market?
4. What has been the impact of COVID-19 on the India electric three-wheeler market?
5. What is the breakup of the India electric three-wheeler market based on the vehicle type?
6. What is the breakup of the India electric three-wheeler market based on the battery type?
7. What are the key regions in the India electric three-wheeler market?
8. Who are the key players/companies in the India electric three-wheeler market?


1 Preface
2 Research Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology 
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 India Electric Three-Wheeler Market
5.1 Market Overview
5.2 Market Performance
  5.2.1 Value Trends
  5.2.2 Volume Trends
5.3 Impact of COVID-19
5.4 Market Forecast
  5.4.1 Value Trends
  5.4.2 Volume Trends  
6 Market Breakup by Vehicle Type
6.1 Passenger Carrier
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Load Carrier
  6.2.1 Market Trends
  6.2.2 Market Forecast
7 Market Breakup by Battery Type
7.1 Lithium Ion 
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Lead Acid
  7.2.1 Market Trends
  7.2.2 Market Forecast
8 Market Breakup by Drive Type
8.1 Hub Type
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Chassis Mounted
  8.2.1 Market Trends
  8.2.2 Market Forecast
9 Market Breakup by Motor Type
9.1 BLDC Motor (Brushless DC Motor) 
  9.1.1 Market Trends
  9.1.2 Market Forecast
9.2 PMSM (Permanent Magnet Synchronous Motor)
  9.2.1 Market Trends
  9.2.2 Market Forecast
10  Market Breakup by Power Output
10.1 <3 kW
  10.1.1 Market Trends
  10.1.2 Market Forecast
10.2 3 – 6 kW
  10.2.1 Market Trends
  10.2.2 Market Forecast
10.3 7 – 10 kW
  10.3.1 Market Trends
  10.3.2 Market Forecast
10.4 >10 kW
  10.4.1 Market Trends
  10.4.2 Market Forecast
11  Market Breakup by Voltage Capacity
11.1 48 – 59V
  11.1.1 Market Trends
  11.1.2 Market Forecast
11.2 60 – 72V
  11.2.1 Market Trends
  11.2.2 Market Forecast
11.3 73 – 96V
  11.3.1 Market Trends
  11.3.2 Market Forecast
11.4 Above 96V
  11.4.1 Market Trends
  11.4.2 Market Forecast
12  Market Breakup by Region
12.1 North India
  12.1.1 Market Trends
  12.1.2 Market Forecast
12.2 East India
  12.2.1 Market Trends
  12.2.2 Market Forecast
12.3 West and Central India
  12.3.1 Market Trends
  12.3.2 Market Forecast
12.4 South India
  12.4.1 Market Trends
  12.4.2 Market Forecast
13  SWOT Analysis
13.1 Overview
13.2 Strengths
13.3 Weaknesses
13.4 Opportunities
13.5 Threats
14  Value Chain Analysis
15  Porter’s Five Forces Analysis
15.1 Overview
15.2 Bargaining Power of Buyers
15.3 Bargaining Power of Suppliers
15.4 Degree of Rivalry
15.5 Threat of New Entrants
15.6 Threat of Substitutes
16  Price Analysis
17  Government Regulations
18  Strategic Recommendations
19  Key Players & Company Profile Analysis
19.1 Market Structure
19.2 Key Players 
19.3 Profiles of Key Players
  19.3.1 Mahindra Electric Mobility Limited
   19.3.1.1 Company Overview
   19.3.1.2 Product Portfolio 
  19.3.2 TVS Motors
   19.3.2.1 Company Overview
   19.3.2.2 Product Portfolio 
  19.3.3 Bajaj Auto Limited
   19.3.3.1 Company Overview
   19.3.3.2 Product Portfolio 
  19.3.4 Kinetic Green
   19.3.4.1 Company Overview
   19.3.4.2 Product Portfolio 
  19.3.5 Piaggio
   19.3.5.1 Company Overview
   19.3.5.2 Product Portfolio 
  19.3.6 Lohia Auto (The Lohia Group of Industries)
   19.3.6.1 Company Overview
   19.3.6.2 Product Portfolio 
  19.3.7 Saera Electric Auto
   19.3.7.1 Company Overview
   19.3.7.2 Product Portfolio 
  19.3.8 Altigreen Propulsion Labs
   19.3.8.1 Company Overview
   19.3.8.2 Product Portfolio 
  19.3.9 Terra Motors India
   19.3.9.1 Company Overview
   19.3.9.2 Product Portfolio 
  19.3.10 Ceeon India
   19.3.10.1 Company Overview
   19.3.10.2 Product Portfolio

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