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?
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