China Electric Three-Wheeler Market Research Report Forecast to 2027
Market Overview
The China electric three-wheeler market was valued at USD 58,045.36 million in 2020 and is projected to reach USD 204,769.65 million by 2027 at a CAGR of 20.06%. The increasing demand for eco-friendly vehicles in China is a primary driver for the growth of the China electric three-wheeler market. The demand is also pushed by favorable norms and regulations imposed by the Chinese government in the nation. Due to rising awareness of environmental contamination among the global population, demand for fossil fuel-based cars is declining. As a result, the demand for environmental-friendly automobiles that do not run on fossil fuels is increasing, particularly in developed countries. However, the volatility in raw material prices is likely to restrict the growth of the electric three-wheeler market.
Due to rising awareness of environmental contamination among the global population, the demand for fossil fuel-powered automobiles is decreasing. As a result, the demand for environmental-friendly, non-fossil-fuel-powered automobiles is rising rapidly, especially in industrialized countries. Electric cars produce no emissions and aid in reducing fossil fuel dependence. China has proposed mandating hybrid or new-energy vehicle sales for all new cars sold in 2035. On the other hand, the advancements in battery technology for EVs are a growth avenue for players in the Chinese market. Battery experts and manufacturers have been working on batteries that might lead to EVs with significantly longer ranges, lower prices, safer operation, and faster charging to overcome lithium-ion batteries' constraints. However, the volatile raw material prices are expected to hamper the growth of the China electric three-wheeler market during the forecast period.
Market Segmentation
As per MRFR analysis, the global market has been segmented based on category, battery type, and vehicle type. By category, the market has been bifurcated into L3/E-Cart and L5.
Based on battery type, the global electric three-wheeler market is divided into the lead-acid battery and lithium-ion batteries. The lithium-ion battery segment accounted for 61.10% of the market and a million by the end of 2027. The high demand for lithium-ion batteries can be attributed to their low maintenance and no scheduled cycling required to prolong the battery's life. They also have relatively low self-discharge, which is less than half compared to nickel-cadmium batteries, making lithium-ion batteries ideal for electric vehicle applications.
By vehicle type, the electric three-wheeler market is divided into passenger carriers and cargo carriers. The cargo carrier was valued at USD 37,090.99 million in 2020, it is expected to register a CAGR of 19.95% during the assessment period.
Major Players
The major players associated with the China Electric Three-wheeler market are Piaggio Group (Italy), Xuzhou Lilong Locomotive Co. Ltd. (China), Taizhou Luqiao Boma Industry and Trade Co., Ltd. (China), and Huaihai Holding Group Co., Ltd (China) Piaggio Group (Italy), Jiangsu East Yonsland Vehicle Manufacturing Co., Ltd (China), Xuzhou Lilong Locomotive Co., Ltd (China), Jiangsu Yufeng Vehicle Industry (China), and Jiangsu Jinpeng Group (China).
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
Companies Mentioned
Piaggio Group (Italy)
Xuzhou Lilong Locomotive Co. Ltd. (China)
Taizhou Luqiao Boma Industry and Trade Co.
Ltd. (China)
and Huaihai Holding Group Co.
Ltd (China) Piaggio Group (Italy)
Jiangsu East Yonsland Vehicle Manufacturing Co.
Ltd (China)
Xuzhou Lilong Locomotive Co.
Ltd (China)
Jiangsu Yufeng Vehicle Industry (China)
and Jiangsu Jinpeng Group (China)
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