Electric Three Wheeler Market to Register Substantial Expansion by 2027

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Market Introduction

Electrification of auto-rickshaws plays an important role in meeting the transport requirement of many large and medium Indian cities and is critical for reducing air pollution and providing clean mobility solutions. The auto-rickshaws, generally three-wheelers, with both four and two-stroke internal combustion engines, are fuelled by Diesel, Compressed Natural Gas (CNG), and Liquefied Petroleum Gas (LPG). According to a recent study by TERI, an average conventional LPG auto emits approximately 0.005 tonnes of Particulate Matter-10 (PM10) in a year and about 3.72 tonnes of carbon dioxide in a year (TERI, 2018)1. On the other hand, electric auto-rickshaws (e-autos) provide zero tailpipe emission and no-noise solution while meeting the mobility needs of people.

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Three-wheeler goods carriers are used as pickup vans, which help to transport goods from one place to another and delivery vans, which help to deliver goods. Three-wheeler vehicles can run with petrol, diesel, LPG, CNG, and electric variants. The demand for three-wheelers is growing as it is an effective, fast, and cost-effective way of transportation even in the areas where buses, trucks, taxis, cannot be used due to traffic issues and also due to narrow roads. Additionally, the introduction of CNG/LPG three-wheelers has revived the three-wheeler market and suggestively increased the adequacy of the three-wheeler market across many regions, particularly in developing nations.

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Market Overview and Dynamics

The electric three wheelers market in India was valued INR 708,520.3 Lakh in 2019 and is projected to reach INR 1,910,845.7 Lakh by 2027; it is expected to grow at a CAGR of 29.61% from 2020 to 2027. The electric three wheelers market in Sri Lanka was valued INR 2,604.2 Lakh in 2019 and is projected to reach INR 8,624.7 Lakh by 2027; it is expected to grow at a CAGR of 33.4% from 2020 to 2027. With the rising traffic congestion across the major states across India, people are continually opting for ride-sharing services. Three-wheelers plays a vital role in the ride-sharing industry across the world. Majorly, in the Asia Pacific region, three-wheelers are mostly preferred for public transport. Due to their small wheelbase, three-wheelers have the tendency to cut through traffic at ease with the ability to carry more than one passenger as compared to a motorbike. Three-wheeler, when considered in ride-sharing, incurs lesser charges than a car. This has given rise to the demand even further three-wheelers as passengers prefer to opt for them as complimentary to cars.

Three-wheelers are also preferred as goods carriers in the India and Sri Lankan region. Owing to their lower cost of operation, a small load of goods is preferably transferred through three-wheelers within the city. In countries like India, where traffic congestion is at the peak, people are refraining from opting for personal modes of transport such as cars. Various cities in India, such as Bangalore Pune, Mumbai, Hyderabad, and Delhi, are witnessing a multitude of traffic congestions leading to several hours of delay. It has been observed that the Millennial are opting for ride-sharing services in contrast to owning personal vehicles. This has given rise to the demand for three-wheelers owing to their cheaper fare. India is one of the major shareholders in terms of revenue in the three-wheeler market. This growth in the demand for three-wheeler as the preferred mode of transportation, the production of these vehicles is also set to increase in the near future. Thus, traffic congestion rising across the India and Sri Lanka is expected to drive the market of three-wheelers.

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Key Market Segments

In terms of type, the e-rickshaw segment accounted for the largest share of the India and Sri Lanka electric three wheelers market in 2019. In terms of e-rickshaw type, the person carrier segment held a larger market share of the electric three wheelers market in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the weapon mounts market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Adapt Motors Pvt. Ltd, Saarthi e-RICKSHAWS, SL Mobility, KSL Cleantech Limited, Omega Seiki Pvt. Ltd, Altigreen, OK Play EV, Lohia Auto Industries, Kinetic Green Energy & Power Solutions Ltd, ATUL Auto Limited, Piaggio & C. SpA, Bajaj Auto Ltd, J.S. Auto (P) LTD., and Speego Vehicles Co Pvt Limited, among others.

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