India and Sri Lanka Electric Three Wheeler Market ready to Thrive during 2020-2027 | Bajaj Auto Ltd, Mahindra & Mahindra Ltd., TVS Motor Company

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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.

The India and Sri Lanka Electric Three Wheeler market is growing along with Automotive and Transportation industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.

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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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.

These factors are expected to offer broad growth opportunities in the Automotive and Transportation industry and this is expected to cause the demand for Electric Three Wheeler assays in the market.

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India Electric three wheelers market – By Type

  • E-Auto (High Speed)
    • People Carrier
    • Goods Carrier
    • Special Vehicles
  • E-Rickshaw (Low Speed)
    • People Carrier
    • Goods Carrier
    • Special Vehicles

Sri Lanka Electric three wheelers market – By Type

  • E-Auto (High Speed)
    • People Carrier
    • Goods Carrier
    • Special Vehicles
  • E-Rickshaw (Low Speed)
    • People Carrier
    • Goods Carrier
    • Special Vehicles

India and Sri Lanka Electric three wheelers Market-Companies Mentioned

  • Gayam Motor Works Pvt. Ltd
  • Exide Industries Limited
  • Green Shuttle Technology Pvt Ltd
  • Dilli Electric Auto Pvt Ltd
  • REEP Industries Private Limited
  • DSF Industries
  • Adapt Motors Pvt. Ltd
  • SL Mobility
  • KSL Cleantech Limited
  • Omega Seiki Pvt. Ltd
  • Altigreen
  • OK Play EV
  • Kinetic Green Energy & Power Solutions Ltd
  • ATUL Auto Limited
  • Piaggio & C. SpA
  • Bajaj Auto Ltd
  • J.S. AUTO (P) LTD.
  • Speego Vehicles Co Pvt Limited
  • Mahindra & Mahindra Ltd.
  • Scooters India Limited
  • TVS Motor Company
  • Terra Motors Corporation
  • Xianghe Qiangsheng Electric Tricycle Factory  

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