India Electric Three Wheeler Market Offers a Billion Dollar Opportunity
Rising demand for clean energy vehicles due to increasing
pollution levels coupled with favorable government initiatives to promote the
use of such vehicles to drive India electric three-wheeler market
According to TechSci Research report, “India Electric
Three-Wheeler Market By Vehicle Type, By Battery Capacity, Competition Forecast &
Opportunities, FY2013 - FY2023”, India
electric three-wheeler market is projected to cross $ 1.1 billion by FY 2023. Growing
three-wheeler sales coupled with increasing focus on rising air pollution
levels in the country are two of the key reasons buoying demand for electric three-wheelers
across the country. Moreover, Government of India is constantly making efforts
to promote the use of electric vehicles in order to bring the rising pollution
levels under control. The government has introduced many incentive schemes,
such as FAME (Faster Adoption and Manufacturing of Hybrid & Electric
Vehicles) so that more and more manufacturers as well as customers opt for electric
vehicles. Additionally, rising number of research and development activities on
the back of various ventures by leading companies is further anticipated to positively
influence the electric three-wheeler market in the country during the forecast
period.
Browse 34 market data Figures and Tables spread through 81 Pages and an in-depth TOC on
"India Electric Three-Wheeler Market"
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On the basis of vehicle type, India electric three-wheeler market is
broadly segmented into passenger carriers and load carriers. With a volume
share of around 99% in FY 2017, passenger carrier segment dominated India electric
three-wheelers market. Moreover, in the year FY 2017, electric three-wheelers
with battery capacity of less than 101Ah grabbed the largest market share in
volume terms, and this trend is expected to continue through the forecast
period, predominantly on account of lower prices of such electric three-wheelers.
During FY 2018 – FY 2023, the country’s electric three-wheelers market is
witnessed to be largely concentrated in the North region, followed by the West
region.
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Hero Electric Vehicles Pvt Ltd. is the market leader in
India electric three-wheeler market. However, with entry of various automobile
manufacturers such as Lohia, Kinetic, Clean Motion, etc., and their increasing research
and development efforts to manufacture technologically advanced and affordable electric
three-wheelers is anticipated to intensify the competition in India electric three-wheeler
market in the coming years. “Continuously rising pollution and degrading air
quality across various major cities in India has pushed the government to take various
initiatives. Keeping in view this concern, the Government of India is focusing
on replacing the conventional vehicles running on fossil fuels with the ones
running on electricity. These initiatives coupled with other incentives and
rising focus from the industry as well as the consumer side is expected to
boost electric three-wheeler sales in the country in the ensuing years.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“India
Electric Three-Wheeler Market By Vehicle Type, By Battery Capacity, Competition
Forecast & Opportunities, FY2013 - FY2023” has analyzed the potential of electric three-wheeler market
across the country, and provides statistics and information on market sizes,
shares and trends. The report will suffice in providing the intending clients
with cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the India electric
three-wheeler market.
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