Press Release

Middle East and Africa Electric Three-Wheeler Market to Grow at 14.38% CAGR through 2030F

Growing adoption of emission-free vehicles drive the Middle East and Africa electric three-wheeler market growth in the forecast period, 2023-2030F.

According to TechSci Research report, Middle East and Africa Electric Three-Wheeler Market - By Country, Competition, Forecast and Opportunities, 2017-2030F” The Middle East and Africa electric three-wheeler market value in the year 2021 was USD15,748.91 thousand, which is anticipated to grow with a CAGR of 14.38% during the forecast period 2023-2030F, to achieve the market value of USD50,808.07 thousand by 2030F. The market is anticipated to grow on account of surging demand for fuel-efficient transportation and public commuting vehicles. Recent decade has been inclining toward the use of fuel-efficient and green fuel adaptation to save the environment. Growing concerns regarding degradation of the environment is a major factor driving the growth of the Middle East and Africa electric three-wheeler market in the upcoming five years. Adverse conditions of environmental degradation include depleting natural fuels and non-renewable energy resources. Decreasing levels of the natural resources are to the scarcity level where the threat of these natural resources getting extinct is real. Thus, the consumers and the government worldwide are actively invested in the adoption of green fuel and electric vehicles adoption. Rising investment in the electric battery charging infrastructure for the recharging of these electric vehicles further supports the growth of the Middle East and Africa electric three-wheeler market in the next five years.


Cost of fuel is a global concern, and the demand to reduce the cost or find alternatives for non-renewable fuel further influences the growth of the market. Governments all around the world are actively promoting the use of electric vehicles to inflict the diversion from over consumption of petroleum products. Use of public transport, electric vehicles, lightweight commercial vehicles running on the battery are rapidly gaining popularity and with aided help from the government, they are anticipated to substantiate the growth of the Middle East and Africa electric three-wheeler market in the future five years.

Browse over 66 market data Figures spread through 119 Pages and an in-depth TOC onMiddle East and Africa Electric Three-Wheeler Market

https://www.techsciresearch.com/report/middle-east-and-africa-electric-three-wheeler-market/9434.html


The Middle East and Africa electric three-wheeler market is segmented by vehicle type, battery capacity, battery type, country-wise analysis, and competitional landscape. Based on vehicle type, the market is bifurcated into passenger carrier and load carrier. Load carrier vehicles are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of increasing demands from the transportation sector. Higher freight movement and growing demand for the cost-efficient fright movement further drive the growth of the segment and the growth of the Middle East and Africa electric three-wheeler market in the next five years. Passenger carriers are also expected to show substantial growth in recent years, growing on the backbone of the growing demand for short-distance travels.

Based on battery type, the market is distributed between lead acid and lithium acid. Lead acid battery segment is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the ground of easily chargeable batteries' availability. Growing charging infrastructure and rising adoption of the technologically advanced automobile are further anticipated to aid the growth of the Middle East and Africa electric three-wheeler market in five years. By battery capacity, the market is distinguished between less than 101Ah and more than 101Ah.


A partial list of market players holding major revenue shares of the Middle East and Africa electric three-wheeler market include:

·         Chongqing Zongshen Vehicle Co., Ltd (Zongshen Industrial Group Co. Ltd)

·         Saera Electric Auto Pvt. Ltd. (Mayuri)

·         Kinetic Green Energy & Power Solutions Ltd.

·         Jiangsu Jinpeng Group Co., Ltd.

·         Jiangsu Yufeng Vehicle Industry Co., Ltd.

·         Ningbo Dowedo International Trade Co., Ltd

·         Xianghe Qiangsheng Electric Tricycle Factory

·         Terra Motors Corporation

·         Piaggio Commercial SA (PTY) Ltd

·         Jiangsu East Yonsland Vehicle Manufacturing Co., Ltd

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“United Arab Emirates and Egypt were leading the Middle East and Africa electric three-wheeler market in 2017. The domination of the country is anticipated to be taken over by Turkey by 2030F due to a sudden drop in revenues of UAE in 2021. Sales of commercial vehicles in the UAE dropped considerably and resulted in slowing the growth of the market. The government of Egypt placed a complete ban on three-wheelers and their imports and replaced the market with CNG minivans. Turkey is expected to facilitate its growth through 2030 on the grounds of the rapid adaption of electric vehicles in the country. Moreover, the government in the country has reduced the tax incentives imposed on electric vehicles. Only 45% tax is charged over the hybrid and electric vehicles in the country instead of the earlier 90% tax values. Increasing the establishment of the charging infrastructure and favorable schemes and plans would further push forward the growth of the market in the country. New market players entering the market may focus on technological advancement and increasing the production of electric & hybrid electric three-wheelers. Demands for the electric vehicles are anticipated to expedite in future years, thus supporting the new market players in the brand establishment,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.


Middle East and Africa Electric Three-Wheeler Market By Vehicle Type (Passenger Carrier and Load Carrier), Battery Capacity (<101Ah and >101Ah), By Battery Type (Lead Acid and Lithium Ion), By Country, By Company, Forecast & Opportunities, 2017- 2030F”, has evaluated the future growth potential of Middle East and Africa electric three wheeler market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Middle East and Africa electric three-wheeler market.


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