The electric three-wheeler market was valued at US$ 472. 56 million in 2020 and is projected to reach US$ 756. 52 million by 2028; it is expected to grow at a CAGR of 5. 9% from 2021 to 2028.
New York, May 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Three-Wheeler Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type [E-Auto and E-Rickshaw ] and Geography" - https://www.reportlinker.com/p06073133/?utm_source=GNW
Government authorities, and government and nongovernment organizations across the world have begun multiple initiatives and schemes for encouraging the customers to opt for electric three-wheelers over conventional vehicles.For example, the UN Environment is helping many developing nations in Africa and Asia for developing national level programs and schemes for the introduction of electric two-wheelers and three-wheelers.
The UN Environment is extending help to electric two-wheeler and three-wheeler projects in eight countries in Africa and Asia—Vietnam, Ethiopia, Thailand, Morocco, the Philippines, Kenya, Uganda, and Rwanda. These activities are envisioned to propelling the integration of electric three-wheelers, along with facilitating the transformation of mobility from fossil fuel-based to electric means.
Asia Pacific held the largest share of the electric three-wheeler market in 2020.In 2018–2019, when other auto segments experienced a slow demand growth rate, compared to previous years, sales for electric three-wheeler segment grew considerably.
The major factors driving the market in this region include the availability of government subsidies, lowering of battery costs, and expanding infrastructure of charging stations.Further, India accounts for a major share of the electric three-wheeler market in APAC.
The growing adoption of electric three-wheelers by logistics companies to support the booming e-commerce industry is driving the market in India.
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of electronics equipment, including the hardware components of electric three-wheelers.On the basis of the emergence of COVID-19 virus across the world, followed by lockdown scenarios, the automotive industry experts have predicted the industry would face at least a quarter of lag in electronics equipment supply chain.
The electronics equipment and automotive industry is likely to pick up pace soon after the governments lift the various containment measures, which would help revive the economies. The production of the electronics equipment and automotive products is anticipated to gain pace from 2021, which is further foreseen to positively influence the electronics equipment and automotive manufacturing, including hardware components of electric three-wheelers.
The overall electric three-wheeler market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the electric three-wheeler market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the electric three-wheeler market.
Read the full report: https://www.reportlinker.com/p06073133/?utm_source=GNW
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