Electric Three-Wheeler Market Introduction
Electric three-wheeler, also referred to as e-rickshaw, is an electrically powered three-wheeler used to carry both passengers and utility. It is considered as a common form of urban and sub-urban transport. Electric three-wheeler comprises an electric motor that is powered by a rechargeable battery. Moreover, latest electric three-wheeler vehicles contain plug-in charging options, while earlier, the battery of the three-wheel was charged after removing it from the vehicle.
Global Electric Three-Wheeler Market – Competitive Landscape
- In 2018 MOVE Summit, Bajaj Auto Limited introduced its new electric auto rickshaw for the market in India. The company’s new electric three-wheeler is likely to be a part of the soon to be launched ‘Urbanite’ sub-brand from Bajaj Auto Limited. It is expected to handle the brand’s electric vehicles in the market in India. In terms of terms of features, the new three-wheeler is projected to contain powerful headlamps, fully-digital instrument cluster, and a standard fire extinguisher.
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Mahindra & Mahindra Ltd.
Established in 1945, Mahindra & Mahindra Ltd. is currently based in Mumbai, India. Mahindra & Mahindra Ltd. engages in the design, development, manufacture, sales, and supply of automotive, automotive systems, and automotive equipment around the world. The company has a presence in over 100 countries worldwide. In 2018, it invested over US$ 0.102 Bn in research and development activities.
Piaggio & C. SpA
Founded in 1884, Piaggio & C. SpA is presently based in Pontedera, Italy. The company specializes in the manufacture of automobiles such as two-wheelers, three-wheelers, and commercial vehicles. It also is a key player in the field of robotics across the globe. Piaggio & C. SpA Group’s brands include Piaggio, Aprilia, Vespa, Gilera, Moto Guzzi, and Derbi.
Bodo Vehicle Group Co., Ltd.
Established in 1997, Bodo Vehicle Group Co., Ltd. is presently based in Tianjin, China. The company has been manufacturing electric vehicles since 1997. The company manufactures various electric vehicles including electric three-wheelers, electric bicycles, electric scooters, and electric cars. Bodo Vehicle Group Co., Ltd. caters to customers in 46 countries, and it is a leading electric vehicle brand in China.
Global Electric Three-Wheeler Market – Dynamics
Rising preference for electric vehicles over fossil fuel vehicles driving demand for electric three-wheelers
Surge in awareness among society about emissions has significantly driven society’s preferences toward electric mobility, especially for public transportation. Countries with large middle class populations are adopting electric three-wheelers at a significant pace. Moreover, rising price of fuel is prompting consumers to prefer electric three-wheelers, as they are significantly cost-effective in the long-term. Moreover, they require very less maintenance, as compared to that required by traditional fossil fuel powered three-wheelers.
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Additionally, electric three-wheeler manufacturers have also identified their potential and are launching their electric models in order to consolidate their position among the leading manufacturers. This is anticipated to drive the demand for electric three-wheelers in the near future.
Increase in stringency of vehicular emission norms
Rise in stringency of transportation emission norms and regulation for the automotive industry is compelling auto manufacturers to commence the production of electric three-wheelers. Electric three-wheelers generate less noise during operation, unlike gasoline-powered noisy three-wheelers, thereby reducing noise pollution. Furthermore, the operating cost of an electric three-wheeler is considerably lower than that of a conventional fossil fuel powered three-wheeler. These factors are likely to boost the demand of electric three-wheelers in the near future.
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Higher cost of electric three-wheelers with similar configuration to hamper the electric three-wheeler market
Electric three-wheelers are significantly more expensive than fossil fuel powered three-wheelers, owing to the high cost of batteries. Thus, preference of lower middle class consumers in developing nations is still inclined toward vehicles that run on conventional fuels. Moreover, the cost of the battery of an electric three-wheeler is significantly high; hence, the replacement of battery is likely to further boost its operating cost. This, in turn, is anticipated to hinder the electric three-wheeler market in the near future.
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