Increased government initiatives and subsidies and the changing preference for electric vehicles over conventional vehicles are expected to drive the demand for the global retrofitted electric three-wheeler market in the forecast period, 2023-2027.
According to TechSci Research report, “Retrofitted Electric Three-Wheeler Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global retrofitted electric three-wheeler market is anticipated to grow at a steady rate in the forecast period, 2023-2027. Generally, public transportation vehicle is auto-rickshaws, and the good transportation vehicle is three-wheeler tempos in the majority of the small, medium, and big towns of developed and developing countries across the globe. Three-wheeler can also be used in last-mile connectivity services. The cost-benefits of retrofitted electric vehicles and the favorable government policies supporting the adoption of electric vehicles worldwide are the primary factors driving the global retrofitted electric three-wheeler market.
In India, electric vehicle maker Omega Seiki Mobility is setting up a retrofit facility near Chandigarh at an investment of USD 25 million. The leading authorities are taking preventive measures to ensure the safety of passengers while driving the retrofitted electric vehicles. Such as, the central government of India has framed standards for retrofitted vehicles which state that the retro fitment kit needs to be tested and certified. The retrofitted vehicle needs to be homologated either by ARAI or ICAT as per BIS standards. Leading authorities are also promoting the use of electric vehicles over traditional vehicles by providing subsidies and income tax rebates on the purchase and manufacturing of electric vehicles, which is increasing the penetration of electric vehicles in developing and developed parts of the world.
However, the lack of standardization of charging infrastructure and awareness about the benefits of using retrofitted electric three-wheeler in developing countries may hinder the market growth in the forecast period.
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The global retrofitted electric three-wheeler market is segmented into vehicle type, battery capacity, battery type, regional distribution, and company.
Based on vehicle type, the global retrofitted electric three-wheeler market is divided into passenger carrier and load carrier. The load carrier segment holds the dominant market share and is expected to maintain its dominance over the forecast period, 2023-2027. The flourishing e-commerce industry is driving the growing logistics industry, which in turn is increasing the number of load carrier vehicles on the road. They emit greenhouse emissions that are harmful to the environment and create the need for zero-emission electric vehicles. Retrofitted electric three-wheeler load carriers are expected to gain significant momentum in the forecast period due to the high demand from the retail and logistics industry and the rise in the environmental concerns of the related authorities.
Based on battery type, the global retrofitted electric three-wheeler market is divided into lithium-ion and lead acid. The lithium-ion battery is expected to capture the highest market share in the forecast period. There are numerous advantages of using lithium-ion batteries, which is the reason they witness high demand for different applications. Lithium-ion batteries have a high power-to-weight ratio and improved discharge and charge efficiency. They boast of having a longer life span and the ability to deep cycle while maintaining power. Lithium-ion batteries are lightweight and maintenance-free. Most of the components of lithium-ion batteries can be recycled and, therefore high demand. Their high demand is making the market players make high-end investments in R&D activities and improve the performance of lithium-ion batteries.
Major market players operating in the global retrofitted electric three-wheeler market is:
- Power Global
- Loop Moto
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“The rise in the demand for shared mobility services to lower city congestion and reduce vehicle emissions is driving the demand for retrofitted electric three-wheeler vehicles. Governments in developing countries are supporting the use of public transportation services to fulfill the transportation services demand of the growing population. Retrofitted electric there-wheeler are expected to witness high demand in the emerging economies due to the established public transportation services and growing inclination of people towards the sustainable mode of transportation over conventional vehicles. Market players are setting up manufacturing plants in developing countries to capture the market and are making significant investments to maintain of performance of retrofitted electric vehicles. The growing sales of electric vehicles and the availability of electric retrofit kits in the market are expected to propel the global retrofitted electric there-wheeler market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Retrofitted Electric Three-Wheeler Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Vehicle Type (Passenger Carrier, Load Carrier), By Battery Capacity (<101Ah, >101Ah), By Battery Type (Lithium-Ion, Lead Acid), and By Region”, has evaluated the future growth potential of global retrofitted 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 global retrofitted electric three-wheeler market.
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