The global retrofitted electric three-wheeler market is projected to experience a steady growth rate during the forecast period of 2023-2027, according to the TechSci Research report titled “Retrofitted Electric Three-Wheeler Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”. Auto-rickshaws are generally the primary public transportation vehicles, while three-wheeler tempos are commonly used as good transportation vehicles for small, medium, and large towns in both developed and developing countries worldwide. Additionally, three-wheelers are also utilized in last-mile connectivity services. The cost-benefits of retrofitting electric vehicles and the favorable government policies supporting the global adoption of electric vehicles are key factors driving the growth of the global retrofitted electric three-wheeler market.
In India, electric vehicle manufacturer Omega Seiki Mobility is investing USD 25 million to establish a retrofit facility near Chandigarh. Authorities are taking preventative measures to ensure the safety of passengers while driving retrofitted electric vehicles, such as the Indian central government’s standards for retrofitted vehicles, which require that the retrofitment kit be tested and certified. Moreover, retrofitted vehicles need to be homologated by either ARAI or ICAT in accordance with BIS standards. Leading authorities are also promoting the use of electric vehicles by providing subsidies and income tax rebates on the purchase and manufacture of electric vehicles. This move is increasing the penetration of electric vehicles in developed and developing regions globally.
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.
The global retrofitted electric three-wheeler market is categorized by vehicle type, including passenger carrier and load carrier segments. The load carrier segment currently holds the largest market share and is expected to maintain its dominance throughout the forecast period from 2023 to 2027. This can be attributed to the flourishing e-commerce industry, which is driving the logistics industry and leading to an increase in the number of load carrier vehicles on the roads. As these vehicles emit greenhouse gases harmful to the environment, there is a growing 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 increasing environmental concerns of regulatory authorities.
Regarding battery type, the global retrofitted electric three-wheeler market is divided into lithium-ion and lead acid batteries, with the former expected to capture the largest market share in the forecast period. There are numerous advantages to using lithium-ion batteries, leading to high demand across different applications. These batteries have a high power-to-weight ratio, improved discharge and charge efficiency, a longer life span, and the ability to deep cycle while maintaining power. Additionally, lithium-ion batteries are lightweight and maintenance-free, and most of their components can be recycled, which further adds to their appeal. The high demand for lithium-ion batteries has prompted market players to invest heavily in R&D activities and improve their performance.
Major market players operating in the global retrofitted electric three-wheeler market is:
- Etrio
- RACEnergy
- Altigreen
- 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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