Global Retrofitted Electric Three-Wheeler Market Size to Expand at a Steady CAGR of 5.4% During 2023–2029
BlueWeave Consulting, a leading strategic consulting, and market research firm, in its recent study, expects global retrofitted electric three-wheeler market to grow at a steady CAGR of 5.41% during the forecast period between 2023 and 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects global retrofitted electric three-wheeler market to grow at a steady CAGR of 5.41% during the forecast period between 2023 and 2029. Major growth drivers for global retrofitted electric three-wheeler market include growing concerns regarding air pollution, increasing fuel costs, and government incentives to encourage electric vehicle usage are contributing to the rising popularity of retrofitted electric three-wheelers as a more sustainable and cost-efficient substitute for traditional gasoline-powered vehicles in several parts of the world. The expanding presence of shared mobility services like metros and monorails, along with the growing significance of last-mile connectivity and the flourishing e-commerce industry, are projected to stimulate market expansion in the estimated period. Furthermore, the necessity of replacing older vehicles and the emergence of technologies that allow the preservation of electric vehicle performance and capabilities using outdated electric vehicle models are predicted to create several growth opportunities for industry players over the forecast period. However, shortage of internal components like semiconductors in the global market is anticipated to restrain the overall market.
Global Retrofitted Electric Three-Wheeler Market – Overview
The global retrofitted electric three-wheeler market refers to the market for three-wheeled vehicles that have been converted from traditional gasoline-powered engines to electric power. These vehicles typically have a small electric motor, battery, and charging system that replace the gasoline engine, fuel tank, and related components. The market includes retrofitted electric three-wheelers used for both passenger and cargo transportation purposes. The market is driven by increasing concerns about environmental pollution, rising fuel prices, and government incentives for the adoption of electric vehicles. The market is primarily located in the Asia-Pacific region, with countries such as India and China being major contributors.
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Impact of COVID-19 on Global Retrofitted Electric Three-Wheeler Market
COVID-19 pandemic had a detrimental impact on retrofitted electric three-wheeler market worldwide. The pandemic caused disruptions in supply chains, decreased demand for transportation services due to lockdowns and travel restrictions, and resulted in an overall economic slowdown. As a result, the market experienced a decline in sales and production in 2020. However, the pandemic also led to a growing awareness of environmental concerns and an increased interest in sustainable transportation, including electric vehicles. This has created opportunities for the market to grow in the post-pandemic period. Governments have introduced stimulus packages and incentives to promote the adoption of electric vehicles to revitalize the economy and reduce environmental pollution. Furthermore, the pandemic has led to an increase in e-commerce activities, which has created a demand for last-mile delivery services, a segment where retrofitted electric three-wheelers can be utilized.
Global Retrofitted Electric Three-Wheeler Market – By Battery Type
By battery type, global retrofitted electric three-wheeler market is bifurcated into Lead Acid and Lithium Ion segments. The lithium-ion segment is expected to hold a higher market share during the forecast period. These batteries are in high demand for various applications due to their numerous advantages. For instance, they have a high power-to-weight ratio and improved discharge and charge efficiency. Lithium-ion batteries also have a longer lifespan and the capability to deep cycle while retaining their power. Moreover, these batteries are lightweight and require minimal maintenance. Additionally, most of the components of these batteries can be recycled, making them highly sought-after. The increased demand for lithium-ion batteries has prompted market players to invest heavily in R&D activities aimed at improving their performance.
Major players operating in global retrofitted electric three-wheeler market include Etrio, RACEnergy, Altigreen, Power Global, Loop Moto OSM, Envirosmart, VAIPL (Volta) Motor Kit, GoGoA1, Omega Seiki Mobility, Terra Motors Corporation, BILITI ELECTRIC, Zuperia Auto Pvt. Ltd., KINETIC GREEN VEHICLES, and Atul Auto Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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