India Electric Three-wheeler Market – Analysis and Forecast (2018-2024)

The Indian electric three-wheeler market is predicted to grow at 45.2% CAGR during the forecast period due to government support and subsidies, an entrance of new entrants in the market and the need for the alternative transport system to curb vehicular emissions.

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In the Delhi metro city, e-rickshaw are being preferred as the first-mile commute to metro stations. Delhi government initially announced a subsidy of INR 15,000 (~ USD 202) in 2015 and later in 2016 announced financial assistance of INR 30,000 (~USD 404) for retrofitting registration of electric rickshaws.

Based on product, the market is categorized into passenger vehicles and load carriers. Passenger vehicles hold a larger share in the market due to the high preference for these vehicles in intracity transport within metropolitan cities. On the basis of motor power, the market is segmented into1,500 W.

Clean Motion India, Kinetic Green Energy and Power Solutions Ltd., Terra Motors Corporation, Saera Electric Auto Pvt. Ltd., Hero Electric Vehicles Pvt. Ltd and Lohia Auto Industries are some of the key players operating in the Indian electric three-wheelers market.

Source: VynZ Research