India Electric Three-wheeler Market - Size, Growth, Demand, Trends, Analysis and Forecast to 2024

The Indian electric three-wheeler market is predicted to grow at 45.2% CAGR during the forecast period, in terms of its fleet size. The Indian market is primarily driven by the government support and subsidies, an entrance of new entrants in the market and the need for the alternative transport system to curb vehicular emissions. Passenger vehicles largely contributed to the Indian three-wheelers market.

Based on product, the market is categorized into passenger vehicles and load carriers. Passenger vehicles hold the larger share in the market due to the high preference for these vehicles in intracity transport within metropolitan cities.

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On the basis of motor power, the market is segmented into1,500 W. Of all, 1,000-1,500 W powered three-wheelers hold the largest share in the Indian market. The highest share of the 1,000-1,500 W powered three-wheelers in the market is due to the optimum performance and cost of the vehicle at this power.

The government support and subsidies, entrance of new entrants in the market and need for the alternative transport system to curb vehicular emissions are the key factor fueling the demand for the electric-three wheelers market in India. The government of India has committed to lower the vehicular emission by 2020 which leads to immediate measures to replace the conventional modes of transport with electric vehicles.

In 2018, Indian government confirmed subsidies for all type of electric vehicles. Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles II (FAMEII) scheme has been finalized in April this year. As per the scheme, the government will invest INR 5,500 crores (~ USD 784 million) in the next five years. The governing panel decided that the subsidiary will be provided for all kinds of electric vehicles including light electric vehicles.

As per the scheme the government will provide incentives of INR 1,800 to INR 29,000 (~USD 24 to USD 390) for battery operated electric scooters and motorcycles and INR 3.300 to INR 61,000 (~USD 44 to USD 820) for electric three-wheelers. The Indian government is ready to invest around 1.3 billion USD for the rollout of FAME II scheme.

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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.

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