The study involved four major activities in estimating the current size of the electric 3 wheeler market. Exhaustive secondary research was done to collect information on the market, the peer market, and the child markets. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [for example, European Alternative Fuels Observatory (EAFO), European Automobile Manufacturers' Association (ACEA), China Association of Automobile Manufacturers (CAAM), International Organization of Motor Vehicle Manufacturers (OICA), Electrical Vehicle Charging Association (EVCA), National Highway Traffic Safety Administration (NHTSA), International Energy Association (IEA)], articles, directories, technical handbooks, trade websites, technical articles, and databases (for example, Marklines, and Factiva) have been used to identify and collect information useful for an extensive commercial study of the global Electric 3 wheeler market.
Primary Research
Extensive primary research was conducted after acquiring an understanding of the Electric 3 wheeler market scenario through secondary research. Several primary interviews were conducted with market experts from both the supply (automotive OEMs and E3W component providers across major regions, namely, Asia Pacific, Europe, North America, and Rest Of the World. Approximately 10% and 90% of primary interviews were conducted from the demand and supply sides, respectively. Primary data was collected through questionnaires, emails, and telephonic interviews.
In the canvassing of primaries, various departments within organizations, such as sales, operations, and marketing, were covered to provide a holistic viewpoint in the report. After interacting with industry experts, brief sessions were also conducted with highly experienced independent consultants to reinforce the findings from primaries. This, along with the in-house subject matter experts’ opinions, led to the findings described in the remainder of this report.
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Market Size Estimation
The bottom-up approach was used to estimate and validate the size of the electric 3 wheeler market. In this approach, vehicle production statistics for each end use were considered at the country levels. The penetration of each end use at the country level was identified through model mapping to determine the market size in terms of volume. Then, the penetration of each end use for all countries was applied to obtain the volume of the market. The country-level volume for each end use was multiplied by the average OE price of each end use to derive the market size in terms of volume. Extensive secondary and primary research was conducted to understand the market scenario for the end use in the automotive industry. Several primary interviews were conducted with key opinion leaders related to electric vehicle developments, including OEMs, Tier-1 suppliers, and applications. Qualitative aspects such as drivers, restraints, opportunities, and challenges were considered while calculating and forecasting the market size.
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Market Size Validation
To derive the market for electric 3 wheeler market, by segment, in terms of volume, the adoption rate of all segments was identified at country level. To derive the market in terms of value, the cost breakup percentage of end use segment at the regional level was applied to the global value of the market. This gives the market for each segment in terms of volume and value. Mapping was done at the regional level to understand the contribution by type of component. The market size was derived at the regional level in terms of volume. The total volume of the electric 3-wheeler market was multiplied by the % breakdown of each component at the country level.
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
Electric 3-wheelers are plug-in 3-wheeled vehicles that use electric motors to achieve locomotion. The electricity is stored in a rechargeable battery that drives the electric motor. These vehicles are zero-emission electric motor-driven vehicles. The operating and top speeds of electric 3-wheelers are based on battery technology and its type.
List of Key Stakeholders
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Automotive Component Manufacturers
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Automotive OEMs
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Companies Operating in the Electric 3 Wheeler Ecosystem
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Distributors and Retailers
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Electric 3 Wheeler Component Manufacturers
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EV Battery Manufacturers
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EV Motor Manufacturers
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Fleet Operators
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Legal and Regulatory Authorities
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Manufacturers of Electric 3 Wheelers
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Raw Material Suppliers for Electric 3 Wheelers or their Components
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Technology Providers
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Electric Vehicle Association of Thailand
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Association of Indonesian Automotive Manufacturers
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Lanka Electric Vehicle Association
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Transport Authorities
Report Objectives
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To analyze the electric 3 wheeler market and forecast its size, in terms of volume (units) and value (USD million), from 2024 to 2030
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To provide detailed information regarding major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
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To segment the market, by end use, payload capacity, motor type, motor power, battery type, battery capacity, range, and region
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To segment the market and forecast its size by volume (units) based on motor type
(hub motors, mid motors, and other motors)
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To segment the market and forecast its size by volume (units) based on motor power
(below 1,500 W, 1,500–2,500 W, and above 2,500 W)
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To segment the market and forecast its size by volume (units) based on battery capacity (below 5 kWh, 5–8 kWh, and above 8 kWh)
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To segment the market and forecast its size by volume (units) and value (USD million) based on end use (passenger carriers and load carriers)
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To segment the market and forecast its size by volume (units) based on a range (less than 50 miles and above 50 miles)
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To segment the market and forecast its size by volume (units) based on battery type (lead acid, lithium-ion, and others)
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To segment the market and forecast its size by volume (units) based on payload capacity (up to 300 kg, 300–500 kg, and above 500 kg).
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To segment the market and forecast its size by volume (units) and value (USD million) based on region (Asia Pacific, Europe, North America, and Rest of the World)
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To strategically profile key players and comprehensively analyze their market shares and core competencies
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To analyze the technological developments impacting the market
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To analyze opportunities for stakeholders and the competitive landscape for market leaders
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To provide detailed information regarding the major factors influencing the market growth (drivers, challenges, restraints, and opportunities)
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To strategically analyze markets with respect to individual growth trends, prospects, and contributions to the total market
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To study the following with respect to the market
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Value Chain Analysis
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Ecosystem Analysis
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Technology Analysis
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Case Study Analysis
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Patent Analysis
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Buying Criteria
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TCO Analysis
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BOM Analysis
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To track and analyze competitive developments such as deals (joint ventures, mergers & acquisitions, partnerships, collaborations), new product developments, and other activities carried out by key industry participants
Available Customizations
With the given market data, MarketsandMarkets offers customizations in line with company-specific needs.
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Electric 3-wheeler Market, by Battery Type, at the country level (For countries covered in the report)
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Electric 3-wheeler Market, by End-use, at the country level (For countries covered in the report)
Company Information
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Profiling of Additional Market Players (Up to 5)
Growth opportunities and latent adjacency in Electric 3 wheeler Market