Electric Three-Wheeler Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Global Electric Three Wheeler Market Share and is Segmented by End-Use (Passenger Carrier and Goods Carrier), Battery Type (Li-ion and Lead Acid), and Geography.

Electric Three-Wheeler Market Size

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Electric Three Wheeler Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 1.17 Billion
Market Size (2029) USD 1.83 Billion
CAGR (2024 - 2029) 9.31 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Electric Three Wheeler Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Electric Three-Wheeler Market Analysis

The Electric Three-Wheeler Market size is estimated at USD 1.17 billion in 2024, and is expected to reach USD 1.83 billion by 2029, growing at a CAGR of 9.31% during the forecast period (2024-2029).

  • The market is primarily driven by the factors such as strict government norm for pollution control, increasing awareness about harmful effects of emissions from gasoline and diesel vehicles and increase in adoption of electric vehicles.
  • The average cost of operation and maintenance of electric three-wheelers are substantially low as compared to conventional three-wheelers.
  • However, the low range of distance covered, and heavy battery pack are the areas of concern for the manufacturers of three-wheeler vehicles. As an electric three-wheeler covers around 125-130 kms with full charged battery as compared to 200-220 Kms covered by conventional vehicles on a full tank of fuel.

Electric Three-Wheeler Market Trends

This section covers the major market trends shaping the Electric Three-Wheeler Market according to our research experts:

Increasing Focus on Emission Control Driving the Market

Several low- and middle-income countries in the world have a high rate of usage of three-wheelers, which were traditionally powered by IC engines. However, many of these internal combustion engine three-wheelers are old and inefficient, thus, emitting substantial amounts of particulate matter (PM) and black carbon (BC), a potent short-lived pollutant. The growing emission control norms have propelled the manufacturers to increase their expenditure on R&D of electric three-wheelers, which eventually allowed them to market them as the future of intracity mobility.

Governments and organizations across the world have initiated various schemes and initiatives, which encourage buyers to choose electric three-wheelers over conventional vehicles. For instance, the UN Environment is supporting developing countries to develop national programs for the introduction of electric two- and three-wheelers in Africa and Asia. The UN Environment is supporting electric two- and three-wheeler projects in eight countries in Africa and Asia: Ethiopia, Morocco, Kenya, Rwanda, Uganda, the Philippines, Thailand, and Vietnam. Such activities are envisioned to propel the integration of electric three-wheelers, and this may help the transformation from fossil fuels-based mobility to electric mobility, thereby, driving the growth of the market.

Electric Three Wheeler Market : Revenue Share (%) by End Use, 2019

Asia-Pacific Will Lead the Market

Over the past few years, the Asia-Pacific region has turned out to be an emerging market for electric three-wheeler. During the year 2018-19, when all other auto segment witnessed a slow demand growth as compared to previous year, sales of electric three-wheeler segment grew around 21 per cent from 2017-18 sales of electric three wheelers in the country.

The Governments in the region are also taking measures to reduce pollution in the region. For instance,

  • In December 2019, the government of India announced the phase-II of FAME India scheme, which focus on supporting electrification of public & shared transportation, and aims to support e-buses, e-3 wheelers through incentives.
  • In Thaniland, The Energy Conservation Fund (ECF) has approved a subsidy of THB 106 million, to motivate tuk-tuk owners to move from liquefied petroleum gas (LPG) to Electric ones.

Several major players in the region like Terra motors are launching various electric three-wheelers, both for passenger and cargo transportation to prospective markets like India, Bangladesh and Nepal to increase their market presence and share.

Electric Three Wheeler Market : Growth Rate by Region, 2020-2025

Electric Three-Wheeler Industry Overview

The Electric 3-Wheeler Market is highly fragmented, with several players accounting for a smaller portion of market share. Some of the prominent companies in the electric three-wheeler market are Mahindra Electric, Piaggio, Bodo EV, Kinetic Green Energy solution and others. These players are investing heavily in research and development of electric three-wheeler in increasing the load capacity along with the driving range of the vehicle. For instance, 

  • In February 2020, Omega Seiki Private Limited introduced Singha and Singha Max which runs on electric power to cater to the needs of the B2B and e-commerce industry. 
  • In December 2019, Piaggio launched Ape electric three wheeler in India, with swappable Lithium-ion battery and offers a range of around 70-80 km on a single charge

Electric Three-Wheeler Market Leaders

  1. Mahindra electric

  2. Piaggio & C. SpA

  3. Bodo EV International

  4. Kinetic Green Energy Solution

  5. Terra Motors

*Disclaimer: Major Players sorted in no particular order

Electric Three Wheeler Market Concentration
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Electric Three-Wheeler Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Challenges

    3. 4.3 Porters Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 End-Use

      1. 5.1.1 Passenger Carrier

      2. 5.1.2 Goods Carrier

    2. 5.2 Battery Type

      1. 5.2.1 Li-ion

      2. 5.2.2 Lead Acid

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. India

        2. China

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. Brazil

        2. South Africa

        3. Other Countries


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Mahindra Electric

      2. 6.2.2 Piaggion & C. Spa

      3. 6.2.3 Bodo Vehicle Group Co. Ltd

      4. 6.2.4 Kinetic Green Energy & Power Solutions Ltd

      5. 6.2.5 Terra Motors Corporation

      6. 6.2.6 Lohia Auto Industries

      7. 6.2.7 E-Tuk Factory BV

      8. 6.2.8 Goenka Electric Motor Vehicles Pvt. Ltd

      9. 6.2.9 Omega Seiki Private Limited

      10. 6.2.10 ATUL Auto Limited


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Electric Three-Wheeler Industry Segmentation

Electric three-wheelers market covers the latest trends and technological developments, demand by the end-use, battery type and geography.Along with a detailed study on major players in the electric three wheeler market, about their innovations, strategies, etc. are also covered in the report.

Passenger Carrier
Goods Carrier
Battery Type
Lead Acid
North America
United States
Rest of North America
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Rest of the World
South Africa
Other Countries
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Electric Three-Wheeler Market Research FAQs

The Electric Three-Wheeler Market size is expected to reach USD 1.17 billion in 2024 and grow at a CAGR of 9.31% to reach USD 1.83 billion by 2029.

In 2024, the Electric Three-Wheeler Market size is expected to reach USD 1.17 billion.

Mahindra electric, Piaggio & C. SpA , Bodo EV International, Kinetic Green Energy Solution and Terra Motors are the major companies operating in the Electric Three-Wheeler Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Electric Three-Wheeler Market.

In 2023, the Electric Three-Wheeler Market size was estimated at USD 1.07 billion. The report covers the Electric Three-Wheeler Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Three-Wheeler Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Electric 3 Wheeler Industry Report

Statistics for the 2024 Electric 3 Wheeler market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electric 3 Wheeler analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Electric Three-Wheeler Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)