Global Retrofitted Electric Three-Wheeler Market, Vehicle Type, Battery Capacity, Battery Type, and Region: Competition Forecast and Opportunities to 2027

The rise in production & sales of electric vehicles (EVs) is a prime growth driver

The global retrofitted electric three-wheeler market is anticipated to witness robust CAGR in the forecast period, 2023-2027. Factors such as the rise in production and sales of electric vehicles and the increase in consumer awareness about the benefits of retrofitted electric three-wheelers are the primary factors driving the global retrofitted electric three-wheeler market. With the increase in shared mobility services such as metros monorails and the growing importance of last-mile connectivity and the booming e-commerce industry, the market demand is expected to grow in the forecast period. Also, the need to use the scrappage of the older vehicles and the advent of technologies that can maintain the performance and functionalities of an electric vehicle while using older versions of electric vehicles are expected to create numerous growth opportunities for the market players over the next five years.

Benefits of Using Retrofitted Electric Wheeler Drives the Market Growth

Automobiles that make the use of an electric retro fitment kit make the use of the entire body frame from the original body frame. Retrofitted vehicles offer the same environmental and economic benefits as a new electric vehicle with similar specifications while also re-using the body parts and materials which are disposed of after the vehicle life is over. Thus, the retrofitted electric vehicle is able to lower both the cost of an electric vehicle and the quantity generated out of old vehicles. The main consumers of electric retro fitment kits are in the 3-wheeler segment, including the auto-owners/small business owners who belong to the lower income groups and are not able to afford new electric vehicles. Retrofitted vehicles are considered advantageous as they incur no fuel cost and require no regular maintenance like electric vehicles. These vehicles are further expected to aid in efficient traffic management by reducing the number of new electric vehicles on the road without taking additional measures to replace the older vehicles. The rise in awareness about the benefits of using retrofitted electric vehicles is expected to boost the market growth over the next five years.

Rise in Popularity of Electric Public Mobility Services Supports the Market Growth

Traditional vehicles are the fundamental requirement of modern life, and the traditional combustion engine is becoming obsolete. Petrol or diesel vehicles release harmful emissions, which have an adverse effect on the environment and the health of an individual. ICE engines are the biggest source of pollution at a global level, and two-thirds of the air pollution in urban areas is caused by ICE vehicles which affect human health and oncology. According to a study by the International Journal of Scientific & Engineering Research, the annual emission of single ICE automobiles are 0.004 tons of PM 10, 3.72 tons of CO2, and 0.014 tons of NOx. Traditional vehicles can be replaced by electric vehicles as fully electric vehicles have zero tailpipe emissions and are therefore considered much better for the environment. Public transportation services are crucial for the growth of any economy as they are affordable and are preferred by the majority of the population. By making the use of public electric vehicles, harmful emissions could be lowered to a significant level. The launch of public three-wheeler electric wheelers and high sales of electric vehicles are expected to propel the global retrofitted electric three-wheeler market growth over the forecast period.

Market Segmentation

The global retrofitted electric three-wheeler market is segmented into vehicle type, battery capacity, battery type, regional distribution, and company. Based on vehicle type, the global retrofitted electric three-wheeler market is divided into passenger carrier and load carrier. Based on battery capacity, the global retrofitted electric three-wheeler market is divided into < 101Ah and >101Ah. Based on battery type, the global retrofitted electric three-wheeler market is divided into lithium-ion and lead acid. To analyze the market based on the region, the global retrofitted electric three-wheeler market is studied in major regions namely North America, Asia-pacific, South America, Middle East, and Africa. In terms of country, the United States is expected to hold a significant market share due to the early adoption of advanced technologies and high adoption of electric vehicles among consumers.

Market Players

Etrio, RACEnergy, Altigreen, Power Global, Loop Moto, OSM, Envirosmart, VAIPL (Volta) Motor Kit, and GoGoA1 are the major market players operating in the global retrofitted electric three-wheeler market.

Report Scope

In this report, global retrofitted electric three-wheeler market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Retrofitted Electric Three-Wheeler Market, by Vehicle Type:

• Passenger Carrier
• Load Carrier

Retrofitted Electric Three-Wheeler Market, by Battery Capacity:

• < 101Ah
• >101Ah

Retrofitted Electric Three-Wheeler Market, by Battery Type:

• Lithium-Ion
• Lead Acid

Retrofitted Electric Three-Wheeler Market, by Region:

• North America
• Asia-Pacific
• South America
• Middle East
• Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global retrofitted electric three-wheeler market.

Available Customizations

With the given market data, customizations are offered according to specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).