Retrofitted Electric Three-Wheeler Market 2027: Future Growth and Opportunities

MANHATTAN, N.Y. - March 6, 2023 - PRLog -- The global retrofitted electric three-wheeler market is projected to experience a steady growth rate during the forecast period of 2023-2027. Auto-rickshaws are generally the primary public transportation vehicles, while three-wheeler tempos are commonly used as good transportation vehicles for small, medium, and large towns in both developed and developing countries worldwide. Additionally, three-wheelers are also utilized in last-mile connectivity services.

In India, electric vehicle manufacturer Omega Seiki Mobility is investing USD 25 million to establish a retrofit facility near Chandigarh. Authorities are taking preventative measures to ensure the safety of passengers while driving retrofitted electric vehicles, such as the Indian central government's standards for retrofitted vehicles, which require that the retrofitment kit be tested and certified. Moreover, retrofitted vehicles need to be homologated by either ARAI or ICAT in accordance with BIS standards. Leading authorities are also promoting the use of electric vehicles by providing subsidies and income tax rebates on the purchase and manufacture of electric vehicles. This move is increasing the penetration of electric vehicles in developed and developing regions globally.

However, the lack of standardization of charging infrastructure and awareness about the benefits of using retrofitted electric three-wheeler in developing countries may hinder the market growth in the forecast period.

The global retrofitted electric three-wheeler market is categorized by vehicle type, including passenger carrier and load carrier segments. The load carrier segment currently holds the largest market share and is expected to maintain its dominance throughout the forecast period from 2023 to 2027. This can be attributed to the flourishing e-commerce industry, which is driving the logistics industry and leading to an increase in the number of load carrier vehicles on the roads. As these vehicles emit greenhouse gases harmful to the environment, there is a growing need for zero-emission electric vehicles. Retrofitted electric three-wheeler load carriers are expected to gain significant momentum in the forecast period due to the high demand from the retail and logistics industry and the increasing environmental concerns of regulatory authorities.

Major market players operating in the global retrofitted electric three-wheeler market is:

• Etrio
• RACEnergy
• Altigreen
• Power Global
• Loop Moto

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