Wilmington, Delaware, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Electric Tricycle and Microcar Market Size, Share, Competitive Landscape and Trend Analysis Report by Application (Passenger Transport, Cargo Delivery), by Driving Range (Less than 100 Km, Between 100 to 200 km, Above 200 km), by Battery Type (Lithium-ion Battery, Lead-acid Battery, Nickel Metal Hydride Batteries, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global electric tricycle and microcar market generated $20.5 billion in 2022, and is anticipated to generate $97.8 billion by 2032, rising at a CAGR of 17.6% from 2023 to 2032.
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Prime Determinants of Growth
The growing demand for quick & affordable last mile solution, the initiatives taken by governments worldwide to promote the adoption of electric vehicles, and the growing demand for sustainable transportation are the factors expected to drive the growth of the global electric tricycle and microcar market in the forecast period from 2023 to 2032. However, the lack of adequate charging infrastructure in rural areas and the limited range & battery life may hamper market growth in the coming future. On the contrary, the efficiency & sustainability offered in eco-friendly transportation solutions and the rising popularity of battery swapping are expected to offer remunerative opportunities for the expansion of the electric tricycle and microcar market during the forecast period.
E-Tricycle and E-Microcar Industry Report Coverage and Details: Report Coverage Details Forecast Period 2023–2032 Base Year 2022 Market Size in 2022 $20.5 billion Market Size in 2032 $97.8 billion CAGR 17.6% No. of Pages in Report 310 Segments covered Driving Range, Battery Type, Application, and Region Drivers Increasing demand for sustainable transportation
Rising demand for quick and affordable last mile solution
Government initiatives to promote the adoption of electric and micro electric vehicles Opportunities Technological advancements in battery technology
Growing popularity of battery swapping Restraints Limited range & battery life
Driving Range: Between 100 to 200 km Sub-segment to Hold Maximum Share by 2032
The between 100 to 200 km sub-segment accounted for the largest global electric tricycle and microcar market share of 45.2% in 2022 and is expected to continue to hold maximum share by 2032. This is majorly owing to the rising demand for electric tricycle and microcars with the range of 100 to 200 km in countries, such as India, China, Bangkok, and other. Besides, vehicles within this range are considered practical and efficient choices for transportation needs within urban areas. The specific range aligns with the commuting habits of daily city commuters who generally do not cover distances exceeding 200 km.
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Battery Type: Lead-acid Battery Sub-segment to Account for Major Share by 2032
The lead-acid battery sub-segment accounted for the largest market share of 46.7% in 2022 and is expected to continue to maintain its dominance during the forecast period. Lead-acid batteries are significantly cheaper compared to other types of batteries, making them an attractive option for many car owners due to their affordability. Besides, the durability and long lifespan of these batteries provide reliable power over an extended period. This longevity contributes to their popularity among vehicle owners looking for a cost-effective and dependable battery solution.
Application: Passenger Transport Sub-segment to Flourish Immensely During the Forecast Period
The passenger transport sub-segment of the global market accounted for the highest share of 56.5% in 2022 and is projected to grow at the highest CAGR of 17.8% during the forecast period from 2023 to 2032. This is primarily because tricycles and microcars offer innovative solutions to urban mobility challenges. As city authorities and businesses aim to reduce their carbon footprint and achieve sustainability goals, microcars are viewed as essential vehicles for realizing a cleaner and greener future for intra-city transportation. This emphasis on environmental sustainability is expected to drive the demand for electric tricycles and microcars in the market.
Region: Asia-Pacific Market to be the Most Dominant During the Forecast Period
The electric tricycle and microcar market in the Asia-Pacific region accounted for the largest share of 40.4% in 2022 and is predicted to rise at the CAGR of 18.4% during the forecast period. This growth is mainly because electric three-wheelers, known as e-rickshaws or e-auto-rickshaws, are emerging as a novel solution for last-mile transportation in various countries across the Asia-Pacific region. In addition, the region’s growing commitment towards environmental sustainability. With growing concerns about air pollution and environmental degradation, there is increasing demand for electric vehicles that can contribute to improved air quality and reduced carbon emissions.
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Leading Players in the Electric Tricycle and Microcar Market: Jiangsu Huaihai New Energy Vehicle Co., Ltd.Shandong Shifeng (Group) Co., Ltd.LuvlyJiangsu Jinpeng Group Co., Ltd.MG MotorMahindra Electric Mobility LimitedPiaggio & C. S.p.A.CheryTerra MotorsPT. SGMW Motor Indonesia
The report provides a detailed analysis of the key players of the global electric tricycle and microcar market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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