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India and Sri Lanka Electric Three Wheeler Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (E-Auto and E-Rickshaw) and Country

India and Sri Lanka Electric Three Wheeler Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (E-Auto and E-Rickshaw) and Country

The electric three wheelers market in India was valued INR 708,520.3 Lakh in 2019 and is projected to reach INR 1,910,845.7 Lakh by 2027; it is expected to grow at a CAGR of 29.61% from 2020 to 2027. The electric three wheelers market in Sri Lanka was valued INR 2,604.2 Lakh in 2019 and is projected to reach INR 8,624.7 Lakh by 2027; it is expected to grow at a CAGR of 33.4% from 2020 to 2027.

An unchecked increase in private traffic over the years has led to increased traffic congestion within the Colombo Municipal Council (CMA), which covers the Colombo and Thimbirigasyaya Divisional Secretariat Divisions. This has had several adverse effects on the economic and environmental health of the city due to increased vehicle operating costs, more significant travel time costs, and high pollution in regions where congestion is prevalent.

Plug-in hybrid electric three-wheelers are also more fuel-efficient than their ICE counterparts because of their battery-powered electric drive systems, which produce reduced fuel consumption, as well as cut, or even zero, mobile emissions. Electric three-wheeler fuel efficiency can be further improved through a regenerative braking system that captures energy that would otherwise be lost and stores it as electricity in the on-board battery. So overall, the introduction of electric three-wheelers in Sri Lanka is expected to reduce greenhouse gas emissions during traffic congestion in the country.

Three-wheelers are mostly unregulated, and this has led to the entry of large numbers of individual operators to the Sri Lankan market. In order to meet local concerns, operators of a given locality have formed into loose associations or, in some instances, into organized associations that have a constitution, representation of district membership, and office-bearers. Usually, three-wheeler fares are negotiated for each trip. Although there have been some discussions regarding the implementation of meters, previous attempts have failed. In a study published by the government and the Institute of Moratuwa, a huge variation in fare was noticed. After the study, it was witnessed that fares increase with travel distance. The fare of Rs 42.71 for the first km is approximately seven times that of the bus fare for the same distance and around two times the financial cost of running a passenger car for a distance of 1 km.

Such an implementation of a metered fare system would help in regularizing the market. With a regularized fare system, commuters would be less hesitant to use three-wheelers for their daily transport. Thus, in the future, a regularized fare system for electric-three-wheeler will aid in the market's growth.

In terms of type, the e-rickshaw segment led the India and Sri Lanka electric three wheelers market in 2019 the largest share, and it is expected to continue to be the largest shareholder during the forecast period. E-rickshaws (slow-speed) have turned out to be aid in supporting the country’s micro mobility issues with its low cost of ownership, low price and high return on investment. As per a TERI (2019), the three-wheelers are among the front runners for electric mobility transition. Among the various vehicle segments, the electric three-wheeler segment has recorded the maximum adoption since 2015-19. The maximum localization of electric vehicle (EV) manufacturing, which is critical for EV uptake is also available in the three-wheeler segment. Manufacturers such as Mahindra & Mahindra and Lohia Auto have been flooded with sale inquiries for lithium-ion electric passenger three-wheelers. India is the largest market for three-wheelers (ICRA, 2018), has shown huge demand even for electric three-wheelers (both electric rickshaws and three-wheelers). As per data shared by the Society of Manufacturers of Electric Vehicles (SMEV), the apex lobby body for EVs, sales of electric three-wheeler segment grew 21% during 2018-19 to 630,000 as against 520,000 sold in 2017-18.

The India and Sri Lanka electric three wheelers market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the India and Sri Lanka electric three wheelers market with respects to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the India and Sri Lanka electric three wheelers market. A few of the players operating in the India and Sri Lanka electric three wheelers market are Adapt Motors Pvt. Ltd, Saarthie-RICKSHAWS, SL Mobility, KSL Cleantech Limited, Omega Seiki Pvt. Ltd, Altigreen, OK Play EV, Lohia Auto Industries, Kinetic Green Energy & Power Solutions Ltd, ATUL Auto Limited, Piaggio& C. SpA, Bajaj Auto Ltd, J.S. Auto (P) LTD., and Speego Vehicles Co Pvt Limited, among others.

TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. India and Sri Lanka Electric Three-Wheeler - Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Electric Three-Wheeler Market - India PEST Analysis
4.2.2 Electric Three-Wheeler Market - Sri Lanka PEST Analysis
4.3 Premium Insights
4.3.1 E-Rickshaw Sales by Major States in India
4.3.2 E-Auto Sales by Major States in India
4.3.3 Sri Lanka Electric Three-Wheeler Sales
4.4 Benefits Offered by Indian Government to Manufacturers
4.4.1 National Urban Transport Policy (NUTP), 2006
4.4.2 National Electric Mobility Mission Plan (NEMMP), 2020
4.4.3 Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME - India)-I &II
4.4.4 State EV policies
4.4.5 International best practices
4.5 Government Approvals
5. India Electric Three-Wheeler Market - Key Industry Dynamics
5.1 Key Market Driver
5.1.1 Growing demand for eco-friendly three wheelers
5.1.2 Traffic Congestion
5.2 Key Market Restraint
5.2.1 Instability and lack of safety norms
5.3 Key Market Opportunity
5.3.1 Improving charging infrastructure across the country
5.4 Future Trend
5.4.1 Increasing the Range Covered by Electric Three-Wheeler Would Stimulate Market Growth
5.5 Impact Analysis of Drivers and Restraints
6. Electric Three-Wheeler Market - India Analysis
6.1 India Electric Three-Wheeler Market - Revenue and Forecast to 2027 (US$ Million)
7. India Electric Three-Wheeler Market - By Type
7.1 Overview
7.2 India Electric Three-Wheeler Market Breakdown, by Type (2018 and 2027)
7.3 E-Auto (High Speed)
7.3.1 Overview
7.3.2 E-Auto (High-Speed): Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)
7.3.2.1 India: Electric Three-wheeler Market, by E-Auto (High-Speed) Type (INR Lakh)
7.3.2.2 India: Electric Three-wheeler Market, by E-Auto (High-Speed) Type (Units)
7.4 E-Rickshaw (Slow Speed)
7.4.1 Overview
7.4.2 E-Rickshaw (Slow Speed): Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)
7.4.2.1 India: Electric Three-wheeler Market, by E-Rickshaw (Low-Speed) Type (INR Lakh)
7.4.2.2 India: Electric Three-wheeler Market, by E-Auto (High-Speed) Type (Units)
8. Sri Lanka Electric Three-Wheeler Market - Key Industry Dynamics
8.1 Key Market Driver
8.1.1 Public Transport Issues
8.1.2 Traffic Congestion
8.2 Key Market Restraint
8.2.1 Lack of local manufacturers
8.3 Key Market Opportunity
8.3.1 Increasing adoption of three wheelers in Sri Lanka
8.4 Future Trend
8.4.1 Increasing the Range Covered by Electric Three-Wheeler Would Stimulate Market Growth
8.5 Impact Analysis of Drivers and Restraints
9. Electric Three-Wheeler Market - Sri Lanka Analysis
9.1 Sri Lanka Electric Three-Wheeler Market - Revenue and Forecast to 2027 (US$ Million)
10. Sri Lanka Electric Three-Wheeler Market - By Type
10.1 Overview
10.2 Sri Lanka Electric Three-Wheeler Market Breakdown, by Type (2018 and 2027)
10.3 E-Auto (High Speed)
10.3.1 Overview
10.3.2 E-Auto (High-Speed): Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)
10.3.2.1 Sri Lanka: Electric Three-wheeler Market, by E-Auto (High-Speed) Type (INR Lakh)
10.3.2.2 Sri Lanka: Electric Three-wheeler Market, by E-Auto (High-Speed) Type (Units)
10.4 E-Rickshaw (Slow Speed)
10.4.1 Overview
10.4.2 E-Rickshaw (Slow Speed): Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)
10.4.2.1 Sri Lanka: Electric Three-wheeler Market, by E-Rickshaw (Low-Speed) Type (INR Lakh)
10.4.2.2 Sri Lanka: Electric Three-wheeler Market, by E-Auto (High-Speed) Type (Units)
11. Impact of Coronavirus Outbreak
11.1 Impact of COVID-19 Pandemic On Electric Three-Wheeler Market
11.1.1 India: Impact Assessment of COVID-19 Pandemic
11.1.2 Sri Lanka: Impact Assessment of COVID-19 Pandemic
12. Company Profiles
12.1 Gayam Motor Works Pvt. Ltd
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Exide Industries Limited
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Green Shuttle Technology Pvt Ltd
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Dilli Electric Auto Pvt Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 REEP Industries Private Limited
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 DSF Industries
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Adapt Motors Pvt. Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 SAARTHI e-RICKSHAWS
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 SL Mobility
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 KSL Cleantech Limited
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Omega Seiki Pvt. Ltd.
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 Altigreen
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 OK Play EV
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 LOHIA AUTO INDUSTRIES
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
12.15 Kinetic Green Energy & Power Solutions Ltd.
12.15.1 Key Facts
12.15.2 Business Description
12.15.3 Products and Services
12.15.4 Financial Overview
12.15.5 SWOT Analysis
12.15.6 Key Developments
12.16 ATUL Auto Limited
12.16.1 Key Facts
12.16.2 Business Description
12.16.3 Products and Services
12.16.4 Financial Overview
12.16.5 SWOT Analysis
12.16.6 Key Developments
12.17 Piaggio & C. SpA
12.17.1 Key Facts
12.17.2 Business Description
12.17.3 Products and Services
12.17.4 Financial Overview
12.17.5 SWOT Analysis
12.17.6 Key Developments
12.18 Bajaj Auto Ltd.
12.18.1 Key Facts
12.18.2 Business Description
12.18.3 Products and Services
12.18.4 Financial Overview
12.18.5 SWOT Analysis
12.18.6 Key Developments
12.19 J.S. AUTO (P) LTD.
12.19.1 Key Facts
12.19.2 Business Description
12.19.3 Products and Services
12.19.4 Financial Overview
12.19.5 SWOT Analysis
12.19.6 Key Developments
12.20 Speego Vehicles Co Pvt Limited
12.20.1 Key Facts
12.20.2 Business Description
12.20.3 Products and Services
12.20.4 Financial Overview
12.20.5 SWOT Analysis
12.20.6 Key Developments
12.21 Mahindra & Mahindra Ltd.
12.21.1 Key Facts
12.21.2 Business Description
12.21.3 Products and Services
12.21.4 Financial Overview
12.21.5 SWOT Analysis
12.21.6 Key Developments
12.22 Scooters India Limited
12.22.1 Key Facts
12.22.2 Business Description
12.22.3 Products and Services
12.22.4 Financial Overview
12.22.5 SWOT Analysis
12.22.6 Key Developments
12.23 TVS Motor Company
12.23.1 Key Facts
12.23.2 Business Description
Products and Services
12.23.3 Financial Overview
12.23.4 SWOT Analysis
12.23.5 Key Developments
12.24 Terra Motors Corporation
12.24.1 Key Facts
12.24.2 Business Description
12.24.3 Products and Services
12.24.4 Financial Overview
12.24.5 SWOT Analysis
12.24.6 Key Developments
12.25 Xianghe Qiangsheng Electric Tricycle Factory
12.25.1 Key Facts
12.25.2 Business Description
12.25.3 Products and Services
12.25.4 Financial Overview
12.25.5 SWOT Analysis
12.25.6 Key Developments

LIST OF TABLES
Table 1. E-Rickshaw Sales by Major States in India (Units)
Table 2. E-Auto Sales by Major States in India (Units)
Table 3. Sri Lanka Electric Three-Wheeler Sales (Units)
Table 4. Provisions for which test reports from test agency are required
Table 5. Provisions for which test reports from Vehicle Manufacturer / Component Supplier / Third Party test agency are required
Table 6. India Electric Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)
Table 7. India Electric Three-Wheeler Market - Volume and Forecast to 2027 (Units)
Table 8. E-Rickshaw and E-Auto Difference
Table 9. India: Three-wheeler Market, by Type, 2018-2027 (INR Lakh)
Table 10. India: Three-wheeler Market, by E-Auto (High-Speed) Type, 2018-2027 (Units)
Table 11. India: Three-wheeler Market, by E-Rickshaw (Slow-Speed) Type, 2018-2027 (INR Lakh)
Table 12. India: Three-wheeler Market, by Type, 2018-2027 (Units)
Table 13. Sri Lanka Electric Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)
Table 14. Sri Lanka Electric Three-Wheeler Market - Volume and Forecast to 2027 (Units)
Table 15. E-Rickshaw and E-Auto Difference
Table 16. Sri Lanka: Three-wheeler Market, by Type, 2018-2027 (INR Lakh)
Table 17. Sri Lanka: Three-wheeler Market, by E-Auto (High-Speed) Type, 2018-2027 (Units)
Table 18. Sri Lanka: Three-wheeler Market, by E-Rickshaw (Slow-Speed) Type, 2018-2027 (INR Lakh)
Table 19. Sri Lanka: Three-wheeler Market, by Type, 2018-2027 (Units)

LIST OF FIGURES
Figure 1. Three Wheeler Market Segmentation
Figure 2. Three-Wheeler Market Overview
Figure 3. Sri Lanka Three-Wheeler Market, by Type
Figure 4. India Three-Wheeler Market, by Type
Figure 5. India - PEST Analysis
Figure 6. Sri Lanka - PEST Analysis
Figure 7. India and Sri Lanka Electric Three-Wheeler Market Impact Analysis of Drivers and Restraints
Figure 8. India Electric Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)
Figure 9. India Electric Three-Wheeler Market Revenue Share, by Type (2019 and 2027)
Figure 10. India Electric Three-Wheeler Market Volume Share, by Type (2019 and 2027)
Figure 11. India E-Auto (High-Speed): Electric Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)
Figure 12. E-Rickshaw (Slow Speed): Electric Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)
Figure 13. India and Sri Lanka Electric Three-Wheeler Market Impact Analysis of Drivers and Restraints
Figure 14. Sri Lanka Electric Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)
Figure 15. Sri Lanka Electric Three-Wheeler Market Revenue Share, by Type (2019 and 2027)
Figure 16. Sri Lanka Electric Three-Wheeler Market Volume Share, by Type (2019 and 2027)
Figure 17. Sri Lanka E-Auto (High-Speed): Electric Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)
Figure 18. E-Rickshaw (Slow Speed): Electric Three-Wheeler Market - Revenue and Forecast to 2027 (INR Lakh)

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