Europe Electric Three-Wheeler Market

Europe Electric Three-Wheeler Market (2023 to 2028)

The Europe electric three-wheeler market is valued at USD 294.89 million in 2023 and is expected to reach a valuation of USD 531.40 million by 2028, growing at a CAGR of 12.5% during the forecast period of 2023 to 2028.

The European electric three-wheeler market is booming in demand marking the second largest share. There has been an inclined growth for the market, showcasing an efficient use of conventionally powering it with fossil fuel. Furthermore, the increase in greenhouse gasses affecting the environment has promoted the demand for the market, making it a more sustainable mode of transport. Hence, the market is forecasted to grow from 2023 to 2028.

The growth of the European electric three-wheeler market is driving the market for electric vehicles, which are more efficient and affordable and are becoming a part of the mainstream vehicle. The market is a more affordable, rising trend of last-mile connectivity and cost-effective mode of transport, which is being developed with more advanced technology for the usage of batteries which helps accommodate the transportation for end-users. The initiatives taken by the governments of European countries to implement specific schemes and multiple reimbursement policies, boost the presence of electric vehicles in the European region and contribute to the regional market growth.

The European electric three-wheeler market is growing in demand and creating various opportunities for the market. Electric vehicles have been a trend in shared mobility, and eco-friendly commuting has created lucrative opportunities for the growth of the market. Also, the availability of many credits and financial options has created opportunities for the business growth of the market.

The European electric three-wheeler market faces a few restraints for its demand. First, the high cost of lithium-ion batteries hampers the growth of the market. As lithium-ion batteries are more expensive than lead-acid batteries, the demand for growth in the market is being hampered. Also, the shortage of mainstream charging stations for electric vehicles poses a challenge for the driver. Furthermore, the long charging hours required by the electric vehicle battery also mark a challenge for the market. The driver also faces a threat due to the range anxiety covered by the electric vehicles, which are inconsistent compared to that of petrol-fueled vehicles. Hence, electric vehicle companies must meet these challenges to grow the demand in the market.

REPORT COVERAGE:

This research report on the European electric three-wheeler market is segmented and sub-segmented into the following categories.  

Europe Electric Three-Wheeler Market - By Vehicle Type:

• Passenger Carrier
• Goods Carrier

Based on vehicle type, the demand for the passenger vehicle segment is significantly higher for the European electric three-wheeler market. With the growth in the three-wheelers, public transport has increased demand as the public transport system is preferred by many compared to a private vehicle. The goods carrier segment is anticipated to grow in the European electric three-wheeler vehicle market due to the increasing demand for economical, eco-friendly, and lightweight vehicles.

Europe Electric Three-Wheeler Market - By Power Type:

• Up to 1000 W
• Up to 1000 W to 1500 W
• Above 1500 W

Based on Power Type, the segment up to 1000 W to 1500 W is leading in demand for the European electric three-wheeler market due to its cost-effective and affordable operational cost. Furthermore, the segment up to 1000 W to 1500 W is an instant torque, increasing the vehicle's mobility and efficiency, boosting the demand for Europe's electric three-wheeler market. Furthermore, there is an anticipated growth for the segment above 1500 W due to the rapid industrialization of Europe's electric three-wheeler market. Furthermore, with the above 1500 W power, there is better battery power that can be durable for a longer period, boosting the demand for Above 1500 W. 

Europe Electric Three-Wheeler Market - By Battery Type:

• Lithium-Ion
• Lead Acid

Based on the Battery Type, the Lithium-Ion segment has dominated with the largest share of the Europe electric three-wheeler market. This is because the lithium-ion battery has the most extended battery life, less charge duration, requires low maintenance, etc. On the other hand, the lead-acid segment is expected to grow in Europe's electric three-wheeler market during the forecast period 2023 to 2028.

Europe Electric Three-Wheeler Market - By Country:

• Germany
• France
• Switzerland
• Italy
• UK
• Spain 
• Russia
• Belgium
• Netherland
• Others

Germany has dominated the European electric three-wheeler market. Many consumers have opted for electric vehicles in Germany due to their effective and efficient uses in the market. Therefore, Germany's electric three-wheeler market shares are esteemed to have the same growth during the forecast period. The other countries leading in the European electric three-wheeler market are the UK, France, Italy, Russia, and others, which are anticipated to grow in demand for the European electric three-wheeler market during the forecast period. 

KEY MARKET PLAYERS:

Leon Cycle, Govecs AG, Riese & Muller GmbH, Walberg Urban Electrics GmbH, Zero Motorcycles Inc., myStromer AG, Energica Motor Company, Emco Electroroller GmbH. Some of the major key players are involved in the European electric three-wheeler market.

RECENT HAPPENINGS IN THIS MARKET:

• In September 2022, a German-based company Quantron AG an expert in zero-emission BEV and FCEV transportation solutions, and Hyderabad-based ETO Motors have inked plans to start a collaboration for the Indian Market. Both companies confirmed the same during Hanover's IAA Transportation 2022 trade fair. 
• In October 2021, the two- and three-wheeler market is increasing its engagement in electric mobility as an Italian company called the Piaggio Group has joined forces with global company BP to develop and roll out a comprehensive set of services for the rapid growth of two- and three-wheeler electric vehicles across Europe, India, and Asia.