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Electric 3 wheeler Market worth $1.5 billion by 2030 | MarketsandMarkets

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Electric 3 wheeler Market is projected to grow from USD 1.3 billion in 2024 to USD 1.5 billion by 2030, registering a CAGR of 2.2%, according to a new report by MarketsandMarkets. The electric 3 wheeler market has experienced notable growth in recent years, attributed to several factors including escalating fuel prices, government incentives, and the introduction of innovative technologies. As governmental regulations become increasingly stringent, manufacturers of 3 wheelers have redirected their focus towards enhancing efficiency, embracing emission-free propulsion, integrating innovative technologies, and adhering to revised environmental standards. In coming years, the market landscape is expected to undergo significant transformation due to the rising adoption of electric 3 wheelers and the expansion of charging infrastructure across numerous countries, both in terms of network coverage and capacity. Recent advancements in the electric 3 wheeler sector have led to introducing batteries featuring enhanced specifications, regarded as the cornerstone of any electric 3 wheeler. These advancements in battery technology are projected to elevate the performance and extend the range of electric 3 wheelers along with cost reductions.

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Browse in-depth TOC on “Electric 3 wheeler Market“
281 – Tables74 – Figures326 – Pages
Electric 3 wheeler Market Scope:

Report Coverage

Details

Market Revenue in 2024

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USD 1.3 billion

Estimated Value by 2030

USD 1.5 billion

Growth Rate

Poised to grow at a CAGR of 2.2%

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Market Size Available for

2020–2030

Forecast Period

2024-2030

Forecast Units

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Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Motor Type, Motor Power, Battery Capacity, Range, Battery Type, Payload Capacity, End-Use, and Region

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Geographies Covered

Asia Pacific, Europe, North America, Rest of the World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

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Partnership with delivery and logistics fleet operators

Key Market Drivers

Advancements in battery technology coupled with reducing battery prices

The mid-motor segment be the largest segment during the forecast period.
The mid-motor type segment be the largest segment during the forecast period. Mid motors are gaining traction in the electric 3 wheeler market for their balanced approach to electric propulsion, offering optimized weight distribution and handling dynamics. Mid motors, centrally located within the vehicle chassis, transmit power to the drivetrain through a mechanical linkage, thereby facilitating more precise control over torque distribution and wheel traction. This design enhances stability and maneuverability, making mid-motor-equipped electric 3 wheelers well-suited for various applications, including last-mile logistics. Their superior handling characteristics, particularly in challenging road conditions or uneven terrain, are a key advantage of mid motors.
By optimizing weight distribution, mid motors contribute to improved stability and traction, ensuring a smooth and controlled driving experience for operators and passengers alike. Additionally, the mechanical linkage of mid motors allows for modular battery configurations, facilitating scalability and customization according to specific operational requirements or regulatory constraints. Mid motors are emerging as a versatile and adaptable solution in the market, bridging the gap between performance and practicality in electric 3 wheelers as the electrification trend continues to gain momentum.
5-8 KWH segment to be the largest segment during the forecast period.
5-8 KWH segment to be the largest segment during the forecast period. E-rickshaws and electric autorickshaws are equipped with batteries ranging from 5 to 8 kWh, distinguished by their superior energy density and thermal stability. These batteries are designed for high-performance electric 3 wheelers and offer optimal current output, thermal resilience, and extended lifecycles. Their size allows them to accommodate heavy battery packs with low-density cells, ensuring sufficient range for long-distance travel. As consumer perceptions shift towards electric 3 wheelers as viable alternatives for short-distance commuting and inter-city travel, manufacturers prioritize developing vehicles with higher battery capacities. Electric 3 wheelers within the 5-8 kWh range offer reduced range-related concerns, affordability, and enhanced value propositions, particularly in the shared mobility sector. This segment is witnessing rapid growth, addressing last-mile connectivity needs and poised for further expansion, especially in Asia Pacific countries facing transportation challenges.
Asia Pacific to be the fastest-growing market for electric 3 wheelers during the forecast period.
Asia Pacific to be the fastest-growing market for electric 3 wheelers during the forecast period. Countries such as Sri Lanka, Bangladesh, Vietnam, and Thailand plan to rapidly increase the demand for electric 3 wheelers. The region also has established market such as China and India. During the forecast period, Sri Lanka is expected to be the fastest-growing country in Asia Pacific. There is an increasing demand for green technology vehicles in Sri Lanka. SL Mobility and Ideal Motors are the prominent manufacturers of electric 3 wheelers in the country. Due to the growth in sales of overall alternate fuel vehicles, the Sri Lankan electric 3 wheeler market is expected to grow. Similarly, The Thai government is rolling out policies to promote EVs as part of its plans to create an EV manufacturing hub. The government is determined to improve air quality, develop smart cities nationwide, and meet its target of reaching carbon neutrality by 2050 and net-zero greenhouse gas emissions by or before 2065. Such initiatives will drive the electric 3 wheeler market in Asia Pacific region.
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Electric 3 Wheeler Market Dynamics:
Drivers:

Low operating and maintenance costs
Government incentives and subsidies
Advancements in battery technology and reducing battery prices
Established market for 3 wheelers in urban transportation
Stringent emission norms and environmental regulations

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Restraints:

Lack of charging infrastructure
Limited power output, range, and speed

Opportunities:

Automobile manufacturer- and customer-oriented policies to promote electric 3 wheeler sales
Partnerships between OEMs and delivery and logistics fleet operators

Challenge:

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Limited battery capacity
High initial investments compared to ICE variants
Lack of compatibility, interchangeability, and standardization

Key Market Players of Electric 3 Wheeler Industry:
Prominent players in the electric 3 wheeler market include Mahindra&Mahindra Ltd. (India), YC Electric Vehicle (India), Saera Electric Auto Pvt. Ltd. (India), Piaggio Group (Italy), and Citylife Electric Vehicles (India). among others.
The break-down of primary participants is as mentioned below:

By Company Type: OEMs – 24%, Tier I – 67%, Tier II and Tier III – 9%
By Designation: CXOs – 33%, Managers – 52%, Executives – 15%
By Country: North America – 6%, Europe – 8%, Asia Pacific – 68%, and Rest of the World – 18%

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Electric 3 Wheeler Industry Recent Developments:

In February 2024, Car & General partnered with Piaggio Vehicles Pvt. Ltd. (PVPL), a subsidiary of Piaggio Group, to introduce electric 3 wheelers in the Kenyan market. These vehicles, known as Piaggio Ape Electrik, will be available in two variants: the Ape E-City FX Max for passenger transport and the Ape E-Xtra FX Max for cargo transportation.
In January 2024, At the third edition of the Tamil Nadu Global Investors Meet, Terra Motors Corporation signed a memorandum of understanding with the Tamil Nadu Government. Under the MOU, the company intends to invest USD 41.66 billion in developing charging infrastructure in Tamil Nadu.
In January 2024, Omega Seiki Mobility partnered with Kissan Mobility to deploy 500 electric 3 wheelers for last-mile delivery purposes. This partnership, valued at USD 2.40 million, encompasses various applications across sectors, including e-commerce, fast-moving consumer goods, and durables segments.

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Electric 3 Wheeler Market Size – Key Benefits of Buying the Report:

This report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric 3 wheeler ecosystem and its subsegments.
This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
This report will also help stakeholders understand the market’s pulse and provide information on key market drivers, restraints, challenges, and opportunities.

This report provides insights on:

Analysis of key drivers (Low operating and maintenance costs, Government incentives and subsidies, Advancements in battery technology and reducing battery prices, and Established market for 3 wheelers in urban transportation), restraints (Lack of charging infrastructure, and Limited power output, range, and speed), challenges (Automobile manufacturer- and customer-oriented policies to promote electric 3 wheeler sales, and Partnerships between OEMs and delivery and logistics fleet operators), and opportunities (Limited battery capacity, High initial investments compared to ICE variants, and Lack of compatibility, interchangeability, and standardization).
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the electric 3 wheeler market.
Market Development: Comprehensive information about lucrative markets – the report analyses the electric 3 wheeler market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the electric 3 wheeler market.

The post Electric 3 wheeler Market worth $1.5 billion by 2030 | MarketsandMarkets appeared first on HIPTHER Alerts.

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Innodisk Expands Edge AI Applications and Intelligent Solution at Computex 2024 with New Brand Strategy

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Innodisk, a leading global AI solution provider, is showcasing its comprehensive new products at Computex 2024 with a focus on edge AI. Key highlights include the industry’s pioneering CXL 2.0 memory expansion, E3.S SSD, and innovative MIPI over Type-C camera technology for machine vision. Live demonstrations of smart manufacturing PPE recognition and intelligent people tracking will emphasize Innodisk’s custom edge AI capabilities. This event also unveils Innodisk’s new brand vision, “Architect Intelligence,” bringing out its commitment to building intelligent solutions with global partners.
Expanding Industrial Product Lines to Meet AI and Edge Serve Standards
Reliable and high-performance memory and storage are essential for AI and edge computing, particularly as edge servers evolve and demand high data throughput and resilience in extreme environments. This year at Computex, Innodisk will unveil the industry’s first industrial-grade CXL 2.0 memory expansion for high scalability. Additionally, Innodisk is staying ahead of the curve by launching DDR5 LPCAMM2 and DDR5-8800 MRDIMM memory, both adhering to JEDEC’s advanced standards.[1] The showcase will further feature the award-winning E1.S Gen4 SSD series alongside wide-temperature SSDs tailored for edge servers, such as the E1.S/E3.S, available in various form factors. The range also includes 16TB high-capacity SSDs designed to meet evolving storage needs.
Further, Innodisk’s recent focus on embedded camera modules for AI machine vision development is also crucial for advancing edge AI applications. Debuting at Computex, the innovative “MIPI over Type-C” camera technology converts signal through exclusive adapter board design and enhances platform compatibility, significantly extending the length of MIPI camera cables. This unlocks applications in areas such as autonomous mobile robots (AMR) and shared mobility. Innodisk will also display a full range of camera module products for USB and MIPI interfaces.
AI in Action: Smart Cities and Industrial Applications
Beyond industrial modules, Innodisk integrates AI computing technologies with software, hardware, and third-party technologies to create various edge AI solutions. At Computex, Innodisk will introduce “InnoTracking,” a smart people-tracking solution capable of accurately identifying and tracking specific individuals across multiple cameras and timeframes, enhancing public safety in cities, financial institutions, entertainment venues, and retail spaces.
Under the simultaneous trends of ESG and industrial automation, worker safety in hazardous environments becomes a crucial focus for enterprises. Innodisk’s PPE recognition solution uses an FPGA platform to process real-time images from four cameras simultaneously, ensuring workers maintain adherence to safety protocols. In case of violations, the system promptly notifies supervisors with detailed information to initiate appropriate responses. Moreover, Innodisk also collaborates with Network Optix, a premier enterprise video platform provider for security, transportation, and wide varieties of smart spaces solutions, to enrich user experiences of this solution.
The “iCAP Air” air quality management solution addresses ESG requirements by combining patented air quality detection technology with sensors, edge servers, cloud management interfaces, and IoT ventilation controllers. This solution is suitable for smart factories and healthcare facilities, enabling real-time intelligent decision-making.
“Architect Intelligence” – Innodisk’s Brand Strategy for the AI Era
With nearly two decades in the industry, Innodisk has elevated its brand and become a global leader in product technology. The new “Architect Intelligence” concept aligns with Innodisk’s edge AI strategy, emphasizing the practical implementation of AI at the industrial edge. Under this concept, Innodisk integrates various product lines into nine intelligent series, each represented by diverse colors, symbolizing the limitless potential of AI applications and Innodisk’s innovative spirit. Furthermore, these colored blocks represent the flexibility of solutions and collaborative effort to architect AI solutions with customers. See the future of edge AI in actions! Visit Innodisk at Booth J0110, Hall 1, 1F, Nangang Exhibition Center from June 4th to 7th to explore more.
[1] JEDEC standards are subject to change during and after the development process, including disapproval by the JEDEC Board of Directors.
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Liquid Diamonds Poised for Major Growth After Raising Rs. 9 Crores in Funding

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Liquid Diamonds, a B2B diamond sourcing platform with offices in New York and Mumbai, is excited to introduce a revolutionary new technology that ensures price transparency, cost savings, and real-time access for jewelry retailers across the globe through a patented reverse auction system. Previously only available to diamond wholesalers, this expansion was made possible by an outpouring of support from diamond industry veterans as well as certain members of the New York Angels, raising over Rs. 9 crores ($1.1M). Varun Alagh of Mamaearth, Aakrit Vaish of Haptik and Miten Sampat of CRED also participated in this round.
The investors believe the jewelry industry has been left behind compared to other sectors such as auto, finance, and pharmaceuticals. Their goal is to propel it into the modern age, attracting substantial financial capital into the trade.
Donna Redel, a member of New York Angels, as well as an early investor and mentor to Liquid Diamonds, now serves as a member of the company’s board of directors. She shared that she “is optimistic about the future of the diamond industry, as modern technology is slowly being accepted by a dated industry that is not currently data rich.” She continued that the “application of technology and access to data can benefit every part of the value chain. Liquid Diamonds is at the forefront of this revolution and will continue to establish itself as a great asset to the jewelry industry at large.”
Liquid Diamonds is helping diamond cutting and polishing companies, based in Surat and Mumbai access global wholesale markets of diamonds and jewelry. Liquid Diamonds has already facilitated the export of over Rs. 400 crores ($50M) in diamonds from India to the United States, showcasing the power of the platform.
Powered by a patented universal continuous double auction technology, the platform ensures diamond buyers get the best price by putting suppliers into open competition with each other. On the supply side, they offer a SaaS-based Pricing Co-Pilot that helps diamond suppliers price their diamonds competitively using artificial intelligence (AI) and machine learning.
Founders of Liquid Diamonds, Kashyap Mehta, Mark Molloy and Chetan Gupta, combine their deep family connections in the diamond industry with their technology backgrounds to revolutionize the industry. With the cross-border nature of the business, they have product development and ops teams based in the Bharat Diamond Bourse in Mumbai while sales, delivery and customer service functions are based in the Diamond District in New York.
“Our vision is to democratize the diamond market, allowing buyers to receive fair market value regardless of whether they are buying 5 or 500 diamonds,” said Kashyap Mehta, CEO of Liquid Diamonds. “This enhanced focus on retailers is an exciting advancement for the whole industry, and we are happy to report an increase in both time spent on the platform and a strong buyer ROI. By opening new opportunities and providing price transparency, we believe this will revolutionize the way the jewelry market conducts business.”
Those interested in utilizing this new service can do so by registering on www.liquid.diamonds and completing the KYC process to access the platform.
The post Liquid Diamonds Poised for Major Growth After Raising Rs. 9 Crores in Funding appeared first on HIPTHER Alerts.

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Valmet enters joint venture with Körber to advance the digital offering to the tissue industry

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Valmet and Körber have on May 29, 2024, reached a joint venture agreement to further strengthen FactoryPal, a venture of Körber. FactoryPal is a software developed for tissue converting operations that improves shopfloor manufacturing performance and productivity.
According to the joint venture agreement, Valmet will become the majority shareholder of FactoryPal, and FactoryPal will continue operating as an own legal entity under the existing FactoryPal brand. The addition of FactoryPal will further strengthen Valmet’s offering of advanced Industrial Internet solutions and digital services to support customers in the tissue industry. The joint venture follows Valmet’s acquisition of Körber’s Business Area Tissue that was completed in November 2023.
FactoryPal software empowers tissue mill teams to achieve seamless operations by generating and utilizing high quality data combined with state-of-the-art user experience and advanced artificial intelligence (AI). FactoryPal acts as a trusted co-pilot on the shop floor.
“Valmet has a unique end to end offering for tissue producers, from stock-preparation and tissue machines to rewinders, converting and packaging lines, as well as services and automation systems. We see FactoryPal as an excellent addition that will provide performance optimization, not only for converting operations, but eventually also for the entire tissue making process,” says Petri Rasinmäki, Business Line President, Paper, Valmet.
“By setting up this powerful partnership, FactoryPal will be able to advance its product development with extensive machinery and paper making knowledge. This will empower us to deliver further innovative digital solutions across the entire tissue value chain, evolving the product to one of the leading AI-copilot solutions in the industry,” states Dr. Nadja Hatzijordanou, CEO of FactoryPal.
Currently, there are 55 employees working for FactoryPal in Germany, Portugal, Italy, the USA and Brazil. The set up of the joint venture is subject to customary closing conditions. The closing of the agreement is estimated to occur at earliest on August 1st, 2024.
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