CHICAGO, May 1, 2023 /PRNewswire/ — Asia Pacific Electric Three-Wheeler Market is projected to grow from USD 813 million in 2023 to USD 892 million by 2028, registering a CAGR of 1.9%., according to a new report by MarketsandMarkets™. Due to several factors, the electric three-wheeler market is gaining popularity in the Asia Pacific region. Firstly, electric three-wheelers are a cost-effective mode of transportation for short distances, which makes them a preferred choice for many commuters. Electric three-wheelers are more environmentally friendly than conventional gasoline-powered vehicles, emitting no pollutants and reducing air pollution. Government incentives and subsidies are promoting the adoption of electric three-wheelers, making them more accessible and increasing their demand. Moreover, technological advancements have made electric three-wheelers more reliable, efficient, and user-friendly, making them an appealing option for many commuters.
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207 – Tables66 – Figures 260 – Pages
Asia Pacific Electric Three-Wheeler Market Scope:
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Report Coverage |
Details |
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Market Size |
USD 892 million by 2028 |
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Growth Rate |
1.9% of CAGR |
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Largest Market |
India |
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Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
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Forecast Period |
2023-2028 |
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Forecast Units |
Value (USD Million) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Motor Power (Below 1000 W, 1000–1500 W, 1500 W), Battery Capacity (Below 3 kWh, 3-6 kWh, 6 kWh), End-Use (Passenger Carrier, Load Carrier), Range, Battery Type, Payload Capacity & Country |
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Geographies Covered |
Asia Pacific |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Automobile manufacturer- and customer-oriented policies to promote sales |
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Key Market Drivers |
Low operating and maintenance costs |
The above 50 miles segment is to be the fastest-growing market by value during the forecast period.
The above 50 miles segment is projected to grow at the fastest rate during the forecast period. With continuous developments in the R&D of battery technologies, manufacturers have developed batteries providing a higher range. High-range electric three-wheelers are set to be a natural progression for the market. Electric three-wheeler manufacturers have recognized the need for the maximum range per charge of the battery. That’s why they are focusing on introducing electric three-wheelers with a range of above 50 miles. Companies such as Mahindra & Mahindra Ltd. (India), and Atul Auto Ltd. (India), offers passenger and cargo electric three-wheelers with a range of above 50 miles.
Passenger carriers to be the largest segment during the forecast period.
The passenger carrier segment will have a larger market share due to the lower maintenance and operation costs of such carriers. The passenger carrier segment has experienced growth, especially in India and China. This is because electric three-wheelers are used for taxi services for short-distance commutes in these countries. India has always been a large market for three-wheelers for public transport. As a result, e-rickshaws find huge scope in the passenger carrier segment. The government is encouraging using electric three-wheelers to reduce the number of petrol-fueled three-wheelers to reduce emissions. Passenger carriers are electric three-wheelers primarily used to transport passengers and have up to 4-seating capacities, including the driver. At Auto Expo 2023, Atul Auto launched an electric three-wheeler passenger vehicle, Atul Mobili. This vehicle offers a range of 110 km and is equipped with a motor drive from Valeo and a dual battery pack.
Thailand to be the fastest-growing market for electric 3-wheelers during the forecast period.
Thailand is expected to be the fastest-growing country during the forecast period. 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 develop smart cities nationwide, improve air quality, and meet its target of carbon neutrality by 2050 and net-zero greenhouse gas emissions by or before 2065. EVs offer a solution to reducing air pollution and greenhouse gas emissions caused by internal combustion engine vehicles. Such initiatives will drive the electric three-wheeler market in Thailand. The government in Thailand plans to run 1.2 million EVs and 690 charging stations in the country by 2036. According to Economic Times in April 2022, Thailand has boosted the use of EVs by implementing three-year tax benefits, an extra incentive on top of a five-year corporate income tax exemption, that is available to investments in charging stations with at least 40 chargers.
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Asia Pacific Electric Three-Wheeler Market Dynamics:
Drivers:
Low operating and maintenance costs
Government incentives and subsidies
Advancements in battery technology, coupled with reducing prices
Established market for three-wheelers for urban transportation
Restraints:
Low number of charging stations
Limited power output, vehicle range, and speed
Opportunities:
Automobile manufacturer- and customer-oriented policies to promote sales
Stringent emission norms and environmental regulations
New revenue pockets in Asia Pacific
Challenges:
Limited battery capacity
High initial investments
Lack of compatibility, interchangeability, and standardization
Key Market Players:
The Asia Pacific electric three-wheeler market is dominated by Mahindra & Mahindra Ltd. (India), Atul Auto Ltd. (India), Piaggio Group (Italy), Saera Electric Auto Pvt. Ltd. (India), and Kinetic Green Vehicles (India), among others.
Recent Developments:
In March 2023, Mahindra & Mahindra Ltd. wholly announced that it had received an investment of USD 72.8 million from the International Finance Corporation (IFC). The IFC invested in a wholly owned subsidiary of M&M to focus on Electric three-wheelers and small commercial vehicles.
In February 2023, Mahindra & Mahindra Ltd. signed an MOU with the Telangana Government for its expansion plans, under which Mahindra & Mahindra will set up a manufacturing facility in Zaheerabad, Medak District. This facility will primarily focus on developing and producing electric three-wheelers for the lastlast-mileility business.
In January 2023, Saera Electric Auto announced a partnership with AMU Leasing Pvt. Ltd. Through this pact, customers can easily avail financing options from AMU, to buy new EVs from Saera Electric Auto.
In January 2023, ZF Friedrichshafen AG launched Smart Camera 4.8. It enables autonomous cars to have a wider field of view, in turn enabling the vehicle to identify pedestrians, cyclists, and other vehicles.
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