Asia Pacific Electric 3-Wheeler Market worth 702.1 thousand units by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 23, 2022 /PRNewswire/ -- According to the research report "Asia Pacific Electric 3-Wheeler Market by End-use (Passenger & Load), Range (Upto 50 Miles & Above 50 Miles), Battery type (Lead Acid & Lithium ion), Battery Capacity (Below 3kWh, 3-6kWh, Above 6kWh), Motor Power, Payload Capacity - Forecast to 2027", published by MarketsandMarkets™, the Asia Pacific Electric 3-Wheeler Market is estimated to be 272.7 thousand units in 2022 and is projected to grow to 702.1 thousand units by 2027, at a CAGR of 20.8% during the forecast period. Increasing government initiatives to promote electric vehicles in India, Sri Lanka, Bangladesh, Japan, and the Philippines are anticipated to boost the Asia Pacific Electric 3-Wheeler Market. Government initiatives to drive the adoption of emission-free vehicles and associated infrastructure, the rising demand for electric vehicle fast-charging infrastructure, and the increasing deployment of electric vehicles by shared mobility operators are the key factors driving the growth of the Asia Pacific electric vehicle charging station market. The growing deployment of charging stations by retail MNCs provides significant growth opportunities for players operating in this market. Hence, the electric 3-wheeler market will also grow. Hangzhou Ao Neng Power Supply Equipment Co., Ltd., Wanbang Xingxing Charging Technology Co., Ltd., Magenta Power Private Limited, Delta Electronics, Inc., EV Motors India Pvt. Ltd., and Tata Power Company Limited are the top companies operating in the Asia Pacific electric vehicle charging station market
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Passenger Carrier is estimated to hold the largest market share by end use during the forecast period
Passenger carriers are electric 3-wheelers primarily used to transport passengers and have up to 4-seating capacity, including the driver. Some of the passenger carrier models present in the market include Mahindra Treo, Atul Elite Cargo, Comfort Plus, Comfort Plus, and Standard Deluxe. Many OEMs have been developing electric 3-wheeler passenger carriers over the years and entering strategic partnerships to launch advanced models in the market. Electric 3-wheeler-based services are provided by Ola Auto, Uber Auto, DiDi Chuxing, and Jugnoo. In August 2021, Piaggio Group and Three Wheels United announced a partnership to accelerate the adoption of electric 3-wheelers in India. Under this partnership, Three Wheels United will immediately deploy 500 Piaggio Ape' E-City and Ape' E-Xtra vehicles across India. Currently, electric 3-wheelers have a very limited use case compared to traditioal ICE 3-wheelers, but various initiatives taken by the mobility solution providers are driving the passenger carrier segment of the electric 3-wheeler market. Electric 3-wheeler passenger carrier sales are highest in countries where there is a high demand for low-emission and low-maintenance vehicles.
Up to 50 miles segment is estimated to be the largest segment by range from 2018 to 2027
Most electric 3-wheeler manufacturers provide electric 3-wheelers with a range of up to 50 miles. Electric 3-wheelers are considered an alternative to daily city commuting within the range of 10¬–12 km. Hence, many electric 3-wheelers have a range of up to 50 miles, making them more popular in the market. Low-performance and affordable electric 3-wheelers usually have a range of up to 50 miles. Many OEMs are offering electric 3-wheelers with low-cost batteries with a restricted range. Mostly, electric 3-wheelers with lead-acid batteries lie in this range. Lower energy density, poor performance at low temperatures, and short lifecycle of the battery put these electric 3-wheelers in the lower performing range category. Elite+ Li-Ion Battery, Electric Tricycle (XD), and Erick are some of the models present in the market, which offer a range of up to 50 miles on a single full charge.
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India is estimated to show highest CAGR growth in Asia Pacific Electric 3-Wheeler Market
Government policies have encouraged private logistics companies to adopt electric 3-wheelers. The motivation for adoption is mostly to reduce carbon footprint. The shift to electric 3-wheelers is also in line with the government of India's commitment to reducing carbon footprint, which encourages fuel-based 3-wheelers to be replaced with electrically powered vehicles. In February 2022, electric vehicle manufacturer Omega Seiki announced a partnership with logistics provider Zyngo to offer electric cargo 3-wheelers Rage+ for the last mile delivery. According to industry experts, the addition of electric vehicles will help cut down last-mile delivery costs by up to 50% and carbon footprint by more than 40%. The drivers of growth for logistics, supply chain, and warehousing include the demand from third-party logistics operators and e-commerce companies. This is fueling the demand for electric 3-wheelers in intracity transportation. The government policies of India are striving to create an ecosystem to accelerate the uptake of electric mobility in the country. The government has realized the importance of working jointly to achieve the broader national agenda to reduce vehicular pollution and oil import bill. This will provide a boost to the demand for electric 3-wheelers.
Key Market Players:
The report analyzes all major players in the Asia Pacific Electric 3-Wheeler Market including Mahindra & Mahindra Ltd. (India), Atul Auto Ltd. (India), Piaggio Group (Italy), Lohia Auto Industries (India), and Kinetic Engineering Limited (India).
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