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Asia-Pacific (APAC) Electric Three-Wheeler Market to Progress Steadily | Key Players are Terra Motors Corporation, Lohia Auto, Atul Auto Ltd.
Going by the vehicle segment, the domain is categorized into passenger carrier and load carrier. Of the two, passenger carriers registered higher sales, owing to a wide consumer base in the region and demand for low-cost shared mobility. As per the motive power, 1,500 W are the three categorizations of the electric three-wheeler market in Asia-Pacific. Among these, the 1,000–1,500 W category recorded the highest sales volume (over 50%) in 2017, owing to its cost-effectiveness.
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Talking of the regional scenario, China dominated the market during the historical period 2013–2017 in terms of sales volume as well as revenue generation. Reasons for this were the early introduction of such vehicles, abundance of manufacturers and suppliers, and favorable government policies. While China will still be the Asia-Pacific electric three-wheeler market leader during the forecast period, India will witness the highest sales and revenue CAGRs, owing to rising pollution levels and government support.
Therefore, it is clear that as environmental degradation impels governments across APAC to form stricter emission norms and encourage electric vehicle adoption, the market for electric three-wheelers will continue to progress.
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Some of the key manufacturers in the APAC electric three-wheeler market are Terra Motors Corporation, Xianghe Qiangsheng Electric Tricycle Factory, Jiangsu Kingbon Vehicle Co. Ltd., Changzhou Yufeng Vehicle Co. Ltd., Kinetic Green Energy & Power Solutions Ltd., Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd., ATUL Auto Ltd., and Lohia Auto Industries.
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