Press release
Asia-Pacific (APAC) Electric Three-Wheeler Market to Register 4.1% CAGR during 2018-2023
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As per a P&S Intelligence report, the APAC electric three-wheeler market is predicted to generate revenue of $11,935.1 million by 2023, advancing at a 4.1% CAGR during the forecast period (2018-2023). The two types of electric three-wheelers commonly seen on roads are load carriers and passenger carriers. Between these two, the larger demand in 2017 was created for passenger carriers, and the situation is expected to be the same in the coming years. The reason for this is the rising requirement for low-cost shared mobility and large population in the region.
The various output power ranges provided by electric three-wheelers are below 1,000 W, 1,000-1,500 W, and above 1,500 W. Out of these, electric three-wheelers with a motor power range of 1,000-1,500 W were the most in demand in 2017, which is attributed to the fact that these vehicles provide operational cost benefits. However, the need for high-speed electric three-wheelers is rising, which is why the uptake of vehicles that have higher motor power is projected to rise the quickest in the coming years. Geographically, China has been the largest user of electric three-wheelers in the past. Additionally, India is predicted to register the fastest growth in demand for these vehicles in the near future.
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Competitive landscape
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.
APAC Electric Three-Wheeler Market Segmentation
By Vehicle
Passenger Carrier
Load Carrier
By Motor Power
< 1,000 W
1,000-1,500 W
> 1,500 W
By Battery
Sealed Lead Acid (SLA) Battery
Lithium ion (Li-ion) Battery
By Country
China
India
Japan
Indonesia
Philippines
South Korea
Malaysia
Singapore
Bangladesh
Nepal
Thailand
Rest of APAC
Contact:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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