Asia Pacific Electric 3-Wheeler Market by Battery type (Lead Acid & Lithium ion), Key Players, Demands and Forecasts to 2027

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.

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"Low operating and maintenance cost to drive the electric 3-wheeler market in Asia Pacific"
One of the most important factors driving the Asia Pacific electric 3-wheeler market is the increasing prices of petroleum products. Thus, ICE 3-wheelers are generally expensive to operate. Consumers from emerging countries are already affected by the increasing costs of petrol and diesel. Electric 3-wheelers operating on electricity significantly reduce the operating cost of these vehicles as the use of petrol and diesel is eliminated. Electric 3-wheelers are eco-friendly battery-operated 3-wheelers with better economy and lower operating maintenance costs than ICE 3-wheelers. Manufacturers are working towards developing 3-wheelers that have a higher range than the current models. As electric 3-wheelers have a lower number of moving parts than conventional 3-wheelers, maintenance is not a major concern. The highest maintenance cost is expected to be the cost of changing the battery, which, however, is not frequent. Electric 3-wheelers provide zero tailpipe emissions and noise-free transportation. The 3-wheelers with a carrying capacity of between three to seven people provide mobility solutions for short trips of up to 10-12 km, for first and last-mile connectivity, and as feeder services to the main haul public transport. The electrification of 3-wheelers is expected to result in lower operation and maintenance costs as compared to Internal Combustion Engine (ICE) vehicles, making them economically viable. This is driving the market for electric 3-wheelers in the Asia Pacific region.

"Government incentives and subsidies to boost the market of Electric 3-wheeler"
Growing concerns over increased pollution by the automotive industry is the prime reason government bodies are promoting electric 3-wheelers over conventional ones. They have recognized the need for promoting energy-efficient vehicles to reduce the increasing pollution. To attract and encourage people to buy electric 3-wheelers, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, free electricity (initially), and free public charging stations. Apart from this, governments are working with manufacturers to build charging and manufacturing facilities, exempting them from taxation. These factors are expected to drive the Asia Pacific electric 3-wheeler market in the future. For instance, in 2020, Thailand's Board of Investment (BOI) issued tax incentives for the country's electric vehicle (EV) industry. Originally only state agencies took on the mantle to move the industry forward through the development of vehicle and charging station prototypes. However, due to the increasing incentives from governments, the industry has become increasingly attractive to the private sector.

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"New revenue pockets in Asia Pacific region to drive the market"
Asia Pacific is a high-growth market for electric 3-wheelers. Several countries in this region have a high penetration of 3-wheelers and have witnessed a surge in demand for low-emission and fuel-efficient commuting alternatives due to stringent emission norms and increasing crude oil prices. In April 2022, Bajaj Auto announced its plan to commercially launch its first electric 3-wheeler during the second half of 2022. This showcases that the demand for efficient and affordable electric 3-wheelers is expected to grow significantly in the Indian market. OEMs are entering into strategic partnerships to strengthen their bases in the Asia Pacific electric 3-wheeler market. For instance, in April 2022, Atul Auto Ltd. announced its plan to develop a prototype version of both cargo and passenger electric 3-wheelers with battery swapping solutions. It will employ the Honda Mobile Power Pack e: Swap, which is a swappable battery pack, and a power train system from Valeo. The market in the Asia Pacific region is expected to grow exponentially in the coming years due to the high adoption of electric 3-wheelers in China and the high potential of the Indian market.

The study contains insights from various industry experts, ranging from component suppliers to tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: OEMs - 57%, Tier 1-29%, Tier 2 - 14%
• By Designation: CXOs - 54%, Directors - 32%, Others - 14%
• By Region: India- 57%, Nepal - 14%, Bangladesh - 12%, Sri Lanka -10%, Others-7%

Major players profiled in the report are Mahindra & Mahindra Ltd. (India), Atul Auto Ltd. (India), Piaggio Group (Italy), Lohia Auto Industries (India), and Kinetic Engineering Limited (India).

Research Coverage:
The report segments the Asia Pacific electric 3-wheeler market and forecasts its size, by volume, on the basis of the country (Bangladesh, Nepal, Vietnam, India, Sri Lanka, China, Japan, Thailand, Philippines, Indonesia, and Singapore), by end-use (passenger carrier & load carrier), range (upto 50 miles & above 50 miles), battery type (lead-acid, lithium-ion and others), battery capacity (below 3kWh, 3-6kWh, above 6kWh), motor power (below 1,000 W, 1,000-1,500 W & above 1,500 W) and payload capacity (up to 300 kg, 300-500 kg, and above 500 kg). It also covers the competitive landscape and company profiles of the major players in the Asia Pacific electric 3a-wheeler market ecosystem.

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Key Benefits of Buying the Report:
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue and volume numbers for the Asia Pacific electric 3-wheeler market and its sub-segments.
• 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.
• The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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This release was published on openPR.