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.
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 cum 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 future Asia Pacific electric 3-wheeler market.
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. 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 powertrain 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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Asia-Pacific Electric 3-Wheeler Market 4.2 Asia-Pacific Electric 3-Wheeler Market, by Motor Power 4.3 Asia-Pacific Electric 3-Wheeler Market, by Battery Type 4.4 Asia-Pacific Electric 3-Wheeler Market, by Range 4.5 Asia-Pacific Electric 3-Wheeler Market, by Battery Capacity 4.6 Asia-Pacific Electric 3-Wheeler Market, by End-Use 4.7 Asia-Pacific Electric 3-Wheeler Market, by Payload Capacity 4.8 Asia-Pacific Electric 3-Wheeler Market, by Country
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Low Operating and Maintenance Costs 5.2.1.2 Government Incentives and Subsidies 5.2.1.3 Advancements in Battery Technology Coupled with Reducing Prices 5.2.1.4 Established Market for 3-Wheelers in Urban Transportation 5.2.2 Restraints 5.2.2.1 Lack of Charging Infrastructure 5.2.2.2 Limited Power Output and Vehicle Range 5.2.3 Opportunities 5.2.3.1 Government Support to Promote Electric 3-Wheeler Sales 5.2.3.2 Stringent Emission Norms and Environmental Regulations 5.2.3.3 New Revenue Pockets in Asia-Pacific 5.2.4 Challenges 5.2.4.1 Limited Battery Capacity 5.2.4.2 High Initial Investments 5.2.4.3 Lack of Compatibility, Interchangeability, and Standardization 5.3 Porter's Five Forces Analysis 5.4 Macroeconomic Indicators 5.4.1 Gdp Trends and Forecast for Major Asia-Pacific Economies 5.5 Case Studies 5.5.1 Electric 3-Wheeler Logistics Fleet Operation with Captive Plug-In Charging 5.5.2 Electric 3-Wheeler Logistics Fleet Operation with Battery Swapping 5.6 Trends and Disruptions 5.7 Regulatory Overview 5.8 Technology Overview 5.9 Key Stakeholders & Buying Criteria 5.10 Detailed List of Conferences and Events 5.11 List of Regulatory Bodies, Government Agencies, and Other Organizations 5.12 Ecosystem Analysis 5.13 Supply Chain Analysis 5.13.1 Raw Material Suppliers 5.13.2 Component Manufacturers 5.13.3 Oems 5.13.4 End-Users 5.14 Average Selling Price 5.15 Patent Analysis 5.16 Scenario Analysis (2022-2027) 5.17 Trade/Sales Data 5.17.1 India 5.18 3-Wheeler Export Data 5.18.1 India
6 Asia-Pacific Electric 3-Wheeler Market, by Battery Capacity 6.1 Introduction 6.1.1 Operational Data 6.1.2 Assumptions 6.1.3 Research Methodology 6.2 Below 3 Kwh 6.2.1 Demand for Affordable Transportation to Drive Segment 6.3 3-6 Kwh 6.3.1 Increasing Demand in Intracity Travel to Drive Segment 6.4 Above 6 Kwh 6.4.1 Adoption of Load Carriers by Logistic Companies to Drive Segment 6.5 Key Primary Insights
7 Asia-Pacific Electric 3-Wheeler Market, by Range 7.1 Introduction 7.1.1 Operational Data 7.1.2 Assumptions 7.1.3 Research Methodology 7.2 Up to 50 Miles 7.2.1 Demand for Affordable Electric 3-Wheelers to Drive Segment 7.3 Above 50 Miles 7.3.1 Increasing Battery Energy Density to Drive Segment 7.4 Key Primary Insights
8 Asia-Pacific Electric 3-Wheeler Market, by End-Use 8.1 Introduction 8.1.1 Operational Data 8.1.2 Assumptions 8.1.3 Research Methodology 8.2 Passenger Carrier 8.2.1 Need for Lower Emissions and Operational Costs to Drive Segment 8.3 Load Carrier 8.3.1 Growing Adoption by Logistics Companies to Drive Segment 8.4 Key Primary Insights
9 Asia-Pacific Electric 3-Wheeler Market, by Motor Power 9.1 Introduction 9.1.1 Operational Data 9.1.2 Assumptions 9.1.3 Research Methodology 9.2 Below 1,000 W 9.2.1 Rising Demand for Energy-Efficient Modes of Commuting to Boost Segment 9.3 1,000-1,500 W 9.3.1 Motor Power of 1000-1,500 W More Feasible for Electric 3-Wheeler Applications 9.4 Above 1,500 W 9.4.1 Electric 3-Wheelers with Above 1,500 W Motor Provide Both Distribution and Consumer Delivery Services 9.5 Key Primary Insights
10 Asia-Pacific Electric 3-Wheeler Market, by Battery Type 10.1 Introduction 10.1.1 Operational Data 10.1.2 Assumptions 10.1.3 Research Methodology 10.2 Lead-Acid Battery 10.2.1 High Adoption of Lead-Acid Batteries due to Low Cost to Drive Market 10.3 Lithium-Ion Battery 10.3.1 High Energy Density of Lithium-Ion Batteries Driving Their Demand 10.4 Others 10.4.1 Lower Manufacturing Costs to Drive Market for Other Battery Segments 10.5 Key Primary Insights
11 Asia-Pacific Electric 3-Wheeler Market, by Payload Capacity 11.1 Introduction 11.1.1 Operational Data 11.1.2 Assumptions 11.1.3 Research Methodology 11.2 Up to 300 Kg 11.2.1 Rising Demand for Affordable Electric 3-Wheelers Drives Market 11.3 300-500 Kg 11.3.1 Electric 3-Wheelers with 300-500 Kg Payload Capacity Generally Used for Last-Mile Delivery 11.4 Above 500 Kg 11.4.1 Electric 3-Wheelers with Above 500 Kg Payload Capacity Used for Long-Distance Transportation and Logistics 11.5 Key Primary Insights
12 Asia-Pacific Electric 3-Wheeler Market, by Country
13 Competitive Landscape 13.1 Overview 13.2 Market Share Analysis for Asia-Pacific Electric 3-Wheeler Market 13.2.1 Mahindra & Mahindra Ltd. 13.2.2 Atul Auto Ltd. 13.2.3 Piaggio Group 13.2.4 Lohia Auto Industries 13.2.5 Kinetic Engineering Limited 13.3 Key Player Strategies 13.4 Revenue Analysis of Top Listed/Public Players 13.5 Competitive Scenario 13.5.1 New Product Launches 13.5.2 Deals 13.6 Company Evaluation Quadrant 13.6.1 Stars 13.6.2 Emerging Leaders 13.6.3 Pervasive 13.6.4 Participants 13.7 Start-Up/Sme Evaluation Quadrant 13.7.1 Progressive Companies 13.7.2 Responsive Companies 13.7.3 Dynamic Companies 13.7.4 Starting Blocks 13.8 Right to Win, 2018-2022
14 Company Profiles 14.1 Key Players 14.1.1 Mahindra & Mahindra Ltd. 14.1.2 Atul Auto Ltd. 14.1.3 Piaggio Group 14.1.4 Lohia Auto Industries 14.1.5 Kinetic Engineering Limited 14.1.6 Jiangsu Jinpeng Group Co. Ltd. 14.1.7 Skyride Automotive 14.1.8 Shado Group International Pte. Ltd. 14.1.9 Beevatech Limited 14.1.10 Sl Mobility 14.2 Other Players 14.2.1 Terra Motors Corporation 14.2.2 Changzhou Yufeng Vehicle Co. Ltd. 14.2.3 Xianghe Qiangsheng Electric Tricycle Factory 14.2.4 Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd. 14.2.5 Electric Vehicles (Thailand) Co. Ltd. 14.2.6 Prozza Hirose Manufacturing Inc. 14.2.7 Bajaj Auto 14.2.8 Gayam Motor Works Private Limited 14.2.9 Bemac Corporation 14.2.10 Speego Vehicles Co. Pvt. Limited 14.2.11 Omega Seiki Private Limited 14.2.12 Ksl Cleantech Limited 14.2.13 Altigreen 14.2.14 Green Shuttle Technology Pvt. Ltd. 14.2.15 Kawaoka Machinery and Electric (Nantong) Co. Ltd.
