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Asia Pacific Electric Three-Wheeler Market Report 2023: Advancements in Battery Technology, Coupled with Reducing Prices Boosts Growth

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Asian Pacific Electric Three-Wheeler Market

Asian Pacific Electric Three-Wheeler Market
Asian Pacific Electric Three-Wheeler Market

Dublin, May 10, 2023 (GLOBE NEWSWIRE) -- The "Asia Pacific Electric Three-Wheeler Market by Motor Power (Below 1000 W, 1000-1500 W, 1500 W), Battery Capacity (Below 3 kWh, 3-6 kWh, 6 kWh), End-Use (Passenger Carrier, Load Carrier), Range, Battery Type, Payload Capacity & Country - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The Asia Pacific electric three-wheeler market is projected to grow from USD 813 Million in 2023 to USD 892 Million by 2028, registering a CAGR of 1.9%.

In Asia Pacific, the demand for electric 3-wheelers has been increasing due to various factors such as government policies and incentives promoting the adoption of electric vehicles, rising fuel prices, growing concerns about air pollution and climate change, rapid urbanization leading to congestion and pollution in cities, and a booming e-commerce industry resulting in increased demand for last-mile delivery services.

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By range, up to 50 Miles to remain the largest segment by volume during the forecast period

Most electric three-wheeler manufacturers provide electric three-wheelers with a range of up to 50 miles. Electric three-wheelers are considered an alternative to conventional vehicles for daily city commuting within the range of 10-12 km. Low-performance but affordable electric three-wheelers usually have a range of up to 50 miles. OEMs, such as Piaggio Group, Saera Electric Auto Pvt. Ltd., and Kinetic Green Vehicles, offer vehicles with a range of up to 50 miles.

Mahindra Electric's e-Alfa Mini model has a range of 30-35 km on a single charge and is suited for both cargo and passenger transportation in urban environments, whereas Piaggio's Ape E-City is a three-wheeler having a range of up to 70 km on a single charge, and is designed for urban and suburban use, with a payload capacity of up to 310 kg.

By end-use, load carriers to be the fastest growing segment during the forecast period

The demand for electric three-wheeler load carriers has been increasing in the Asia Pacific region due to the increased focus on emission reduction. Various retail, logistics, and courier companies have already started adopting electric three-wheelers. The adoption rate of electric three-wheeler load carriers is expected to grow significantly with the development of more vehicles and technological advancements. Some of the electric three-wheeler load carrier models available in the market include Treo Zor, Atul Elite Cargo, Piaggio Ape Electrik, Electric Tricycle (DLS III 150), and Electric Logistic Cart.

Thailand to be the fastest growing market with its government planning to adopt EVs in coming decade

Thailand is home to a large market of 3 wheelers, or tuk-tuks. The country has a large number of polluting 3 wheelers, which it plans to shift to EVs. This will be done as part of the country's plans for an overall EV shift by 2035, with emphasis on 2-wheelers, 3-wheelers and passenger cars. OEM partnership and start of ride hailing services using electric three-wheelers will further boost the demand for these vehicles in Thailand. Start-ups such as Moving and Global Companies such as Grab have also entered this ride hailing space using electric three wheelers. The country has also recently committed to an investment of USD 4.1 Billion to support its EV plans.

Market Dynamics

Drivers

  • Low Operating and Maintenance Costs

  • Government Incentives and Subsidies

  • Advancements in Battery Technology, Coupled with Reducing Prices

  • Established Market for Three-Wheelers for Urban Transportation

Restraints

  • Low Number of Charging Stations

  • Limited Power Output, Vehicle Range, and Speed

Opportunities

  • Automobile Manufacturer- and Customer-Oriented Policies to Promote Sales

  • Stringent Emission Norms and Environmental Regulations

  • New Revenue Pockets in Asia-Pacific

Challenges

  • Limited Battery Capacity

  • High Initial Investments

  • Lack of Compatibility, Interchangeability, and Standardization

Key Attributes:

Report Attribute

Details

No. of Pages

218

Forecast Period

2023 - 2028

Estimated Market Value (USD) in 2023

$813 Million

Forecasted Market Value (USD) by 2028

$892 Million

Compound Annual Growth Rate

1.9%

Regions Covered

Asia Pacific, Global



Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Asia-Pacific Electric Three-Wheeler Market, by Motor Power
6.1 Introduction
6.2 Below 1,000 W
6.2.1 Low Cost of Operations, Noise Pollution, and Carbon Footprint of Low-Powered EVs to Drive Market
6.3 1,000-1,500 W
6.3.1 Transition to Electric Rickshaws in South Asian Countries to Propel Market
6.4 Above 1,500 W
6.4.1 Growth of Consumer Delivery Services to Increase Demand
6.5 Key Primary Insights

7 Asia-Pacific Electric Three-Wheeler Market, by Battery Type
7.1 Introduction
7.2 Lead-Acid Battery
7.2.1 Affordable Cost to Play Vital Role in Market Growth
7.3 Lithium-Ion Battery
7.3.1 Long Battery Life and Durability to Drive Market
7.4 Other Battery Types
Table 44 Non-Mainstream Battery Types and Their Providers
7.5 Key Primary Insights

8 Asia-Pacific Electric Three-Wheeler Market, by Payload Capacity
8.1 Introduction
8.2 Up to 300 KG
8.2.1 Noise-Free Operations and Affordability to Drive Demand
8.3 300-500 KG
8.3.1 Wide Use in Last Mile Deliveries to Boost Market
8.4 Above 500 KG
8.4.1 Moderate Distance Logistics and Special Applications to Spur Demand
8.5 Key Primary Insights

9 Asia-Pacific Electric Three-Wheeler Market, by Battery Capacity
9.1 Introduction
9.2 Below 3 kWh
9.2.1 Demand for Affordable Transportation to Drive Market
9.3 3-6 kWh
9.3.1 Increasing Demand for Intracity Travel to Propel Market
9.4 Above 6 kWh
9.4.1 Electric Three-Wheelers with Persistent Battery Systems to Boost Market
9.5 Key Primary Insights

10 Asia-Pacific Electric Three-Wheeler Market, by Range
10.1 Introduction
10.2 Up to 50 Miles
10.2.1 Demand for Affordable Electric Three-Wheelers to Drive Segment
10.3 Above 50 Miles
10.3.1 Increasing Battery Energy Density to Drive Segment
10.4 Key Primary Insights

11 Asia-Pacific Electric Three-Wheeler Market, by End-use
11.1 Introduction
11.2 Passenger Carrier
11.2.1 Low Total Cost of Ownership of Electric Three-Wheelers Compared with Ice Counterparts to Drive Market
11.3 Load Carrier
11.3.1 Use of Electric Three-Wheelers in Logistics and Last-Mile Deliveries to Boost Market
11.4 Key Primary Insights

12 Asia-Pacific Electric Three-Wheeler Market, by Country

13 Competitive Landscape

14 Company Profiles

15 Analyst's Recommendations

16 Appendix

Companies Mentioned

  • Altigreen

  • Atul Auto Ltd.

  • Baagh Eco Motors

  • Bajaj Auto

  • Beevatech Limited

  • Bemac Corporation

  • Bodo Vehicle Group

  • Changzhou Yufeng Vehicle Co. Ltd.

  • Electric Vehicles (Thailand) Co. Ltd.

  • Gayam Motor Works Private Limited

  • Green Shuttle Technology Pvt. Ltd.

  • J.S. Auto (P) Ltd.

  • Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd.

  • Jiangsu Jinpeng Group Co. Ltd.

  • Kawaoka Machinery and Electric (Nantong) Co. Ltd.

  • Kinetic Green Vehicles

  • Ksl Cleantech Limited

  • Kyburz

  • Lohia Auto Industries

  • Mahindra & Mahindra Ltd.

  • Omega Seiki Private Limited

  • Piaggio Group

  • Prozza Hirose Manufacturing Inc.

  • Saera Electric Auto Pvt. Ltd.

  • Shado Group International Pte. Ltd.

  • Skyride Automotive

  • Sl Mobility

  • Speego Vehicles Co. Pvt. Limited

  • Terra Motors Corporation

  • Xianghe Qiangsheng Electric Tricycle Factory

  • Yatri Electric Vehicle

For more information about this report visit https://www.researchandmarkets.com/r/1kmddy

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