Dublin, July 26, 2022 (GLOBE NEWSWIRE) -- The "Asia Pacific Electric 3-Wheeler Market by End-use (Passenger & Load), Range (Upto 50 Miles & Above 50 Miles), Battery type (Lead Acid & Lithium ion), Battery Capacity (Below 3kWh, 3-6kWh, Above 6kWh), Motor Power, Payload Capacity - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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.
15 Analyst's Recommendations
16 Appendix
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