Asia Pacific Electric 3 Wheeler Market: Industry Analysis and Forecast (2020-2026) by End User, Battery Type, Range, Battery Capacity and Countries

Asia Pacific Electric 3 Wheelers Market is expected to reach US$ 2.87 Bn by 2026, at a CAGR of 23.6% during the forecast period.

The Asia Pacific Electric 3 Wheeler market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The Asia Pacific Electric 3 Wheeler report also provides trends by market segments, technology, and investment with a competitive landscape.



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Asia Pacific Electric 3 Wheeler Market Overview:
Rapid engineering and manufacturing developments in the APAC region and increasing emission regulations implemented by governments in APAC are the factors considered to drive the growth of Asia Pacific electric 3 wheeler market. Moreover, the shift of APAC electrical car manufacturers towards sustainable development and improving battery technologies for electric vehicles are the factors attributing the growth to Asia Pacific electric 3 wheeler market. APAC region accounted for approximately 1, 55,300 units in 2019 and expected to register a CAGR of approximately 23.6% during the forecast period.
Asia Pacific Electric 3 Wheeler Market Dynamics:
Growing demand for eco-friendly 3 wheelers and increasing prices of fuel in the APAC region are the key factors considered to drive the market growth. Furthermore, relatively low maintenance of electrical 3 wheelers than diesel-operated vehicles are the key supporting factor considered to drive the market growth. Apparently, governments of the APAC region are highly investing in electrical-powered technologies in order to cope up with increasing population in the regions and to satisfy the rising demands for fuel. Moreover, electric 3 wheelers are great for short-range transportation and also have almost negligible noise pollution makes them more environmentally and consumer-friendly. According to a survey by the Indian Institute of Technology (IIT Delhi), the noise created by electric 3 wheelers is approximately 80% less than diesel engines and gasoline-powered vehicles combined.

Lack of charging points across the APAC region is the key factor considered to restrain the market growth. To increase electrical vehicle mobility across the Indian subcontinent, the Government of India has implemented the FAME scheme to bolster the growth of electrical vehicles in the region. In addition, in FAME 2 scheme, has planned to install 2630 charging stations across the region.

Increasing consumer demands from overseas nations including the USA, UK, Russia, and others have posed great opportunities for prominent players in the region owing to high growth potential in the APAC market and several key players have implemented mergers and acquisitions in the market. Short ranges of electric 3 wheelers is the key challenge considered to hamper the market growth during the forecast period.
Asia Pacific Electric 3 Wheeler Market Segment Analysis:
Passenger carriers Segment is dominating the Asia Pacific Electric 3 Whelers Market:
Electric 3 wheelers are extensively used as taxi services in countries like India, Bangladesh, China, and Japan. Owing to this increasing public transport market in the APAC region and the increasing number of people are using electrical vehicles for short distance commute are the factors considered to drive the Passenger carriers segment in the Asia Pacific Electric 3 wheelers market. According to Bajaj Electric Co., 21% increase in electrical 3 wheeler sales are recorded in 2019 and the passenger vehicles segment was accounted for approximately 68% in terms of revenue share. Furthermore, Ola Auto, Uber Auto, Jugnoo, and other transportation service providers are inclining towards electric 3 wheelers owing to less cost of manufacturing and less per liter unit consumption of electrical vehicles. E.g. Uber recently announced the addition of 11000 E-rickshaw to their service fleet.
Up to 50 miles electric 3 wheelers are boosting the Asia Pacific Electric 3 Wheelers Market Dynamics:
Short-range commuting within the cities are most popular in drivers and passengers across the APAC region. Many drivers prefer intercity commuting with approximately 15-20 km range from both sides. Hence, many manufacturers are also providing vehicles that can drive up to 50 km range restrictions in the market. Low powered batteries are used in the 50 km range electric 3 wheelers and hence the unit charging cost is also low. Hence, the segment is becoming more popular among the consumers also. According to Piaggio, up to 50 miles restriction vehicles sales are increased by approximately 26.3% in the year 2019 owing to high affordability of the product to local consumers.
Limited Battery Capacity is posing as a Challenge for the Asia Pacific 3 Wheelers Market Growth:
Despite the extensive research and development in the electrical vehicles performance characteristics, battery capacity is still posing a great challenge for electric 3 wheelers manufacturers across the APAC region. The average performance of the electric 3 wheelers and comparatively unattractive design of the vehicle are the key factors considered to hamper the growth of the market. Lead-acid and Lithium-ion are two types of batteries that are prevalently used in the APAC region owing to high energy density and capacitance storage. But, these batteries are still having a very wee match for diesel-powered engine capacity and efficiency. In addition, the dense climate of APAC region has impacted the battery performance and charging and discharging factors of batteries in 3 wheeler EVs. According to Hero Electric Auto Co., limited battery characteristics has hampered the market by approximately 9.41% since 2019 which is a big reason for concern for manufacturers in the APAC region.


Impact of COVID pandemic on the Asia Pacific Electric 3 Wheelers market:
COVID pandemic posed medium impact on the market owing to disruptions in supply channels across the APAC region and halting of production units across the regions. Moreover, disruptions in public transportation activities owing to social distancing regulations and liquidity issues faced by small components manufacturers across the APAC region are the key supporting factors considered to hamper the market growth in the pandemic period. According to a study by NITI Aayog, the second wave of COVID in India has created huge disruptions in sales of electric 3 wheelers in the market.

Moreover, improvements in volume-based production in the APAC region as manufacturing facilities are reopening step by step is the factor helping to retain the higher sales of electric 3 wheelers in the market.
Asia Pacific Electric 3 Wheeler Market Regional Insights:
India holds the dominating share in the market with approximately 42% market share owing to highly helpful government policies for electric vehicles and increasing establishments for infrastructure is the key factors considered to drive the market growth in the region. Moreover, Government scrap policies and electric vehicle Policy 2020 are some of the notable initiatives are taken by the government of India in order to curb the population of ICE vehicles and improvise the standard of living for people in urban areas. In addition, tax-cutting initiatives for electric vehicle components import and export for first 3 fiscal years on the no profit and no loss margins is another key initiative boosting the demand for 3 wheeler EVs in the market.

China is the second dominating region in the market owing to high technological advancements in the electric vehicle infrastructure in the region and improvement in charging facilities across the Chinese market. Moreover, increasing demand for 3 wheeler EVs for the purpose of passenger carriers and goods transport are the key supporting factors considered to drive the market growth of the Chinese segment in the region.

Australia, Bangladesh, and Japan are the dominantly increasing regions in the APAC market with approximately 14%, 7% and 13.4% market share respectively, recently, Australian post has ordered 1000 electric portable 3 wheelers from India to increase the mobility solutions across the country and help needy people in lockdown conditions.

The objective of the report is to present a comprehensive analysis of the Asia Pacific Electric 3 Wheeler Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Asia Pacific Electric 3 Wheeler Market dynamics, structure by analyzing the market segments and project the Asia Pacific Electric 3 Wheeler Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Asia Pacific Electric 3 Wheeler Market make the report investor’s guide
Asia Pacific Electric 3 Wheeler Market Scope: Inquire before buying

Asia Pacific Electric 3 Wheeler Market, by Countries
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
o ASEAN
o Rest of Asia Pacific
Asia Pacific Electric 3 Wheeler Market Key Players
• Piaggio Group
• Mahindra &Mahindra
• Lohia Auto Industries
• Atul Auto Ltd.
• Kinetic Engineering Ltd.
• Terra Motors Corporation
• Jiangsu Kingbon Vehicle Co. Ltd.
• Xianghe Qiansheng Electric Tricycle Factory
• Hero Electric Industries
• Saera Electric Auto Pvt. Ltd.
• Bajaj Auto
• TVS Motor Co.
• ElecTrike Japan Co. Ltd.
• Changzhou Yufeng Vehicle Co. Ltd.
• Gayam Motor Works (GMW).