PUBLISHER: Grand View Research | PRODUCT CODE: 1321434
PUBLISHER: Grand View Research | PRODUCT CODE: 1321434
The Asia Pacific electric three-wheelers market size is expected to reach USD 3.39 billion by 2030, registering a CAGR of 12.3% over the forecast period, according to a new report by Grand View Research, Inc. An increasing number of government initiatives encouraging the adoption of electric vehicles (EVs), substantial growth of the e-commerce industry resulting in high demand for the last-mile delivery services, and growing awareness regarding environmental concerns are some of the key factors driving the market growth. Moreover, consistent rises in fuel prices and an increasing number of start-ups offering varied types of electric 3-wheeler models are estimated to drive regional market growth over the forecast period.
The region has witnessed an exponential spike in the e-commerce industry since the outbreak of the COVID-19 pandemic. Countries, such as China, India, South Korea, Singapore, and Indonesia, have seen a high demand for various products over e-commerce platforms. The extensive rise in demand is subjected to the increasing use of smartphones & smart devices and growing internet penetration across the region. Thus, with growth in the sale of products over e-commerce platforms, the demand for last-mile delivery services will support the market growth. As a result, several e-commerce platforms are entering into strategic partnerships with electric three-wheeler manufacturers, as electric three-wheelers offer advantages, such as low operational & maintenance costs and cost-effective delivery.
For instance, in February 2022, Omega Seiki Mobility, an Anglian Omega Group Company, and Zyngo, a zero-emission logistics provider, announced their partnership to deploy 1,500 OSM Rage+ electric cargo three-wheelers for providing last-mile delivery solutions across India. Several technological advancements in accordance with batteries and the cargo-vehicles are expected to create new growth opportunities for marketers. The development of advanced battery technologies, such as lithium-ion (Li-ion) batteries, has significantly improved the performance and range of electric three-wheelers. The battery-swapping technology is also expected the boost market growth as it allows electric three-wheelers to operate continuously without the need for lengthy charging breaks.
By effectively replacing a depleted battery with a fully charged one, the vehicle's range is effectively extended, allowing for uninterrupted operation throughout the day. Increasing consumer preferences for ride-hailing services and a growing number of start-ups making a considerable mark in the business through their affordable offerings are anticipated to drive the market growth over the forecast period. Also, several key players are focusing on building strategic partnerships with component suppliers, e-commerce & logistics companies, and tech companies to enhance their products and engage a large chunk of the customer base in the Asia Pacific region.
For instance, in July 2022, Omega Seiki Mobility, an Anglian Omega Group Company, and Log9 Materials, a battery-tech, and deep-tech start-up, unveiled their jointly developed Rage+ RapidEV Pro electric three-wheeler. The new product model is equipped with a 7.7 KWh battery, providing a range of 95 km. The vehicle is also equipped with Log9's InstaCharge battery technology, charging the vehicle in 45 minutes and operating across temperatures ranging from -40 degrees to 60 degrees Celsius.