PUBLISHER: TechSci Research | PRODUCT CODE: 1299673
PUBLISHER: TechSci Research | PRODUCT CODE: 1299673
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Asia-Pacific Electric Three-Wheeler Market is growing due to the government's strict pollution control regulations, growing public awareness of the dangers of emissions from gasoline and diesel vehicles, and a rise in the adoption of electric vehicles are the main factors driving the market.
The market for electric three-wheelers is expanding because of the industry's increased focus on environment-friendly products because of rising emission standards. China, India, Japan, and other nations in the Asia-Pacific region are seeing an increase in innovations and product launches in the electric three-wheeler category. In addition, many new startups and joint ventures in the region are introducing and developing products in response to consumer demand. Companies in the region, including those in India, China, Japan, and others, are introducing new vehicles, and in the upcoming years, many new launches are anticipated. For example, Piaggio recently introduced an electric three-wheeler in India, and in China, a solar electric three-wheeler was unveiled. All these developments in the region are expected to increase demand for electric three-wheelers in the region.
Long-term automotive market trends are expected to include electrification and green technologies. Many countries in the Asia-Pacific region are also providing subsidies for electric vehicles, and the rise in demand for such vehicles is also due to their lower maintenance and operating costs. To improve commuter efficiency and lower air pollution, the use of electric three-wheelers has advanced significantly in the area. The market for electric three-wheelers in the Asia-Pacific is growing due to the adoption of green vehicles and the implementation of emission standard upgrades.
The demand for last-mile and short-distance travel solutions is another element propelling market expansion. Customers' daily routines tend to be more fixed, particularly for most people who commute to and from work every day and prefer public transport such as electric three-wheelers. The primary concerns are safety, comfort, and cost-effectiveness, and electric vehicles are best for them. The market for electric three-wheelers is expanding as the demand for public commuting for last-mile stops is increasing. The market for electric three-wheelers is expanding because of higher technology advancements in battery charging, battery swapping, and other infrastructure expansions in the region.
The usage of electric three-wheelers for public commuting is increasing in both the first and last-mile commutes as such vehicles are not very expensive as compared with the ICE vehicle. At the same time, such vehicles require low maintenance and operational cost, and the usage of lead acid batteries in the electric three-wheelers is also reducing the price of the vehicle. The increase in innovation and new product development in the region is also increasing effectiveness; similarly, many new startups and other established players are inhouse manufacturing vehicles to meet the price competitiveness in the market. China and India are the leading countries in the region that have a higher penetration of electric three-wheelers for public commuting. During the forecast period, the first and last-mile public commute via electric three-wheelers is expected to rise with the increase in long-distance travel sources such as the metro, and all these factors will contribute to the rise in demand for electric three-wheelers in Asia-Pacific.
Many counties in the area are encouraging the use of electric vehicles by providing incentives to new electric vehicle owners and manufacturers. Furthermore, many regional governments in the area are providing benefits and other subsidies to developing infrastructure and charging service providers in order to increase electric vehicle adoption. Various governments in the region are establishing charging infrastructure for three-wheelers. Government subsidies are encouraging the use of electric vehicles in the region, and the adoption of electric vehicles is expected to increase in the coming years.
Battery swapping eliminates charging time and is highly preferred for three-wheelers used for public commuting, but its widespread adoption is hampered by a lack of infrastructure and battery standards in the area. Slow infrastructure development in rural areas could be a contributing factor to the slow growth. Similarly, the countries' lack of defined charging standards, as well as the use of universal batteries for all vehicles, pose growth challenges. Electric vehicle charging infrastructure is being built in countries such as India, China, Japan, and others.
COVID-19 had a negative impact on the sector as well, as it hampered all manufacturing and operational activities. All charging station setup operations were halted because of lockdowns, and other restrictions were also imposed by various regional governments. However, in most Asian countries, optimism has remained or even increased. While many consumers around the world expect their income to decline, some consumers in China and India expect their income to rise. Moreover, charging infrastructure will expand during the forecast period, assisting the region's electric three-wheeler market to grow.
The Asia-Pacific Electric Three-Wheeler Market is segmented on the basis of vehicle type, battery capacity, battery type, and country. Based on vehicle type, the market is bifurcated into passenger carriers and load carriers. On the basis of battery capacity, the market is further segmented into <101Ah & >101Ah. Based on battery type, the market is segmented into lead acid & Li-ion. The market analysis also studies the Country wise segmentation to devise market trends in the forecast years.
Xianghe Qiansheng Electric Tricycle Factory, Euler Motors Private Limited, Omega Seiki Mobility Private Limited, Mahindra & Mahindra Limited (India), Saera Electric Auto Pvt. Ltd, Changzhou Yufeng Vehicle Co. Ltd, Gayam Motor Works, Piaggio Group, Lohia Auto Industries, and Atul Auto Ltd. are the leading companies in the Asia Pacific developing electric three-wheelers. There are several other start-ups that are developing efficient electric three-wheelers in the region.
In this report, Asia-Pacific Electric Three-Wheeler Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the Asia-Pacific Electric Three-Wheeler Market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: