The APAC electric three-wheeler market is projected to reach $11,935.1 million by 2023, according to P&S Intelligence.
The growth of the market is predominantly driven by the low ownership cost of electric three-wheelers, falling battery prices, and favourable government policies and support.
Insights into market segments
On the basis of vehicle, the APAC electric three-wheeler market can be classified into passenger carrier and load carrier. The passenger carrier category recorded higher sales between the two and is expected to continue being the leading category in the market during the forecast period, much of which can be owed to the demand for low-cost shared mobility and the presence of large consumer base in the region. However, it is the load carrier category that is expected to grow faster during the forecast period, owing to the growing e-commerce industry and low operational cost of electric load carrier as compared to the conventional fuel-based load carrier.
Based on the motor power, the APAC electric three-wheeler market can be categorized into electric three-wheelers of less than 1,000 W, 1,000–1,500 W, and more than 1,500 W motor power. Electric three-wheelers with motor power lying in the range 1,000–1,500 W dominated the market in terms of sales volume in 2017, as it held a market share of over 50%. Also, in the APAC region, majority of the electric three-wheelers come equipped with the motors lying in the range 1,000–1,500 W due to their operational cost benefits. However, because of the growing demand for high-speed electric three-wheelers and entry of conventional fuel-based three-wheeler manufacturers into the electric three-wheeler market, the market for electric three-wheelers equipped with higher motor power is poised to grow during the forecast period.
Browse report overview with detailed TOC on "Asia-Pacific (APAC) Electric Three-Wheeler Market by Vehicle (Passenger Carrier, Load Carrier), by Motor Power (<1,000 W, 1,000–1,500 W, >1,500 W), by Battery (SLA, Li-ion), by Geography (China, India, Japan, Indonesia, Philippines, South Korea, Malaysia, Singapore, Bangladesh, Nepal, Thailand) – Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/apac-electric-three-wheeler-market
Low ownership cost of electric three-wheelers driving the market growth
The battery-powered electric three-wheelers are cost effective as compared to their conventional gasoline-based three-wheelers. It is so because the electric three-wheelers use stored electric charge as the fuel, which costs lesser than the gasoline (price per kilometer). The operational cost of electric three-wheeler is approximately six times lesser than a gasoline and diesel counterpart. Moreover, the electric three-wheelers have fewer moving parts, and therefore, there is lesser break or wear out of the components. It is the reason why the maintenance costs for these vehicles are significantly lesser than their conventional counterparts. With the aforementioned factors taken into account, the ownership cost of an electric three-wheeler is much lesser than that of conventional gasoline three-wheeler, which is driving the growth of the APAC electric three-wheeler market.
Inadequate charging infrastructure is hindering the growth of the electric three-wheeler market in the region
The fuel stations required for the conventional petrol/diesel-based three-wheelers are there in an adequate number as compared to the battery-powered electric three-wheelers. At present, the charging infrastructure growth for electric three-wheelers is poor in many Asian countries such as India and Bangladesh. Much of which can be attributed to the lack of proper guidelines for state-run agencies which are responsible for floating the tenders for charging stations.
For instance, in September 2017, the Energy Efficiency Services Limited (EESL), an energy service company of the Government of India, floated a tender for 4,000 EV charging stations, which was scrapped on the grounds of lack of clarity in terms of specifications and charger testing criteria. Also, in Bangladesh, the demand for excess power for charging stations has hindered the installation of charging stations. To supply the excess power, the national grid in the country has to provide over 500 MW daily, thus, creating a burden on the national grid and interrupting the installation of more charging stations in the country. Therefore, it can be said that the inadequate charging infrastructure is hindering the growth of the APAC electric three-wheeler market.
Some of the key manufacturers in the APAC electric three-wheeler market are Terra Motors Corporation, Xianghe Qiangsheng Electric Tricycle Factory, Jiangsu Kingbon Vehicle Co. Ltd., Changzhou Yufeng Vehicle Co. Ltd., Kinetic Green Energy & Power Solutions Ltd., Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd., ATUL Auto Ltd., and Lohia Auto Industries.
APAC Electric Three-Wheeler Market Segmentation
By Motor Power