The demand of electric three wheelers is expected to rise as the demand from the load carrier segment is rising additionally the increase in adoption of electric vehicles is also because of the government subsidies.
According to TechSci Research report, “Asia-Pacific Electric Three-wheeler Market- By Country Competition Forecast and Opportunities, 2018-2028”. Asia-Pacific electric three-wheeler market is expected to expand as governments of various Asian countries plan to phase out the production and sale of gasoline and diesel vehicles in the coming years. This action is expected to boost the market for electric vehicles in the area, assisting the market to grow over the forecast period. For example, the Government of India and the National Institution for Transforming India (NITI Aayog) aimed that by 2030, EVs would account for 80% of two- and three-wheeler sales.
In terms of performance, maintenance, and initial cost of purchase, electric three-wheelers outperform their IC engine counterparts. The electric three-wheeler core unique selling points are fewer range-related issues, affordability, and a better value proposition in the shared mobility space. Vehicle electrification has become a trend in the automotive industry, and it represents a path toward greater energy efficiency as well as lower emissions of pollutants and other greenhouse gases. The growing environmental concern is the primary driver of the growth. As more operators enter the region's market, charging solutions such as battery swap, semi-public and public charging, and home-based charging evolve. The governments of various nations in the region support electric three-wheeler OEMs and startups, shared mobility services and charging solution providers, that comprise the electric three-wheeler ecosystem. Customers have access to an increasing number of innovative business models and cost-effective financial options, and the availability of a wider range of vehicle models, which is expected to increase the adoption of electric three-wheelers in the region.
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The demand-supply balance for electric three-wheeler services is expected to increase, which will be essential for the industry's growth. Last-mile delivery and new business models are also expected. It is anticipated that electric mobility solutions will significantly affect the market and expand growth opportunities for various ecosystem segments.
Asia-Pacific Electric Three-Wheeler Market can be segmented on the basis of vehicle type, battery capacity, battery type, and by country. Based on vehicle type, the market is further segmented into passenger carrier and load carrier. Based on battery capacity, the market is segmented into <<101Ah and >101Ah. Based on battery type, the market is segmented into lead acid & Li-ion and based on country, the market is segmented into China, India, Japan, Malaysia, Indonesia, Thailand, Vietnam, and Singapore.
Some of the major companies operating in the Asia-pacific Electric Three-Wheeler Market include:
- 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
- Atul Auto Ltd.
These are the key players developing advanced technologies and launching electric three wheelers across the region to stay competitive in the market. Other competitive strategies include mergers with the research and development firms, new product developments, and marketing activities to increase customer outreach. These companies are also focusing on meeting the regulations of different regional governments and are also partnering with different research bodies to stay competitive in the market.
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“The demand for electric vehicles is expected to rise because of the less ownership cost of the electric vehicles and the market is expected to generate new opportunity as new players are entering into the race and this will bring more competitive products in the market and the government emission norms is also influencing the demand. At the same time, increase in the adoption of electric three wheelers for public commute is expected to drive Asia-Pacific electric three wheeler market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Asia-Pacific Electric Three-Wheeler Market Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028” has evaluated the future growth potential of Asia-Pacific Electric Three-Wheeler Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and helps decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Asia-pacific Electric Three-Wheeler Market.
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