Asia Pacific Electric Three-wheelers Market Size, Share & Trends Analysis Report By Battery Type (Li-ion, Lead-acid), By Power, By End-use, By Country, And Segment Forecasts, 2023 - 2030

Report Overview

TheAsia Pacific electric three-wheelers market sizewas estimated atUSD 1.05 billion in 2022and is projected to grow at a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030. Factors, such as the growing adoption of electric 3-wheelers in rural areas and tier 2 & 3 cities, quick & affordable transportation service for last-mile connectivity, and low operational costs, are driving the growth of the market. Moreover, the extensive use of electric three-wheeler fleets by e-commerce, food delivery, and last-mile delivery companies has been propelling market growth. In addition, the development in battery technology, rising uptake of battery–as–a–service business model, and growing integration of connected vehicle technology is expected to create several growth opportunities for marketers in the market over the forecast period.

Several governments in the region have launched incentive programs that specifically promote the adoption of electric three-wheelers. These programs include incentives for purchasing and manufacturingelectric vehicles(EVs), development in pilot projects, and public-private partnerships to accelerate the deployment of electric 3-wheeler deployment. For instance, the Indian government launched the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme; within the ambit of the FAME scheme II, the end users meeting the scheme criteria are eligible for an upfront reduction in the vehicle price.

Similarly, in June 2023, the Chinese government announced a tax incentive scheme worth USD 7,230 million (520 billion yuan) over four years. This tax incentive package provides tax incentives for EVs, includingelectric three-wheelers. The growing smartphone usage and adoption of 5G internet connectivity across the region are encouraging electric three-wheeler manufacturers to integrate telematics and vehicle management system in their products. Several manufacturers, such as Altigreen and Mahindra & Mahindra Ltd., have developed vehicle management and telematics system based on GPRS, CAN, GPS protocols, and cloud connectivity.

For instance, in August 2022, Mahindra Electric Mobility Ltd., a Mahindra & Mahindra Ltd. subsidiary, announced the launch of Zor Grand, a cargo electric three-wheeler. The vehicle is integrated with a NEMO-connected vehicle platform for fleet management & better operational efficiency, as well as an all-digital instrument cluster that shows the range, state of charge, battery health indicator speedometer, and tell-tale lights. The implementation of telematics enables fleet managers and last-mile delivery operators to receive real-time updates about the vehicle location, battery charge level, and idle time, ensuring efficient delivery operations.

Furthermore, the electric three-wheelers are equipped with Advanced Driver Assistance Systems (ADAS), enhancing the vehicle's safety. Considering the aforementioned technological advancements, the market is anticipated to grow considerably over the forecast period. Moreover, the growing need for charging infrastructure has been one of the key factors enabling manufacturers to make serious decisions and undertake necessary actions to mitigate the need. The unavailability of charging infrastructure is the main cause of inducing range anxiety in end-users, which may hinder market growth. The absence of charging stations, especially in rural areas and less developed regions, can restrict vehicle usability preventing their uptake in potential markets.

Thus, countries in the region are making significant progress in enhancing their charging infrastructure network. Both public and private players are planning on setting up fast charging stations at strategic locations that could cater to all sorts of electric vehicles, including electric three-wheelers. Moreover, government policies, such as FAME 2 in India, are expected to significantly facilitate the development of charging infrastructure, thereby enhancing the growth in product sale. The growing product usage for transportation and logistics in tier 2 cities may create new opportunities for battery-as-a-service solutions enabling regional market growth.

Battery swapping enables the driver to exchange depleted batteries with a charged battery. Several strategic partnerships among battery manufacturers, electric three-wheeler OEMS, and government agencies have been witnessed in the Asian market enabling steady growth of innovation in the battery technology sector. For instance, in June 2022, SUN Mobility expanded the reach of its battery-swapping infrastructure to the Indian state of Maharashtra in collaboration with Amazon India. As part of the collaboration, the first batch of battery-swapping stations was installed in the state of Maharashtra in the cities of Mumbai and Pune. Sun Mobility aims to have 2000 charging stations for electric three- and two-wheelers.

Battery Type Insights

锂离子电池(锂)段占的largest share of over 60% of the overall market revenue in 2022. The rise in demand for li-ion batteries is attributed to the benefits li-ion offers, including longer battery life due to improved energy density, compact size, shorter charging time, and reduced maintenance requirements. Government initiatives, such as the reduction in the custom duty of import of types of machinery required to manufacture li-ion cells and subsidies in manufacturing li-ion batteries are augmenting the segment growth. Development in li-ion battery technology, such as cell chemistry and increasing battery cells, is further expected to open new growth opportunities for the segment.

The li-ion segment is expected to register the highest growth rate over the forecast period. The reliability of these batteries in providing high power has made them efficient for EVs. Furthermore, battery packaging and design advancements have resulted in improved storage capacity, and durability, which is expected to create new opportunities for segmentgrowth. The increasing sales of electric three-wheelers in countries like India and China and the emergence of electric mobility startups in the region are driving market growth.

Power Insights

The 1000 W to 1500 W segment accounted for the largest share of over 59% of the overall revenue in 2022. The market's demand for electric three-wheelers with increased power range drives the segment's growth. The instant torque provided by the 1000W to 1500W motor improves vehicle efficiency, resulting in better acceleration right from the start, which makes them a preferred choice for original equipment manufacturers (OEMs). Furthermore, the ability of electric motors to attain high speeds quickly compared to internal combustion engines allows them to operate with a single gear while still achieving their maximum speed.

Vehicles with a power rating of 1000 W to 1500 W have a larger range of applications in various industries, including construction, mining, machine manufacturing, and logistics. This is anticipated to create new opportunities for segment growth. Moreover, the high demand for electric three-wheelers that can carry heavy loads and have extended driving ranges is propelling segmentgrowth. The higher motor power allows for improved acceleration and torque, enabling the vehicles to cover longer distances while carrying heavy cargo loads.

End-use Insights

The passenger carrier segment held the largest market share of over 55% of the overall revenue in 2022. The expansion of this segment can be attributed to the rising demand for three-wheelers as a public transportation choice for daily commutes and last-mile journeys. Public transport is preferred over private transportation in developing nations with a significant middle-income population. Electric three-wheelers are emerging as a cost-effective and environmentally friendly alternative, driving the segment growth. In addition, both central and state governments have implemented incentive programs to promote the development of sustainable public transportation in rural and urban areas, further stimulating segment growth.

The goods carrier segment is expected to register the fastest growth rate over the forecast period. The rise in last-mile delivery solutions is primarily expected to drive segmentgrowth over the forecast period. Electric three-wheelers are recognized as a cost-effective and environmentally friendly solution for commercial vehicles, well-suited for transporting various types of cargo, including utilities and furniture. The increasing consumer preference fore-commerceplatforms, subsequently leading to the high use of three-wheelers for logistics, is poised to fuel the demand for electric 3-wheeler in coming years.

Electric three-wheeler manufacturers are partnering with logistic service providers to deploy their electric three-wheelers for last-mile delivery. For instance, in May 2022, Mahindra Electric Mobility Ltd. announced a partnership with Terrago Logistics, a start-up based in New Delhi, India. The partnership envisaged the company supplying additional EVs to Terrago Logistics to expand the latter’s zero-pollution, last-mile delivery fleet. Terrago Logistics operates a fleet of 65 Mahindra Treo Zor units, which are deployed with Big Basket, an e-commerce grocery company.

Country Insights

印度最大的超过51%的市场份额the market in 2022. India is amongthe major markets in Asia Pacific. According tothe Society of Indian Automobile Manufacturers (SIAM), the electric 3-wheeler market share saw a growth of 6%. The Indian government and automobile manufacturers are undertaking several initiatives for enhancing electric mobility across the country by planning to deploy a wide network of charging stations and providing subsidies on the purchase of electric three-wheelers. Several schemes and policies, such as the National Electric Mobility Mission Plan, Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, and Special Electric Mobility Zone, are aimed at providing tax benefits to end-users and manufacturers.

Raw material procurement schemes, the emerging trend of a battery-as-a-service model, and India’s draft for battery-swapping policy are also supporting the market growth. The use of electric three-wheelers as an affordable commuting option throughout the country is another factor generating product demand. India is expected to register a significant growth rate over the forecast period. According to International Energy Agency, about 4,25,000 electric three-wheeler units were sold in India. The dependency on electric three-wheeler for commute is a major factor propelling the market growth in the country. The extension of purchasing subsidies and manufacturing subsidies by the state government, growth of the electric mobility startup ecosystem, coupled with technological innovation in battery and motor technology are other factors anticipated to support the market growth in India.

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The market is consolidated with a few key players acquiring the majority of the market share. The manufacturers typically source components, such as battery power trains and thermal cooling systems, to other manufacturers or retain the manufacturing of these components either in-house or under their subsidiaries. The companies also invest substantial amounts in research and development of battery and motor technology. To maintain their foothold in the market, manufacturers undertake strategic initiatives, such as partnerships, product launches, and mergers & acquisitions.

例如,2023年6月,ω精流动性,an Anglian Omega Group Company, announced the launch of the electric passenger three-wheeler OSM Stream City. The vehicle has an 8.5 kWh li-ion battery and manual boost gearbox. The manufacturer has also partnered with SUN Mobility to introduce battery-swapping technology for the vehicle.Some of the prominent players in the Asia Pacific electric three-wheelers market include:

• Atul汽车有限

• Hero Electric.

• Jiangsu Kingbon Vehicle Co., Ltd.

• Kinetic Engineering Limited

• Lohia Auto Industries (Zuperia Auto Private Limited.)

• Mahindra & Mahindra Limited

• Piaggio & C. SpA

• Saera Electric Auto Pvt. Ltd.

• Terra Motors Corporation

• Xianghe Qiansheng Electric Tricycle Factory

Asia Pacific Electric Three-wheelers Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 1.50 billion
Revenue forecast in 2030	USD 3.39 billion
Growth rate	CAGR of 12.3 % from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030
Quantitative units	Revenue in USD million/billion, volume in units, and CAGR from 2023 to 2030
Report coverage	Revenue forecast, volume forecast, company ranking/share, competitive landscape, growth factors, and trends
Segments covered	Battery type, power, end-use, country
Regional scope	Asia Pacific
Country scope	China; India; Indonesia; Philippines
Key companies profiled	Atul Auto Ltd.; Hero Electric; Jiangsu Kingbon Vehicle Co., Ltd.; Kinetic Engineering Ltd.; Lohia Auto Industries (Zuperia Auto Pvt. Ltd.); Mahindra & Mahindra Ltd.; Piaggio & C. SpA; Saera Electric Auto Pvt. Ltd.; Terra Motors Corp.; Xianghe Qiansheng Electric Tricycle Factory
Customization scope	Free report customization (equivalent up to 8 analyst working days) with purchase. Addition or alteration to country, regional, and segment scope
Pricing and purchase options	Avail customized purchase options to meet your exact research needs.Explore purchase options

Asia Pacific Electric Three-Wheelers Market Report Segmentation

This report forecasts revenue and volume growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments. For this study, Grand View Research has segmented the Asia Pacific electric three-wheelers market report on the basis of battery type, power, end-use, and country:

• Battery Type Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

  • Lithium-ion

  • Lead Acid

  • Others

• Power Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

  • Up to 1000 W

  • 1000 W - 1500 W

  • Above 1000 W

• End-use Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

  • Passenger Carrier

  • Goods Carrier

• Country Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

  • China

  • India

  • Indonesia

  • Philippines