Asia-Pacific Electric Three-Wheeler Market Growth and Trends Analysis

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Electric Three-Wheeler Market Strategies
Navigating the Road Ahead for Competitive
Advantage in the APAC Region
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The adoption of electric vehicles has increased
all over the globe, including Asia-Pacific
(APAC), because of the surging concerns regarding
the surging air pollution levels. Conventional
vehicles emit greenhouse gas emissions that cause
pollution and environmental degradation, owing to
which, the focus is now shifting towards electric
vehicles. In APAC, the adoption of electric-three
wheelers has been rising, which can be majorly
attributed to the favorable government policies.
Governments in the region are offering tax
rebates and subsidies for encouraging the
adoption of electric-three vehicles. For
instance, the Indian government is offering
subsidies ranging from 370 to 900, based on the
OEM and the model, under the Faster Adoption and
Manufacturing of (Hybrid ) Electric Vehicles.
Due to this, the APAC electric-three wheeler
market is projected to witness considerable
growth in the years to come. The demand for these
vehicles in the region is also driven by the fact
that they have low cost of ownership.
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A number of countries in the APAC are region are
developing, which mean that the spending power of
people is not as high. Therefore, low-cost
vehicles witness high adoption in these
countries. The operational cost of a battery
electric three-wheeler is about 6 times lower
than that of a diesel/gasoline powered
three-wheeler. Since battery-powered vehicles run
on stored energy, which has lesser cost than
gasoline, the overall maintenance and operation
costs of electric three-wheeler are decreased.
This is leading to the high demand for these
vehicles. On the basis of vehicle, the market
is divided into load carrier and passenger
carrier, between which, the passenger carrier
division accounted for the major share of the
market in the past, and is further expected to
retain its position during the forecast period.
This is because of the presence of large consumer
base in the region. To receive free sample
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The load carrier division is expected to grow at
a faster pace during the forecast period due to
the low operational cost of electric load carrier
vehicles and expanding e-commerce industry. When
battery is taken into consideration, the market
is categorized into lithium-ion (Li-ion) battery
and sealed lead acid (SLA) battery. Between the
two, the SLA category accounted for the major
share of the APAC electric three-wheeler market
in 2017. However, the adoption of Li-ion
batteries is expected to rise in the years to
come, which is majorly because of the falling
prices of these batteries. The Li-ion category is
predicted to grow at a faster pace during the
forecast period. Li-ion batteries have a number
of benefits, such as light weight, higher energy
density, lower environmental impact, and longer
life span. It is owing to such factors that the
demand for Li-ion batteries is expected to rise
in the coming years. Hence, the market is
growing due to the increasing government
initiatives and low-cost of electric
three-wheelers. Inquire before purchase_at_
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