Electric Three-Wheeler Market in APAC - Research Report By P&S Intelligence

Posted November 5, 2020 by Rahul_Gautam

Where in Asia-Pacific (APAC) Are Electric Three-Wheelers Most Popular?
Despite a considerable rise in their disposable income, a lot of people in Asia-Pacific (APAC) still cannot afford vehicles, which leads to a vast usage of public transport. Though cabs are now readily available at the tap of buttons on the mobile apps of mobility service providers, cycle-rickshaws and auto-rickshaws are still the preferred means of commute for short distances, even in major regional cities. Initially, auto-rickshaws were fueled by gasoline (petrol) and diesel, which were later replaced with compressed natural gas (CNG) in numerous cities, to reduce air pollution.

With time, governments are taking efforts to replace even CNG with electricity as the primary fuel for three-wheelers, as electric vehicles (EVs), especially battery electric vehicles (BEVs), release no harmful emissions operationally. Thus, boosted by government support, the Asia-Pacific electric three-wheeler market​​ will reach $11,935.1 million by 2023, at a steady 4.1% CAGR during 2018–2023, says P&S Intelligence. For instance, under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) in India scheme, subsidies of $370 (25,000 INR)–$900 (61,000 INR) are being provided to EV buyers.

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In the coming years, the demand for load carriers is expected to rise faster, on account of the growth in the country’s e-commerce industry. Small-scale logistics service providers cannot afford trucks or mini-trucks, which is why they find three-wheeled load carriers the best option for transporting goods. For medium-haul transportation, such as between two towns in the same district, using four-wheelers, even if electric, can be an operational and financial burden, which is why three-wheelers are being adopted more.

Both these types of automobiles are powered by a lithium-ion (Li-ion) or sealed lead–acid (SLA) battery. While electric three-wheelers with SLA batteries enjoy a larger customer base presently, the demand for those with Li-ion batteries is rising rapidly now. Li-ion batteries are more efficient than SLA variants, in terms of driving range and energy density, therefore, also lighter. Moreover, extensive R&D is resulting in a quick reduction in Li-ion battery prices, which is making electric three-wheelers cheaper.

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Therefore, with the conscience regarding air pollution stirring in the region, governments are making efforts to decarbonize their transportation system, by encouraging the adoption of EVs, including three-wheelers.
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Categories Automotive , Business , Research
Tags asia electric threewheeler market , asiapacific apac electric threewheeler market , electric threewheeler market , electric threewheeler market in apac
Last Updated November 5, 2020