The Asia pacific electric three-wheeler market is projected to grow from USD 813 million in 2023 to USD 892 million by 2028, registering a CAGR of 1.9%. Government policies have encouraged the production of electric three-wheelers, making them more accessible and affordable. Environmental concerns related to air pollution have also increased the demand for electric three-wheelers, which produce zero emissions. Technological advancements have improved the reliability and efficiency of electric three-wheelers, making them a more attractive alternative for customers. The rise of e-commerce and home delivery services has also led to an increased demand for cost-effective and efficient transportation solutions.
Low operating and maintenance costs
Electric three-wheelers entail low operating costs as petrol and diesel are eliminated. They are eco-friendly battery-operated three-wheelers offering better economy and lower operating & maintenance costs than internal combustion engine (ICE) three-wheelers. Manufacturers are working on the development of three-wheelers that have a higher range than the current models. Compared to the price of gasoline or diesel fuel, the cost of electricity to charge an electric three-wheeler is far lower. Also, electric three-wheelers require less maintenance and repairs than conventional vehicles as they have fewer moving components, which minimizes their operating cost.
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Automobile manufacturer- and customer-oriented policies to promote sales
The Asia Pacific region is expected to witness growth in electric three-wheeler sales due to increasing support from governments. Several countries are acknowledging the importance of transitioning to electric vehicles to decrease pollution levels caused by traditional automobiles, and China and India are already taking steps in that direction. The Phase II of the FAME scheme launched by the Government of India in April 2019, offers a uniform subsidy of 10,000 per kWh to support half a million three-wheelers. Other countries are also expected to introduce such regulations and policies in favor of electric three-wheelers in the future to boost their sales. Manufacturers are also likely to receive due exemptions in taxes and imports/exports, resulting in the growth of the Asia Pacific electric three-wheeler market, thereby encouraging EV adoption.
India is expected to be the largest market by volume during the forecast period
India is expected to be the largest market in the Asia Pacific region due to its favorable government policies supporting the adoption of electric three-wheelers. In August 2020, the Indian government introduced the new Delhi Electric Vehicle Policy 2020, intending to increase EV adoption in the national capital. The new policy led to tax waivers, charging and swapping infrastructure establishment, a battery cycling ecosystem, and the creation of a non-lapsable State EV Fund in the country. India already has a well-established market for three-wheelers. This is because of the country’s high taxes on petrol, which is increasing the demand for alternative fuel vehicles. The government’s new vehicle scrappage policies will also increase the demand for electric three-wheelers, besides lowering their cost by providing subsidiaries in the country.
Key Market Players
The Asia Pacific electric three-wheeler market is dominated by Mahindra & Mahindra Ltd. (India), Atul Auto Ltd. (India), Piaggio Group (Italy), Saera Electric Auto Pvt. Ltd. (India), and Kinetic Green Vehicles (India), among others.
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