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%. Two significant factors are the need to reduce carbon emissions and the rising focus on environmental sustainability. Adopting electric three-wheelers can help reduce harmful emissions, resulting in cleaner air and a healthier environment. Countries in the APAC region are also encouraging the adoption of electric three-wheelers by providing several incentives, including tax cuts and subsidies. This has made it easier for consumers and businesses to transition from traditional gasoline-powered three-wheelers to electric ones. The rising need for last-mile connectivity solutions is another significant factor driving the expansion of the electric three-wheeler market in Asia Pacific.
The 1,000–1,500 W segment is expected to lead the market during the forecast period due to its extensive electric three-wheeler usage. It provides a better range than below 1,000 W in low-speed electric three-wheelers. Electric three-wheelers with a motor capacity below 1000 watts are generally classified as low-powered EVs (LPEVs). These vehicles are commonly used for short-distance travel within cities and are often used for cargo transportation. LPEVs are a popular choice for urban mobility due to their low cost of operation, noise pollution, and carbon footprint. They are also easy to park and maneuver through congested city streets.
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The lithium-ion battery segment is projected to lead the Asia Pacific electric three-wheeler market during the forecast period. Lithium-ion prices dropped over the years from USD 1,200/kWh in 2010 to USD 132/kWh in 2021 (according to Bloomberg Finance L.P.), further driving the segment due to price affordability. Established market players are attempting to develop electric three-wheelers with advanced lithium-ion batteries. They are introducing lithium-ion batteries over lead-acid batteries in their electric three-wheelers, which have advantages such as high energy density, self-discharge, low maintenance, and compact size. Lithium-ion batteries are lighter than conventional lead-acid batteries.
The 300-500 kg segment is estimated to lead the market, while the above 500 kg segment is projected to register the highest CAGR during the forecast period. OEMs are likely to invest in higher payload capacity carriers for freight use. In February 2022, Mahindra & Mahindra Ltd. launched eAlfa Cargo with a GVW of 780 kg and a 300-310 kg payload capacity. Drivers running on electric three-wheelers on a short or feeder route can profit without any running cost, except for the electricity used for vehicle charges. Hence, the market for electric three-wheelers is expected to rise. E-rickshaws, electric three-wheeler passenger carriers, and electric three-wheeler load carriers of medium-weight goods have a payload capacity of 300-500 kg. Electric three-wheelers with a payload capacity of 300-500 kg are more expensive than electric three-wheelers with a payload capacity of up to 300 kg.
India’s electric three-wheeler market is anticipated to become the largest in the Asia Pacific region, mainly due to supportive government policies. The Indian government introduced the new Delhi Electric Vehicle Policy in August 2020, aiming to increase the adoption of EVs in the national capital. The policy provided tax waivers, established charging and swapping infrastructure, created a non-lapsable State EV Fund, and established a battery cycling ecosystem. Additionally, India already has a well-established three-wheeler market due to high taxes on petrol, driving the demand for alternative fuel vehicles. Furthermore, the government’s new vehicle scrappage policies and subsidies will increase the demand for electric three-wheelers. The Government of India announced its plan to expand public EV charging infrastructure across the country in February 2022. Meanwhile, EV startup Zypp aims to establish 5,000 battery-swapping stations for three-wheelers throughout India by 2024. These developments are expected to drive the growth of the electric three-wheeler market in India. In conclusion, India’s electric three-wheeler market is expected to grow significantly in the coming years due to favorable government policies, increasing demand for alternative fuel vehicles, and the expansion of public EV charging infrastructure.
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There is a vast potential for key players in the industry, including Mahindra & Mahindra Ltd., Atul Auto Ltd., Saera Electric Auto Pvt. Ltd., among others, to tap into this growing market by offering innovative and high-performance electric powertrain solutions tailored for three-wheelers. As the market continues to grow, there will be several opportunities for new entrants to emerge and capitalize on the growing demand for electric three-wheelers in India.
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