Asia Pacific Electric Three-wheelers Market To Reach $3.39 Billion By 2030

Asia Pacific Electric Three-wheelers Market Growth & Trends

The Asia Pacific electric three-wheelers market size is expected to reach USD 3.39 billion by 2030, registering a CAGR of 12.3% over the forecast period, according to a new report by Grand View Research, Inc. An increasing number of government initiatives encouraging the adoption of electric vehicles (EVs), substantial growth of the e-commerce industry resulting in high demand for the last-mile delivery services, and growing awareness regarding environmental concerns are some of the key factors driving the market growth. Moreover, consistent rises in fuel prices and an increasing number of start-ups offering varied types of electric 3-wheeler models are estimated to drive regional market growth over the forecast period.

The region has witnessed an exponential spike in the e-commerce industry since the outbreak of the COVID-19 pandemic. Countries, such as China, India, South Korea, Singapore, and Indonesia, have seen a high demand for various products over e-commerce platforms. The extensive rise in demand is subjected to the increasing use of smartphones & smart devices and growing internet penetration across the region. Thus, with growth in the sale of products over e-commerce platforms, the demand for last-mile delivery services will support the market growth. As a result, several e-commerce platforms are entering into strategic partnerships with electric three-wheeler manufacturers, as electric three-wheelers offer advantages, such as low operational & maintenance costs and cost-effective delivery.

For instance, in February 2022, Omega Seiki Mobility, an Anglian Omega Group Company, and Zyngo, a zero-emission logistics provider, announced their partnership to deploy 1,500 OSM Rage+ electric cargo three-wheelers for providing last-mile delivery solutions across India. Several technological advancements in accordance with batteries and the cargo-vehicles are expected to create new growth opportunities for marketers. The development of advanced battery technologies, such as lithium-ion (Li-ion) batteries, has significantly improved the performance and range of electric three-wheelers. The battery-swapping technology is also expected the boost market growth as it allows electric three-wheelers to operate continuously without the need for lengthy charging breaks.

By effectively replacing a depleted battery with a fully charged one, the vehicle's range is effectively extended, allowing for uninterrupted operation throughout the day. Increasing consumer preferences for ride-hailing services and a growing number of start-ups making a considerable mark in the business through their affordable offerings are anticipated to drive the market growth over the forecast period. Also, several key players are focusing on building strategic partnerships with component suppliers, e-commerce & logistics companies, and tech companies to enhance their products and engage a large chunk of the customer base in the Asia Pacific region.

For instance, in July 2022, Omega Seiki Mobility, an Anglian Omega Group Company, and Log9 Materials, a battery-tech, and deep-tech start-up, unveiled their jointly developed Rage+ RapidEV Pro electric three-wheeler. The new product model is equipped with a 7.7 KWh battery, providing a range of 95 km. The vehicle is also equipped with Log9's InstaCharge battery technology, charging the vehicle in 45 minutes and operating across temperatures ranging from -40 degrees to 60 degrees Celsius.

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Asia Pacific Electric Three-wheelers Market Report Highlights

• The Li-ion segment is expected to witness significant growth over the forecast period. The growth is ascribed to technological development in battery technology and a rise in the discovery of several lithium reserves in the Asia Pacific countries, which support market growth

• The above 1500 W segment is expected to witness significant growth over the forecast period. The 1500 W-powered vehicles are used in industries, such as mining, construction, manufacturing, and logistics, wherein the demand for the same is poised to increase in the coming years

• The segment is also expected to witness new opportunities due to the increasing range load-carrying capacity of the 1500 W electric three-wheeler

• The goods carrier segment is expected to witness significant growth over the forecast period. The increasing product usage for e-commerce delivery is contributing to the segment growth

• India is expected to witness significant growth over the forecast period due to a growing number of central and state government initiatives to propel the uptake of EVs, including three-wheelers

• The usage of electric three-wheelers as a last-mile commute option and the presence of major market players engaged in expanding their footprint across the region are some of the key factors expected to drive market growth in India

Asia Pacific Electric Three-wheelers Market Segmentation

Grand View Research has segmented the Asia Pacific electric three-wheelers market based on battery type, power, end-use, and country:

APAC Electric 3-wheelers Battery Type Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Lithium-ion

• Lead Acid

• Others

APAC Electric 3-wheelers Power Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Up to 1000 W

• 1000 W - 1500 W

• Above 1000 W

APAC Electric 3-wheelers End-use Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Passenger Carrier

• Goods Carrier

APAC Electric 3-wheelers Country Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• China

• India

• Indonesia

• Philippines

List of Key Players in the Asia Pacific Electric Three-wheelers Market

• Atul Auto Limited

• 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