The Asia-Pacific electric three-wheeler market is predicted to expand, as governments in Asian countries plan to phase out the production and sale of gasoline and diesel vehicles in the coming years, according to a TechSci Research report titled "Asia-Pacific Electric Three-wheeler Market- By Country Competition Forecast and Opportunities, 2018-2028". It is expected to assist the market to grow over the forecast period. For instance, by 2030, the Government of India and the National Institution for Transforming India (NITI Aayog) aimed that EVs would account for 80% of two- and three-wheeler sales.
Electric three-wheelers have better performance, lower maintenance and initial cost of purchase than their IC engine counterparts. The electric three-wheeler's unique selling points include affordability, fewer range-related issues, and a better value proposition in the shared mobility space. Vehicle electrification has become a trend in the automotive industry, as it represents a path towards greater energy efficiency and lower emissions of pollutants and other greenhouse gases, driven by growing environmental concerns.
More operators are entering the region's market, and charging solutions such as battery swap, semi-public and public charging, and home-based charging are evolving. The governments of various nations in the region are supporting electric three-wheeler OEMs and startups, shared mobility services and charging solution providers that make up the electric three-wheeler ecosystem. Customers have access to a growing number of innovative business models and cost-effective financial options, as well as a wider range of vehicle models, which is expected to increase the adoption of electric three-wheelers in the region.
Increasing demand-supply balance for electric three-wheeler services is essential for the industry's growth, with expectations for last-mile delivery and new business models. Electric mobility solutions are anticipated to significantly impact the market and expand growth opportunities for various ecosystem segments.
The Asia-pacific Electric Three-Wheeler Market can be segmented by vehicle type, battery capacity, battery type, and by country. Vehicle type is further segmented into passenger carrier and load carrier. Battery capacity is segmented into <<101Ah and >101Ah. Battery type is segmented into lead-acid and Li-ion. Country segments include China, India, Japan, Malaysia, Indonesia, Thailand, Vietnam, and Singapore.
Some of the major companies operating in the Asia-pacific Electric Three-Wheeler Market include:
- Xianghe Qiansheng Electric Tricycle Factory
- Euler Motors Private Limited
- Omega Seiki Mobility Private Limited
- Mahindra & Mahindra Limited (India)
- Saera Electric Auto Pvt. Ltd
- Changzhou Yufeng Vehicle Co. Ltd.
- Gayam Motor Works
- Piaggio Group
- Lohia Auto Industries
- Atul Auto Ltd.
These are the key players developing advanced technologies and launching electric three wheelers across the region to stay competitive in the market. Other competitive strategies include mergers with the research and development firms, new product developments, and marketing activities to increase customer outreach. These companies are also focusing on meeting the regulations of different regional governments and are also partnering with different research bodies to stay competitive in the market.
“The demand for electric vehicles is expected to rise because of the less ownership cost of the electric vehicles and the market is expected to generate new opportunity as new players are entering into the race and this will bring more competitive products in the market and the government emission norms is also influencing the demand. At the same time, increase in the adoption of electric three wheelers for public commute is expected to drive Asia-Pacific electric three wheeler market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Asia-Pacific Electric Three-Wheeler Market Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028” has evaluated the future growth potential of Asia-Pacific Electric Three-Wheeler Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and helps decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Asia-pacific Electric Three-Wheeler Market.
Report sample of complete research- https://www.techsciresearch.com/sample-report.aspx?cid=14669
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