Asia Pacific Electric Three-Wheeler Market by Motor Power (Below 1000 W, 1000–1500 W, 1500 W), Battery Capacity (Below 3 kWh, 3-6 kWh, 6 kWh), End-Use (Passenger Carrier, Load Carrier), Range, Battery Type, Payload Capacity & Country - Global Forecast to

Asia Pacific Electric Three-Wheeler Market by Motor Power (Below 1000 W, 1000–1500 W, 1500 W), Battery Capacity (Below 3 kWh, 3-6 kWh, 6 kWh), End-Use (Passenger Carrier, Load Carrier), Range, Battery Type, Payload Capacity & Country - Global Forecast to 2028

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%. In Asia Pacific, the demand for electric 3-wheelers has been increasing due to various factors such as government policies and incentives promoting the adoption of electric vehicles, rising fuel prices, growing concerns about air pollution and climate change, rapid urbanization leading to congestion and pollution in cities, and a booming e-commerce industry resulting in increased demand for last-mile delivery services.

""By range, up to 50 Miles to remain the largest segment by volume during the forecast period""

Most electric three-wheeler manufacturers provide electric three-wheelers with a range of up to 50 miles. Electric three-wheelers are considered an alternative to conventional vehicles for daily city commuting within the range of 10¬–12 km. Low-performance but affordable electric three-wheelers usually have a range of up to 50 miles. OEMs, such as Piaggio Group, Saera Electric Auto Pvt. Ltd., and Kinetic Green Vehicles, offer vehicles with a range of up to 50 miles. Mahindra Electric's e-Alfa Mini model has a range of 30-35 km on a single charge and is suited for both cargo and passenger transportation in urban environments, whereas Piaggio's Ape E-City is a three-wheeler having a range of up to 70 km on a single charge, and is designed for urban and suburban use, with a payload capacity of up to 310 kg.

""By end-use, load carriers to be the fastest growing segment during the forecast period""

The demand for electric three-wheeler load carriers has been increasing in the Asia Pacific region due to the increased focus on emission reduction. Various retail, logistics, and courier companies have already started adopting electric three-wheelers. The adoption rate of electric three-wheeler load carriers is expected to grow significantly with the development of more vehicles and technological advancements. Some of the electric three-wheeler load carrier models available in the market include Treo Zor, Atul Elite Cargo, Piaggio Ape Electrik, Electric Tricycle (DLS III 150), and Electric Logistic Cart.

“Thailand to be the fastest growing market with its government planning to adopt EVs in coming decade”

Thailand is home to a large market of 3 wheelers, or tuk-tuks. The country has a large number of polluting 3 wheelers, which it plans to shift to EVs. This will be done as part of the country’s plans for an overall EV shift by 2035, with emphasis on 2-wheelers, 3-wheelers and passenger cars. OEM partnership and start of ride hailing services using electric three-wheelers will further boost the demand for these vehicles in Thailand. Start-ups such as Moving and Global Companies such as Grab have also entered this ride hailing space using electric three wheelers. The country has also recently committed to an investment of USD 4.1 Billion to support its EV plans.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.

By Respondent Type: Tier I – 67%, Tier II and Tier III – 9%, and OEMs – 24%

By Designation: CXOs – 33%, Managers – 52%, Executives – 15%

By Country: India – 50%, Sri Lanka – 6%, Nepal – 14%, Bangladesh – 20%, Others – 10%

The Asia Pacific electric three-wheeler market is dominated by a few globally established players, such as Mahindra & Mahindra Ltd. (India), Atul Auto Ltd. (India), Piaggio Group (Italy), Saera Electric Auto Pvt. Ltd. (India), and Kinetic Green Vehicles (India). These companies adopted strategies, such as new product launches and deals to gain traction in the Asia Pacific electric three-wheeler market.

Research Coverage:

The report covers the Asia Pacific electric three-wheeler ecosystem based on motor power, battery capacity, end-use, range, battery type, and country. It covers the competitive landscape and company profiles of the major players in the Asia Pacific electric three-wheeler ecosystem. The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:

This report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall Asia Pacific electric three-wheeler ecosystem and its subsegments.

This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

This report will also help stakeholders understand the market's pulse and provide information on key market drivers, restraints, challenges, and opportunities.