Abstract
Summary
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.
Table of Contents
1 INTRODUCTION 21
1.1 STUDY OBJECTIVES 21
1.2 MARKET DEFINITION 22
1.2.1 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET: INCLUSIONS AND EXCLUSIONS 25
1.3 MARKET SCOPE 26
1.3.1 MARKET SEGMENTATION 26
1.3.2 COUNTRIES COVERED 27
1.3.3 YEARS CONSIDERED 27
1.4 CURRENCY CONSIDERED 28
1.5 STAKEHOLDERS 28
2 RESEARCH METHODOLOGY 29
2.1 RESEARCH DATA 29
2.1.1 SECONDARY DATA 30
- 2.1.1.1 Key secondary sources 31
- 2.1.1.2 Key data from secondary sources 32
2.1.2 PRIMARY DATA 32
- 2.1.2.1 Primary interviews - demand and supply sides 33
- 2.1.2.2 Key industry insights and breakdown of primary interviews 33
- 2.1.2.3 List of primary participants 34
2.2 MARKET SIZE ESTIMATION 35
2.2.1 BOTTOM-UP APPROACH 36
2.2.2 TOP-DOWN APPROACH 37
2.3 RECESSION IMPACT ANALYSIS 38
2.4 DATA TRIANGULATION 39
2.5 FACTOR ANALYSIS 41
2.6 RESEARCH ASSUMPTIONS 41
2.7 RESEARCH LIMITATIONS 42
3 EXECUTIVE SUMMARY 43
4 PREMIUM INSIGHTS 48
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET 48
4.2 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY MOTOR POWER 49
4.3 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY BATTERY TYPE 49
4.4 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY RANGE 50
4.5 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY BATTERY CAPACITY 50
4.6 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY END-USE 51
4.7 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY PAYLOAD CAPACITY 51
4.8 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY COUNTRY 52
5 MARKET OVERVIEW 53
5.1 INTRODUCTION 53
5.2 MARKET DYNAMICS 54
5.2.1 DRIVERS 55
- 5.2.1.1 Low operating and maintenance costs 55
- 5.2.1.2 Government incentives and subsidies 57
- 5.2.1.3 Advancements in battery technology, coupled with reducing prices 61
- 5.2.1.4 Established market for three-wheelers for urban transportation 62
5.2.2 RESTRAINTS 63
- 5.2.2.1 Low number of charging stations 63
- 5.2.2.2 Limited power output, vehicle range, and speed 65
5.2.3 OPPORTUNITIES 66
- 5.2.3.1 Automobile manufacturer- and customer-oriented policies to promote sales 66
- 5.2.3.2 Stringent emission norms and environmental regulations 67
- 5.2.3.3 New revenue pockets in Asia Pacific 67
5.2.4 CHALLENGES 68
- 5.2.4.1 Limited battery capacity 69
- 5.2.4.2 High initial investments 69
- 5.2.4.3 Lack of compatibility, interchangeability, and standardization 70
5.3 PORTER’S FIVE FORCES ANALYSIS 72
5.3.1 INTENSITY OF COMPETITIVE RIVALRY 73
5.3.2 THREAT OF NEW ENTRANTS 73
5.3.3 THREAT OF SUBSTITUTES 73
5.3.4 BARGAINING POWER OF SUPPLIERS 73
5.3.5 BARGAINING POWER OF BUYERS 74
5.4 VALUE CHAIN ANALYSIS 74
5.5 MACROECONOMIC INDICATORS 76
5.5.1 GDP TRENDS AND FORECASTS FOR MAJOR ASIA PACIFIC ECONOMIES 76
5.6 PRICING ANALYSIS 77
5.6.1 OEM-WISE PRICING ANALYSIS 77
5.7 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET ECOSYSTEM 78
5.7.1 OEMS 78
5.7.2 RAW MATERIAL SUPPLIERS 79
5.7.3 BATTERY MANUFACTURERS 79
5.7.4 CHARGING INFRASTRUCTURE PROVIDERS 79
5.8 KEY STAKEHOLDERS AND BUYING CRITERIA 81
5.8.1 PASSENGER CARRIER 81
5.8.2 LOAD CARRIER 81
5.8.3 KEY STAKEHOLDERS IN BUYING PROCESS 81
5.8.4 BUYING CRITERIA 82
5.9 TECHNOLOGY ANALYSIS 82
5.9.1 BATTERY SWAPPING IN ELECTRIC THREE-WHEELERS 83
5.9.2 IOT IN ELECTRIC THREE-WHEELERS 83
5.9.3 REGENERATIVE BRAKING SYSTEMS 84
5.9.4 SOLID STATE BATTERY (SSB) 85
5.9.5 HYDROGEN FUEL CELL 86
5.10 PATENT ANALYSIS 87
5.11 CASE STUDIES 93
5.11.1 CASE STUDY 1: ELECTRIC THREE-WHEELER LOGISTICS FLEET OPERATIONS WITH CAPTIVE PLUG-IN CHARGING 93
5.11.2 CASE STUDY 2: ELECTRIC THREE-WHEELER LOGISTICS FLEET OPERATIONS WITH BATTERY SWAPPING 93
5.12 REGULATORY OVERVIEW 94
5.12.1 INDIA 94
5.12.2 CHINA 95
5.12.3 THAILAND 95
5.12.4 VIETNAM 96
5.12.5 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 97
5.13 TRENDS AND DISRUPTIONS 98
5.14 KEY CONFERENCES AND EVENTS, 2023 99
5.15 SCENARIO ANALYSIS (2023-2028) 99
5.15.1 MOST LIKELY SCENARIO 99
5.15.2 OPTIMISTIC SCENARIO 100
5.15.3 PESSIMISTIC SCENARIO 101
6 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY MOTOR POWER 102
6.1 INTRODUCTION 103
6.1.1 OPERATIONAL DATA 104
6.1.2 ASSUMPTIONS 106
6.1.3 RESEARCH METHODOLOGY 106
6.2 BELOW 1,000 W 106
6.2.1 LOW COST OF OPERATIONS, NOISE POLLUTION, AND CARBON FOOTPRINT OF LOW-POWERED EVS TO DRIVE MARKET 106
6.3 1,000-1,500 W 108
6.3.1 TRANSITION TO ELECTRIC RICKSHAWS IN SOUTH ASIAN COUNTRIES TO PROPEL MARKET 108
6.4 ABOVE 1,500 W 110
6.4.1 GROWTH OF CONSUMER DELIVERY SERVICES TO INCREASE DEMAND 110
6.5 KEY PRIMARY INSIGHTS 112
7 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY BATTERY TYPE 113
7.1 INTRODUCTION 114
7.1.1 OPERATIONAL DATA 115
7.1.2 ASSUMPTIONS 116
7.1.3 RESEARCH METHODOLOGY 117
7.2 LEAD-ACID BATTERY 117
7.2.1 AFFORDABLE COST TO PLAY VITAL ROLE IN MARKET GROWTH 117
7.3 LITHIUM-ION BATTERY 118
7.3.1 LONG BATTERY LIFE AND DURABILITY TO DRIVE MARKET 118
7.4 OTHER BATTERY TYPES 119
7.5 KEY PRIMARY INSIGHTS 120
8 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY PAYLOAD CAPACITY 121
8.1 INTRODUCTION 122
8.1.1 ASSUMPTIONS 124
8.1.2 RESEARCH METHODOLOGY 124
8.2 UP TO 300 KG 124
8.2.1 NOISE-FREE OPERATIONS AND AFFORDABILITY TO DRIVE DEMAND 124
8.3 300-500 KG 125
8.3.1 WIDE USE IN LAST MILE DELIVERIES TO BOOST MARKET 125
8.4 ABOVE 500 KG 126
8.4.1 MODERATE DISTANCE LOGISTICS AND SPECIAL APPLICATIONS TO SPUR DEMAND 126
8.5 KEY PRIMARY INSIGHTS 127
9 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY BATTERY CAPACITY 128
9.1 INTRODUCTION 129
9.1.1 ASSUMPTIONS 131
9.1.2 RESEARCH METHODOLOGY 131
9.2 BELOW 3 KWH 131
9.2.1 DEMAND FOR AFFORDABLE TRANSPORTATION TO DRIVE MARKET 131
9.3 3-6 KWH 132
9.3.1 INCREASING DEMAND FOR INTRACITY TRAVEL TO PROPEL MARKET 132
9.4 ABOVE 6 KWH 133
9.4.1 ELECTRIC THREE-WHEELERS WITH PERSISTENT BATTERY SYSTEMS TO BOOST MARKET 133
9.5 KEY PRIMARY INSIGHTS 134
10 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY RANGE 135
10.1 INTRODUCTION 136
10.1.1 OPERATIONAL DATA 137
10.1.2 ASSUMPTIONS 138
10.1.3 RESEARCH METHODOLOGY 138
10.2 UP TO 50 MILES 138
10.2.1 DEMAND FOR AFFORDABLE ELECTRIC THREE-WHEELERS TO DRIVE SEGMENT 138
10.3 ABOVE 50 MILES 140
10.3.1 INCREASING BATTERY ENERGY DENSITY TO DRIVE SEGMENT 140
10.4 KEY PRIMARY INSIGHTS 142
11 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY END-USE 143
11.1 INTRODUCTION 144
11.1.1 OPERATIONAL DATA 145
11.1.2 ASSUMPTIONS 146
11.1.3 RESEARCH METHODOLOGY 146
11.2 PASSENGER CARRIER 146
11.2.1 LOW TOTAL COST OF OWNERSHIP OF ELECTRIC THREE-WHEELERS COMPARED WITH ICE COUNTERPARTS TO DRIVE MARKET 146
11.3 LOAD CARRIER 148
11.3.1 USE OF ELECTRIC THREE-WHEELERS IN LOGISTICS AND LAST-MILE DELIVERIES TO BOOST MARKET 148
11.4 KEY PRIMARY INSIGHTS 150
12 ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET, BY COUNTRY 151
12.1 INTRODUCTION 152
12.2 INDIA 155
12.2.1 INCREASING TREND OF LAST-MILE DELIVERY AND BATTERY SWAPPING TO BOOST MARKET 155
12.3 JAPAN 162
12.3.1 STRINGENT EMISSION STANDARDS AND PLANS FOR BATTERY SWAPPING TO PROPEL DEMAND 162
12.4 THAILAND 164
12.4.1 INCREASING DEMAND FOR E-TUK-TUK FOR LOCAL TRANSPORT TO BOOST DEMAND 164
12.5 BANGLADESH 167
12.5.1 FAVORABLE GOVERNMENT POLICIES FOR ELECTRIC THREE-WHEELER IMPORTS TO DRIVE MARKET 167
12.6 NEPAL 170
12.6.1 ELECTRIC THREE-WHEELER IMPORT POLICIES AND PLANS FOR DOMESTIC PRODUCTION TO INCREASE DEMAND 170
12.7 SRI LANKA 172
12.7.1 RECOVERY FROM ECONOMIC CRISIS TO BOOST MARKET 172
12.8 INDONESIA 175
12.8.1 REDUCTION OF IMPORT DUTIES ON COMPONENTS TO DRIVE MARKET 175
12.9 PHILIPPINES 178
12.9.1 ADOPTION OF ELECTRIC THREE-WHEELERS IN PROMINENT BUSINESS DISTRICTS AND URBAN AREAS TO DRIVE MARKET 178
12.10 VIETNAM 180
12.10.1 FAVORABLE GOVERNMENT POLICIES FOR EVS TO IMPROVE AIR QUALITY TO DRIVE MARKET 180
12.11 CHINA 182
12.11.1 GOVERNMENT MANDATES FOR EV MANUFACTURERS TO DRIVE MARKET 182
12.12 SINGAPORE 183
12.12.1 GROWING CHARGING INFRASTRUCTURE TO DRIVE MARKET 183
13 COMPETITIVE LANDSCAPE 184
13.1 OVERVIEW 184
13.2 MARKET SHARE ANALYSIS FOR ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET 184
13.3 REVENUE ANALYSIS OF TOP MARKET PLAYERS 187
13.4 COMPETITIVE SCENARIO 187
13.4.1 DEALS 187
13.4.2 PRODUCT DEVELOPMENTS 189
13.4.3 OTHER DEVELOPMENTS 190
13.5 COMPETITIVE LEADERSHIP MAPPING FOR ASIA PACIFIC ELECTRIC THREE-WHEELER MARKET 191
13.5.1 STARS 191
13.5.2 EMERGING LEADERS 191
13.5.3 PERVASIVE PLAYERS 191
13.5.4 EMERGING COMPANIES 191
13.6 COMPANY EVALUATION QUADRANT-PRODUCT FOOTPRINT 193
13.7 COMPETITIVE EVALUATION QUADRANT, START-UPS 194
13.7.1 PROGRESSIVE COMPANIES 194
13.7.2 RESPONSIVE COMPANIES 194
13.7.3 DYNAMIC COMPANIES 195
13.7.4 STARTING BLOCKS 195
14 COMPANY PROFILES 197
14.1 KEY PLAYERS 197
14.1.1 MAHINDRA & MAHINDRA LTD. 197
14.1.2 ATUL AUTO LTD. 204
14.1.3 PIAGGIO GROUP 208
14.1.4 SAERA ELECTRIC AUTO PVT. LTD. 213
14.1.5 KINETIC GREEN VEHICLES 217
14.1.6 JIANGSU JINPENG GROUP CO., LTD. 221
14.1.7 SKYRIDE AUTOMOTIVE 224
14.1.8 YATRI ELECTRIC VEHICLE 226
14.1.9 SHADO GROUP INTERNATIONAL PTE. LTD. 229
14.1.10 XIANGHE QIANGSHENG ELECTRIC TRICYCLE FACTORY 231
14.1.11 LOHIA AUTO INDUSTRIES 235
14.1.12 TERRA MOTORS CORPORATION 238
14.1.13 KYBURZ 241
14.2 OTHER PLAYERS 243
14.2.1 CHANGZHOU YUFENG VEHICLE CO., LTD. 243
14.2.2 JIANGSU EAST YONSLAND VEHICLE MANUFACTURING CO., LTD. 243
14.2.3 ELECTRIC VEHICLES (THAILAND) CO., LTD. 244
14.2.4 PROZZA HIROSE MANUFACTURING INC. 244
14.2.5 BAJAJ AUTO 245
14.2.6 GAYAM MOTOR WORKS PRIVATE LIMITED 245
14.2.7 BEMAC CORPORATION 246
14.2.8 SPEEGO VEHICLES CO. PVT. LIMITED 246
14.2.9 OMEGA SEIKI PRIVATE LIMITED 247
14.2.10 KSL CLEANTECH LIMITED 247
14.2.11 ALTIGREEN 248
14.2.12 GREEN SHUTTLE TECHNOLOGY PVT. LTD. 248
14.2.13 KAWAOKA MACHINERY AND ELECTRIC (NANTONG) CO., LTD. 249
14.2.14 BODO VEHICLE GROUP 249
14.2.15 J.S. AUTO (P) LTD. 250
14.2.16 BAAGH ECO MOTORS 250
14.2.17 BEEVATECH LIMITED 251
14.2.18 SL MOBILITY 251
15 RECOMMENDATIONS BY MARKETSANDMARKETS 252
15.1 INDIA: KEY FOCUS MARKET FOR ELECTRIC THREE-WHEELERS 252
15.2 LAST-MILE DELIVERY, LOGISTICS, SUPPLY CHAIN, AND WAREHOUSING TO CREATE NEW OPPORTUNITIES FOR E-THREE-WHEELER MANUFACTURERS 252
15.3 CONCLUSION 253
16 APPENDIX 254
16.1 KEY INSIGHTS FROM INDUSTRY EXPERTS 254
16.2 DISCUSSION GUIDE 254
16.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 257
16.4 CUSTOMIZATION OPTIONS 259
16.5 RELATED REPORTS 259
16.6 AUTHOR DETAILS 260