Asian Electric Three-Wheeler Market Is Predicted To Grow At 12.6% CAGR During The Forecast Period 2021-2027

The Asian electric three-wheeler market is predicted to grow at 12.6% CAGR during the forecast period with its fleet size reaching 19.3 million units by 2027. The Asian market is primarily driven by increasing awareness regarding the usage of electric vehicles, technological advancements, and increasing government support and initiatives. The increasing demand for low or no-emission vehicles for public transport supports the growth of the electric-three wheelers market in Asia.

Based on product, electric three-wheelers market is segmented into e-rickshaw, e-auto, and others. E-rickshaws are the most preferred three-wheeler category. E-rickshaws are the typical three-wheelers with a top speed of around 25km/hr. These are alternatives to conventional pull rickshaw with pedals and auto rickshaws. A typical e-rickshaw carries 4+1 or 3 passengers at a time.

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Based on type, the market is categorized into passenger vehicles and load carriers. Passenger vehicles hold a larger share in the market due to the increasing demand for the sustainable transport system in metropolitan cities of different countries in the region.

On the basis of motor power, the market is segmented into1,500 W. Of all, 1,000-1,500 W powered three-wheelers hold the largest share in the Asian market. The highest share of the 1,000-1,500 W powered three-wheelers in the market is due to the optimum performance and cost of the vehicle at this power.

Moreover, the lower maintenance requirement of electric three-wheelers also supports the growth of the Asian market. Conventional autorickshaw owners are adopting these e-rickshaw and e-auto for public transport as it saves the cost of maintenance. The consumer finds these vehicles efficient especially for intracity transport as these are best suited for low range travels.

Jiangsu Kingbon Vehicle Co. Ltd., Changzhou Yufeng Vehicle Co. Ltd., ATUL Auto Ltd., Xianghe Qiangsheng Electric Tricycle Factory, Kinetic Green Energy & Power Solutions Ltd., Lohia Auto Industries, Terra Motors Corporation, and Jiangsu East YonslandVehicle Manufacturing Co. are some of the key players operating in the Asian electric three-wheelers market.

Source: VynZ Research