Electric Three Wheeler Market in APAC 2016-2020

Market outlook of the electric three wheeler market in APAC

Technavio’s market research analyst estimates the electric three wheeler market in APAC to grow at a healthy CAGR of around 7% by 2020. Government subsidies and incentives to increase the manufacturing and sales of electric three wheel vehicles are anticipated to be the primary growth impelling factors for this market. The ability of electric three wheelers to aid in the transportation of passengers and goods in countries like China, India, and Japan is estimated to result in this market’s healthy growth rate during the forecast period.

The low ownership, operating, and maintenance cost of electric three wheelers (E3Ws) is the key driver for the growth of this market. Due to their design, electric vehicles have low maintenance costs when compared to conventional vehicles. The vendors’ growing focus on improving the vehicle technology and reducing the total cost of maintenance are expected to attract more buyers during the forecast period.

Competitive landscape and key vendors

The electric three-wheeler market in APAC has limited vendors and is characterized by rapid technological innovations. Growing investments towards the development of lighter electric three wheeler vehicles with higher drive range are expected to augment vehicle sales during the forecast period. The vendors in this market compete on the basis of design, better technology, and range and performance of these vehicles to gain an edge over their rivals.

The top vendors in the market are -

• Chongqing Bajaj Machinery
• Qiangsheng Electric Tricycle Factory
• Scooters India
• Terra Motors

Geographical segmentation of the electric three wheeler market by key countries

• China
• India
• Japan

Technavio market research analysts estimate China to be the biggest market for E3Ws during the forecast period. This region presently accounts for a share of more than 39% of the overall market and is envisaged to bolster its market share by the end of 2020 owing to the government’s growing preference for EVs. This growing preference for EVs is anticipated to reduce China’s reliance on fuel imports and is also estimated to reduce the level of air pollution, which is pertinent in this region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the electric three wheeler market in APAC?
• What are the key market trends impacting the growth of the electric three wheeler market in APAC?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the vendors in the electric three wheeler market in APAC?
• What are the key outcomes of the five forces analysis of the electric three wheeler market in APAC?

Related reports

• Electric two wheeler market (E2Ws) in China 2015-2019
• Electric vehicles market in US 2015-2019
• Global hybrid electric vehicles (HEVS) market 2015-2019