One of the biggest factors responsible for the growing adoption of electric three-wheelers in the Asia-Pacific (APAC) region is the rising number of government policies and incentives in the form of tax rebates and subsidies, encouraging the adoption of electric vehicles in several countries in the region. For instance, according to the Faster Adoption and Manufacturing of (Hybrid &) and Electric Vehicles (FAME) in India, the government is offering subsidies in the range of $370–$900 on the purchase of electric vehicles in the country.

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Driven by the above-mentioned factors, the Asia-Pacific (APAC) electric three-wheeler market is expected to register a CAGR of 4.1% during 2018–2023 (forecast period) and generate revenue of $11,935.1 million by 2023. There are mainly two types of electric three-wheelers — load carriers and passenger carriers. Of these, the passenger carriers are expected to observe higher sales during the forecast period, due to the presence of a large customer base and the rising popularity of low-cost shared mobility services in the region.

Electric three-wheelers are either powered by sealed lead–acid (SLA) batteries or lithium-ion (Li-ion) batteries. Of these two types of batteries, the SLA batteries registered higher sales in 2017, as they are cheaper. However, the li-ion batteries, owing to their rapidly reducing prices, are expected to record faster growth in usage in the APAC electric three-wheeler market in the near future. Additionally, the Li-ion batteries offer numerous advantages over the SLA batteries such as lighter weight, higher energy density, much lower environmental damage, and greater life span and thus, these batteries are observing soaring demand across the world.

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APAC ELECTRIC THREE-WHEELER MARKET

By Vehicle – Passenger Carrier and Load Carrier
By Motor Power – 1,500 W
By Battery – Sealed Lead Acid (SLA) and Lithium-Ion (Li-Ion)
By Country – China, India, Japan, Indonesia, Philippines, South Korea, Malaysia, Singapore, Bangladesh, Nepal, Thailand, and Rest of APAC