This market research by Technavio presents a comprehensive analysis of the key drivers, challenges, and upcoming trends observed in the electric three wheeler market in APAC. It also provides a market share analysis of the leading companies in the market, such as Terra Motors, Scooters India, Qiangsheng Electric Tricycle Factory, and Chongqing Bajaj Machinery.
Technavio’s market research analysts estimate the E3W market in APAC to grow at a CAGR of around 7% between 2016 and 2020. The ability of E3Ws 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. China is the biggest market for E3Ws, accounting for 39% of the total market share in the APAC region. 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.
The new market research report from Technavio provides a breakdown and analysis of the E3W segments by technology.
“The low ownership, operating, and maintenance cost of E3Ws is propelling 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,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research.
Manufacturers are focusing on developing Li-ion batteries with extended lives, as such batterieshas the highest electrochemical potential of all metals. These batteries have features such as improved charge efficiency and high durability, which improves the performance and efficiency of battery-powered EVs. A 48 V Li-ion battery enables optimization of energy generation and consumption. This has the potential to support higher loads such as air conditioning, active chassis and safety, and electric supercharging.
The leading vendors in the E3W market in APAC include Terra Motors, Scooters India, Qiangsheng Electric Tricycle Factory, and Chongqing Bajaj Machinery. This market 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.
A more detailed analysis is available in the Technavio report, E3W Market in APAC 2016-2020.
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