The APAC electric three-wheeler market is projected to reach $11,935.1 million by 2023, according to P&S Intelligence.

The growth of the market is predominantly driven by the low ownership cost of electric three-wheelers, falling battery prices, and favourable government policies and support.

Insights into market segments
On the basis of vehicle, the APAC electric three-wheeler market can be classified into passenger carrier and load carrier. The passenger carrier category recorded higher sales between the two and is expected to continue being the leading category in the market during the forecast period, much of which can be owed to the demand for low-cost shared mobility and the presence of large consumer base in the region. However, it is the load carrier category that is expected to grow faster during the forecast period, owing to the growing e-commerce industry and low operational cost of electric load carrier as compared to the conventional fuel-based load carrier.

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Based on the motor power, the APAC electric three-wheeler market can be categorized into electric three-wheelers of less than 1,000 W, 1,000–1,500 W, and more than 1,500 W motor power. Electric three-wheelers with motor power lying in the range 1,000–1,500 W dominated the market in terms of sales volume in 2017, as it held a market share of over 50%. Also, in the APAC region, majority of the electric three-wheelers come equipped with the motors lying in the range 1,000–1,500 W due to their operational cost benefits. However, because of the growing demand for high-speed electric three-wheelers and entry of conventional fuel-based three-wheeler manufacturers into the electric three-wheeler market, the market for electric three-wheelers equipped with higher motor power is poised to grow during the forecast period.

The battery-powered electric three-wheelers are cost effective as compared to their conventional gasoline-based three-wheelers. It is so because the electric three-wheelers use stored electric charge as the fuel, which costs lesser than the gasoline (price per kilometer). The operational cost of electric three-wheeler is approximately six times lesser than a gasoline and diesel counterpart.

The fuel stations required for the conventional petrol/diesel-based three-wheelers are there in an adequate number as compared to the battery-powered electric three-wheelers. At present, the charging infrastructure growth for electric three-wheelers is poor in many Asian countries such as India and Bangladesh. Much of which can be attributed to the lack of proper guidelines for state-run agencies which are responsible for floating the tenders for charging stations.

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Some of the key manufacturers in the APAC electric three-wheeler market are Terra Motors Corporation, Xianghe Qiangsheng Electric Tricycle Factory, Jiangsu Kingbon Vehicle Co. Ltd., Changzhou Yufeng Vehicle Co. Ltd., Kinetic Green Energy & Power Solutions Ltd., Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd., ATUL Auto Ltd., and Lohia Auto Industries.