Asia Pacific electric 3-wheeler market is estimated to be 272.7 thousand units in 2022 and is projected to grow to 702.1 thousand units by 2027, at a CAGR of 20.8% during the forecast period. The electric 3-wheeler market has witnessed rapid year-on-year growth in the Asia Pacific region. The region comprises some of the fastest-developing economies in the world, such as China, Japan, Thailand, and India. India is one of the largest markets for electric 3-wheelers. Apart from the manufacturers recognizing the growth potential of the electric 3-wheeler market, the positives of electrification of 3-wheelers, such as noise-free and low maintenance cost, have led to an increase in the development of electric 3-wheelers over the years, catering not only to domestic demand but overseas demand as well. Increasing government initiatives to promote electric vehicles in India, Sri Lanka, Bangladesh, Japan, and the Philippines are anticipated to boost the Asia Pacific electric 3-wheeler market.
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The market for electric 3-wheelers in India is the largest in the Asia Pacific region and is expected to witness high growth in the long term. India is amongst the top consumers of electric 3-wheelers. The low-emission vehicle industry in India is developing rapidly with the support of the government and manufacturers such as Mahindra & Mahindra Ltd., Atul Auto Ltd., Piaggio Group, and Lohia Auto Industries. In July 2021, Mahindra & Mahindra Ltd. collaborated with Magenta, an electric mobility solutions provider, to deploy 100 units of its electric 3-wheeler, Treo Zor, in Bengaluru for last-mile delivery of essential and non-essential items. In September 2021, India-based TVS Motors announced its plan to launch a complete range of electric 2 and 3-wheelers with power output ranging from 5 to 25 kW by 2024. The company also announced its plan to invest USD 136 million in its electric vehicle business. India is one of the largest contributors to greenhouse gases and, hence, has pledged to reduce emissions from petrol and diesel cars during the next few decades. This initiative by the Indian government is expected to lead to significant demand for electric 3-wheelers in the country.
Japan is home to many electric 3-wheeler manufacturers such as Terra Motors Corporation, ElecTrike Japan, Toyota Motors Corporation, and BEMAC Corporation. The Japanese government has taken steps to increase the adoption of electric vehicles in the country as part of its emission reduction programs, leading to the growth of the electric 3-wheeler industry in Japan. About 8% of the Japanese workforce, or over 5 million workers, are employed in automotive-related industries. In January 2022, the Japanese government announced a subsidy of USD 329 million in the supplementary budget devoting USD 225 million of that total to purchase incentives for environmentally friendly 3-wheelers. In July 2021, Japanese electric vehicle manufacturer Terra Motors Corporation announced a partnership with FCC Corporation to collaborate on the development of futuristic electric 3-wheelers. Hence, the electric 3-wheeler market will grow in Japan.
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Electric 3-wheelers are popularly known as easy-bikes and Tom-Toms in some districts of Bangladesh. They have been in use in the country since 2004 and became one of the most widely used means of transportation for the masses in both urban and rural areas. The country is significantly focused on the adoption of electric vehicles. The government is rolling out policies to increase the penetration of electric vehicles, which, in turn, will drive the electric 3-wheeler market. In February 2021, Omega Seiki announced its plan to set up an electric vehicle production plant in Bangladesh with an investment of USD 13.6 million. The company will be known as OSM-Bangladesh and will be registered in Bangladesh. According to Hindustan Times in February 2021, Bangladesh’s economy has grown consistently since 2018 at 8.5%. Per Capita GDP has also increased to USD 1,800. Bangladesh also has a well-established port and goods export system. This will be a key driving factor for the growth of the electric 3-wheeler market.
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