Rising Pollution Levels to Drive APAC Electric Three Wheeler Market to $ 6.7 Billion by 2023
Favorable
government policies, rising concerns regarding greenhouse gas emissions and
expanding e-commerce industry to drive APAC electric three-wheeler market
through 2023
According to TechSci Research report, “APAC
Electric Three-Wheeler Market By Vehicle Type, By Battery Capacity, By
Battery Type, By Country, Competition Forecast & Opportunities, 2013-2023”, APAC
electric three-wheeler market is forecast to reach $ 6.77 billion by 2023. Presence
of a large number of electric three-wheeler manufacturers in the region, in
addition to rising consumer inclination towards electric three-wheelers as
compared to traditional three-wheelers due to environment friendliness and
low-cost maintenance of electric three-wheelers, is anticipated to fuel the
region’s electric three-wheeler market in the coming years. Moreover, favorable
government policies across the region are likely to further boost the adoption of
electric three-wheelers during the forecast period.
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APAC electric three-wheeler market has been
segmented into passenger carrier and load carrier. Of these categories,
passenger carrier segment accounts for the largest market share. China, India
and other southeast Asian countries have high population, thus demand for local
transportation is also high in these countries. Many Asian countries import
fuel from other parts of the world, which increases the fuel price. Owing to
the aforementioned factors, demand for electric three-wheelers as passenger
carriers is growing at a robust pace across the region. Major manufacturing
companies such as Hero, Lohia, Kinetic and Clean Motion are from China and
India. Their continuous research & development efforts to manufacture
advanced and affordable electric three-wheelers are likely to have a positive
impact on the APAC electric three-wheeler market over the course of next five
years.
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“Alarming levels of air pollution coupled with
launch of new models and increasing consumer inclination towards alternative fuel
vehicles are the key factors expected to aid the growth of APAC electric three-wheeler
market in the coming years. Additionally, several Chinese and small-scale electric
three-wheeler manufacturers are expanding their business operations, and
consequently, customers are expected to have a wider range of electric
three-wheelers to opt for in the coming years.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“APAC Electric
Three-Wheeler Market By Vehicle Type, By
Battery Capacity, By Battery Type, By Country, Competition Forecast &
Opportunities, 2013-2023” has analyzed
the potential of electric three-wheeler
market across the region, and provides statistics and information on
market size, shares and trends. The report will suffice in providing the
intending clients with cutting-edge market intelligence and help them in taking
sound investment decisions. Besides, the report also identifies and analyzes
emerging trends along with essential drivers and key challenges faced by the
industry.
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