Asia Pacific Electric 3-Wheeler Market worth 486,446 units by 2026 - Exclusive Report by MarketsandMarkets
CHICAGO, April 2, 2021 /PRNewswire/ -- According to the new market research report "Asia Pacific Electric 3-Wheeler Market by End-use (Passenger & Load), Range (Upto 50 Miles & Above 50 Miles), Battery type (Lead Acid & Lithium ion), Battery Capacity (Below 3kWh, 3kWh-6kWh, Above 6kWh), Motor Power and Country – Forecast to 2026", published by MarketsandMarkets, the Asia Pacific Electric Three-Wheeler Market is estimated to be 156,397 units in 2021 and is projected to grow to 486,446 units by 2026, at a CAGR of 25.5% during the forecast period. The automotive industry is at the cusp of technological evolution to develop zero-emission vehicles, while electric three-wheelers for daily commuting have become the steppingstone for the same. However, before deploying these as primary usages, electric three-wheelers need to have the necessary charging infrastructure and optimum performance. Electric three-wheelers are also noise-free. They are therefore expected to be the building block for the success of emission-free vehicles of the future.
Browse in-depth TOC on "Asia Pacific Electric 3-Wheeler Market"
93 – Tables
63 – Figures
185 – Pages
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The recent developments in the electric three-wheeler market have introduced batteries with improved specifications that are said to be at the heart of any electric three-wheeler. These advancements in batteries are expected to increase the performance and range of electric vehicles. The range is one of the most important reasons that users are still a bit hesitant to prefer electric three-wheelers over ICE three-wheelers. However, government bodies are working with manufacturers to provide the necessary charging infrastructure network. Because of all these benefits, electric three-wheelers are the future of the automotive industry.
Passenger Carrier is estimated to hold the largest market share by end use during the forecast period
The passenger carrier segment has experienced growth, especially in India and Bangladesh. This is because electric three-wheelers are used for taxi services for short-distance commutes in these countries. India has always been a large market for three-wheelers for public transport. As a result, e-rickshaws, by default, find huge scope in the passenger carrier segment. Governments have been encouraging the use of electric three-wheelers to reduce the number of petrol-fueled three-wheelers for emission reduction. During the forecast period, the passenger carrier segment will have the largest market due to lower maintenance and operation costs.