Asia Pacific Electric 3-Wheeler Market worth 486,446 units by 2026 - Exclusive Report by MarketsandMarkets - Seite 2

Electric three-wheeler-based services are provided by Ola Auto, UberAuto, DiDi Chuxing, and Jugnoo. Currently, electric three-wheelers have a very limited use case compared to traditional ICE three-wheelers, but various initiatives taken by the mobility solution providers are driving the passenger carrier segment of the electric three-wheeler market. For instance, in April 2018, Ola announced the addition of 10,000 electric three-wheelers to its Indian fleet by 2020. Also, in November 2020, Uber launched 500 electric three-wheelers on its platform as affordable last-mile connectivity. This is expected to drive the electric three-wheeler passenger carrier market over the estimated period.

Upto 50 miles segment is estimated to be the largest segment by range from 2018 to 2026

Most electric three-wheeler manufacturers provide electric three-wheelers with a range of up to 50 miles. Electric three-wheelers are considered an alternative to daily city commuting within the range of 10­–12 km. Hence, many electric three-wheelers have ranges up to 50 miles, making them more popular in the market.

Low-performance and affordable electric three-wheelers usually have a range of up to 50 miles. Many OEMs are offering electric three-wheelers with low-cost batteries with a restricted range. Mostly, electric three-wheelers with lead-acid batteries lie in this range. Lower energy density, poor performance at low temperatures, and short lifecycle of the battery put these electric three-wheelers in the lower performing range category.

Adoption of shared mobility is the major driver for electric three-wheelers with a range of up to 50 miles. Moreover, they consume comparatively less electricity, and as electricity is less expensive than gasoline, electric three-wheelers are more fuel-efficient than conventional vehicles. The total cost to travel in an electric three-wheeler with a range up to 50 miles is half of traveling in a gasoline-powered electric three-wheeler.

COVID-19 has distrusted public transportation due to lockdowns and social distancing, and this has affected the adoption of electric three-wheelers. However, it is expected that market adoption for shared mobility would grow in the future.

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India is estimated to show highest CAGR growth in Asia Pacific electric three-wheeler