Mahindra & Mahindra Ltd. (India) and Atul Auto Ltd. (India) are leading players in Asia Pacific Electric Three-Wheeler Market
The Asia Pacific electric three-wheeler market is projected to grow from USD 813 million in 2023 to USD 892 million by 2028, registering a CAGR of 1.9%. The Asia Pacific region is witnessing a surge in the electric three-wheeler market, attributed mainly to government incentives, environmental awareness, and cost-effectiveness. Governments in the Asia Pacific region are providing subsidies and tax rebates to encourage the use of electric vehicles, including three-wheelers, to reduce the dependency on fossil fuels and improve air quality. Since electric three-wheelers produce no exhaust emissions, they are an attractive option for countries with severe air pollution. Furthermore, electric three-wheelers are cheaper to run and require less maintenance, making them a more economical option, especially in places with high gasoline prices. The market is anticipated to grow further in the coming years due to supportive government initiatives and rising environmental concerns.
The Asia Pacific electric three-wheeler market is dominated by a few globally established players, such as Mahindra & Mahindra Ltd. (India), Atul Auto Ltd. (India), Piaggio Group (Italy), Saera Electric Auto Pvt. Ltd. (India), and Kinetic Green Vehicles (India). These companies adopted strategies, such as new product launches and deals to gain traction in the Asia Pacific electric three-wheeler market.
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Mahindra & Mahindra Ltd. (M&M) is an India-based automotive company operating through three business segments: Automotive, Farm Equipment, and Others. The company provides electric mobility solutions under its electric mobility arm (Automotive segment), Mahindra Electric. However, the electric mobility arm merged into its parent company, Mahindra & Mahindra, with effect from April 2021, and got the final NCLT approval on January 13th, 2023. Under the Automotive segment, M&M manufactures electric three-wheelers, such as Treo, eAlfa Cargo, Treo Zor, and eAlfa Mini. As of March 2023, Mahindra & Mahindra Ltd. has a presence in more than 100 countries, owns more than 50 manufacturing facilities, and has around 250,000 employees. In November 2022, the company sold 4,000 units of Electric three-wheelers in India. The company has future expansion plans, including increasing the production capacity, adding more dealer touchpoints, bringing in cutting-edge technology-driven last-mile mobility three-wheeler EVs, and focusing on customer-centric products.
Atul Auto Ltd. is one of the fastest-growing three-wheeler companies in India, with its presence across 21 states, with 200 primary and 130 secondary networks, as of 2021. Its dealership, sales, services, and spare parts network comprises over 600 global touchpoints as of 2021. It has a presence in more than 16 countries, including the UK, Sierra Leon, Liberia, Ecuador, Guatemala, and Mexico. The company manufactures three-wheeler vehicles across the entire fuel range – petrol, diesel, CNG, LPG, and electricity. It operates through four business segments: Cargo, Passenger, E-Rickshaw, and Spares. Its Rajkot (India) manufacturing plant has a yearly production capacity of 60,000 vehicles. It is equipped with advanced machineries, such as CNC machine shops, fabrication shops, paint shops, and test houses.
Piaggio Group operates under three segments: two-wheelers (scooters and motorcycles), light commercial vehicles (the Ape and the Porter), and robotics (Piaggio Fast Forward). In April 2012, the group opened its Indian facility, Piaggio Vehicles Pvt. Ltd., in Baramati, Maharashtra, to produce 3- and 4-wheel cargo vehicles (ICE and electric) for the Indian market as well as for exports. It operates under two segments: two-wheelers and commercial vehicles. It has seven factories and seven R&D centers, including one factory under development in Indonesia. Its presence is in 100 countries, with over 4,000 dealers and over 800 Motoplex stores. In the commercial vehicles sector, the company sold 86,300 vehicles, including 51,200 three-wheel vehicle sales by PVPL, its Indian subsidiary, as of March 2022.
Related Reports:
Asia Pacific Electric Three-Wheeler Market by Motor Power (Below 1000 W, 1000–1500 W, 1500 W), Battery Capacity (Below 3 kWh, 3-6 kWh, 6 kWh), End-Use (Passenger Carrier, Load Carrier), Range, Battery Type, Payload Capacity & Country - Global Forecast to 2028
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