Asia Pacific Electric 3-Wheeler Market

Market Leader - Asia Pacific Electric 3-Wheeler Market

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. India is estimated to show highest CAGR growth in the Asia Pacific electric three-wheeler market. The industrial expansion in emerging economies, such as India and Bangladesh, coupled with infrastructural development has led to the increased demand for load carrier transportation in this Asia Pacific region.

The three-wheeler industry has witnessed rapid evolution with ongoing developments in engineering and technology. With the increasing stringency of government mandates, the focus of three-wheeler manufacturers has shifted to efficiency, emission-free propulsion, innovative technologies, and revised environmental standards. The increasing adoption of electric three-wheelers and improved charging infrastructure (in terms of network and capacity) in countries will change the market scenario in the coming years.

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Increased demand for efficient and ecofriendly vehicles will boost the electric three-wheeler market. Consumers from developing countries are already feeling the heat of the increasing cost of petrol. Electrical three-wheelers will run on electricity, which is expected to reduce the operating cost of these vehicles. However, the lack of charging infrastructure creates a hurdle for the growth of the electric three-wheeler market. To make the electric three-wheeler market grow, a robust charging infrastructure network is needed so that users could cover long distances without bothering about searching for a charging station.

Asia Pacific electric three-wheeler market is dominated by players such as Mahindra & Mahindra Ltd. (India), Atul Auto Ltd. (India), Piaggio Group (Italy), Lohia Auto Industries (India), and Kinetic Engineering Limited (India). The other major players in the electric three-wheeler market are focusing on strengthening their regional presence to achieve continuous and sustainable development. This is evident from the several collaborations, supply contracts and joint venture projects undertaken by these companies in recent years.

Mahindra & Mahindra Ltd. (M&M) is an India-based company operating in the automotive, hospitality, mobility service, farm equipment, financial service, agri business, aerospace & defense, partners, information technology, real estate & infrastructure, and two & three-wheeler sectors. The company provides electric mobility solutions under its electric mobility arm (automotive segment), Mahindra Electric. Under the automotive segment, the company manufactures the Treo electric 3-wheeler, which has crossed 4,000 in volume (in 2019) and is present in more than 70 cities. The Treo range includes electric auto, e-rickshaw, and cargo versions. Powered by advanced Lithium-ion technology, the Mahindra Treo offers higher savings, superior ride quality, and best-in-class interior space.Due to the overall slowdown in the auto industry, leading to lower sales during the financial year 2019-20, followed by the abrupt closure of business activities from 25th March 2020 due to the COVID-19 pandemic, the company recorded a decrease of 15.2% in revenue. Profit after tax decreased by 72.3%. In the three-wheeler segment, the company sold 58,145 three-wheelers in 2019, registering a de-growth of 12.1% over the previous year’s volume of 66,140 three-wheelers.In the last two years, the company’s performance has been impacted by increasing losses in its international subsidiaries and the slowdown in the Indian economy, exacerbated by the COVID-19 outbreak. EPS of the company has slowed down, bringing down the average RoE to 12%. This has had a negative impact on the company’s stock price. The challenge, however, lies in the global subsidiaries of the company, some of which are experiencing significant losses and will affect the overall growth of the company.

Atul Auto Ltd. is amongst the fastest-growing three-wheeler companies in India, with a presence across 21 states along with 200 primary and 130 secondary networks. Its dealership, sales, service, and spare parts network comprises over 600 touchpoints across the globe. The company 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 electric. It provides two variants in e-auto rickshaws, namely, Elite Passenger and Elite Cargo. Atul Auto Ltd. has a wholly owned subsidiary named Atul Greentech Private Limited, which is involved in exploring opportunities in e-mobility and green energy.  Due to COVID-19 total sales of the company decreased total sales of the company decreased from USD 96 Mn in 2019 to USD 89 Mn in 2019. However, sales of E-rikshaw has shown a growth of 610 units in 2019 to 719 units in 2020.

The Piaggio Group operates under three separate arms: two-wheelers (scooters and motorcycles), light commercial vehicles (the Ape and the Porter), and robotics division with 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 export. The company operates under two segments, which include two-wheeler and commercial vehicle. Under the commercial vehicles segment, the company provides three and four-wheeler commercial vehicles. The company owns prominent brands like Apé, Porter, Vespa, and Aprilia. Its product range comes with different fuel variants, such as diesel, CNG, LPG, petrol, and electronic. The Piaggio Group also operates in China through Piaggio Zongshen Foshan Motorcycle Co. Ltd., a joint venture owned 45% by the Piaggio Group, 45% by the Zongshen Group, and 10% by the Municipality of Foshan. During COVD-19, Piaggio Vehicles Pvt. Ltd. set up an isolation center in Baramati of Maharashtra, besides providing safety gear and installing sanitation infrastructure at the government-run Sassoon Hospital in Pune as part of its multiple initiatives for the fight against the pandemic.

Related Reports:

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

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Report Code
AT 7860
RI Published ON
3/31/2021
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