Asia Pacific Electric 3-Wheeler Market

Market Leaders - Asia Pacific Electric 3-Wheeler Market

Asia Pacific electric 3-wheeler market is estimated to be 272.7 thousand units in 2022 and is projected to grow to 702.1 thousand units by 2027, at a CAGR of 20.8% during the forecast period. Electric 3-wheelers run on the electrical energy stored in the rechargeable battery units. These battery units can either be charged through an external power source or can be swapped with a charged one. Electric 3-wheelers are more efficient and eco-friendly than conventional ICE 3-wheelers. The 3-wheeler industry has witnessed rapid evolution with ongoing developments in engineering and technology. Technological advancements, such as the inclusion of simulation software, reality tools, telematics unit, and GPS, and the emergence of disruptive trends, such as the use of energy-efficient electric propulsion and innovative battery technologies, have boosted the demand for electric 3-wheelers

Asia Pacific electric 3-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 3-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.

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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. Under the Automotive segment, the company manufactures electric 3-wheelers, such as Treo, eAlfa Cargo, Treo Zor, and eAlfa Mini, which have crossed 1,630 in volume as of December 2021 and are present in more than 70 cities. Powered by advanced Lithium-ion technology, the Mahindra Treo offers higher savings, superior ride quality, and best-in-class interior space. As of December 2021, Mahindra & Mahindra Ltd. had a presence in more than 100 countries, owned more than 150 companies, and had 250,000 employees.

Atul Auto Ltd. is amongst the fastest-growing 3-wheeler companies in India, with a presence across 21 states along with 200 primary and 130 secondary networks as of 2021. Its dealership, sales, service, and spare parts network comprises over 600 touchpoints across the globe as of 2021. The company has a presence in more than 16 countries, including the UK, Sierra Leon, Liberia, Ecuador, Guatemala, and Mexico. The company manufactures 3-wheeled vehicles across the entire fuel range – petrol, diesel, CNG, LPG, and electric. It operates through four business segments: Cargo, Passenger, E-Rickshaw, and Spares. 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. The company’s manufacturing plant in Rajkot (India) has a production capacity of 60,000 vehicles per year and is equipped with advanced machineries like a CNC machine shop, fabrication shop, paint shop, test house, and much more. As of December 2021, the company had 763 employees.

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: Two Wheelers and Commercial Vehicles. Under the Commercial Vehicles segment, the company provides three and four-wheeler commercial vehicles. The company owns prominent brands like Ape, Porter, Vespa, and Aprilia. Its product range comes with different fuel variants, such as diesel, CNG, LPG, and petrol. 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 as of 2021. It has a wide geographic presence in Asia Pacific, India, EMEA, and the Americas. As of December 2021, the company had 5,702 employees.

Lohia Auto Industries is a manufacturer of electric 2-wheelers and 3-wheelers. It has a production plant in Kashipur, Uttarakhand, which produces all the company’s listed products for the Indian market. As of 2021, the company has a portfolio of more than 10 products ranging from electric 2-wheelers and electric rickshaws to diesel 3-wheelers. Lohia Auto Industries is associated with SIAM (Society of Indian Automobile Manufacturers) and is also one of the founding members of SMEV (Society of Manufacturers of Electric Vehicles). It is the only Indian company registered with UNFCCC (United Nations Framework Convention on Climate Change) as of 2021.

Kinetic Engineering Limited primarily manufactures and supplies components and assemblies for passenger vehicles, light and medium commercial vehicles, and tractors. As of 2021, the company had manufactured more than 5,000,000 engines, complete vehicles, gearboxes, gears, shafts & auto-related components, and complete assemblies. It has a 52-acre manufacturing facility located in Ahmednagar with over 800 employees and utilizes some of the best equipment for auto and auto components manufacturing. The company formerly sold 2-wheelers under the brand name Kinetic Honda and later Kinetic Motors. Kinetic Engineering Limited is the flagship company of the Firodia Group of companies, one of the pioneering groups in automobiles in India. Kinetic Green, which is the latest venture of Firodia Group, offers a wide range of battery-operated vehicles, such as E-Autos, E-Carts, and Buggies.

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, 3-6kWh, Above 6kWh), Motor Power, Payload Capacity - Forecast to 2027

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Asia Pacific Electric 3-Wheeler Market Size,  Share & Growth Report
Report Code
AT 7860
RI Published ON
6/23/2022
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