Asia Pacific Electric Two & Three-Wheeler Market is anticipated to mark a tremendous rise in revenue from US$ 38,805.8 Mn in 2021 to US$ 1,27,228.9 Mn by 2030. The market is registering growth at a CAGR of 14.1% both in terms of value and volume over the forecast period 2022-2030. Electric vehicles lead to less air pollution, less noise pollution, higher efficiency, low maintenance cost, and low fuel and operating costs when compared to other conventional vehicles. Moreover, clean and renewable energy sources like solar and wind power are being increasingly integrated into the utility grids used to charge electric vehicles, which further reduces the use of hydrocarbon-based energy sources.

The market is majorly driven by factors such as growing demand for energy-efficient commuting and government support through subsidies and tax rebates. The production of gas-powered vehicles is expected to decrease prominently over the next decade as gas is not a renewable source of energy and doesn’t promote sustainable development. Electric two & three-wheelers  provide zero tailpipe emissions and noise-free transportation. In addition, the electrification of two & three-wheelers is expected to result in lower operation and maintenance costs as compared to Internal Combustion Engine (ICE) vehicles, making them economically viable. 

The governments of countries such as China, India, and Japan have promoted the growth in this segment by offering incentives, imposing tax rebates, and preferential policies, among others. For instance, in India, state of Maharashtra declared its EV policy in 2021. This policy provides incentives of US$ 65.50 per kilowatt-hour of battery capacity to all types of electric vehicles buyers. Further, China’s lion share in the APAC electric two & three-wheelers market is attributed to factors such as government's substantial support and expansion in charging infrastructure, tax breaks for acquiring electric cars by 2023, enhancing the quality of electric automobiles, boosting charging facilities, and subsidies granted by the Ministry of Commerce. However, the lack of EV charging infrastructure in other APAC countries and poor design & performance standard of electric vehicles poses a big challenge to the market growth.  

Key Insights of the Report: 

• Latest study published by Astute Analytica analyzes the Asia Pacific Electric Two & Three-Wheeler Market for the study period of 2017-2030; where historical years are 2017-2020, base year is 2021 and forecast period is 2022-2030.
• The research report offers detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 17 chapters distributed across 100 pages with 22 list of tables and 33 list of figures.
• The market is segmented based on vehicle type, usage, end user, and country.
• The market estimates are presented in terms of value (US$ Mn) and volume (Units).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• Detailed value chain analysis of the industry was conducted. It includes raw material providers, electric vehicle manufacturers, distributors, and end users.
• Competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Asia Pacific Electric Two & Three-Wheeler Market Report:

• Based on vehicle type, the three-wheeler segment has the highest share in the Asia Pacific Electric two & three-wheeler market in 2021 and is further estimated to continue its dominance over the projection period. Sales of electric e-bikes more than doubled in 2021 led by a sharp uptick in demand for e-bikes which are supported by state and central subsidies.
• In terms of usage, the personal segment holds the highest market share in 2021 and records the highest CAGR over the forecast period 2022-2030. Electric two & three-wheelers are predominantly used in the personal or private sector. They are being heavily used for commuting from one place to another, as they have become the most fuel-efficient transport system for long distances.
• Individuals (B2C) are the highest end users of the Asia Pacific electric two & three-wheeler market in 2021 and have the highest CAGR over the projection period due to the increased use of electric two & three-wheelers by customers as they are cost efficient and environmentally friendly.
• China dominates the Asia Pacific electric two & three-wheeler Market in 2021 and will continue its dominance over the forecast period. China, being the world's top EV producer and user, has a stranglehold on the region's EV market. Chinese electric vehicle sector is booming due to the strong government support and increased charging infrastructure. Moreover, many multinational automakers have begun to invest in Chinese market for new energy vehicles. For instance, Toyota Motor Corporation (Japan) and BYD Auto Co., Ltd. (China) formed a joint venture to manufacture electric automobiles and batteries in 2020.

Impact of COVID-19 

The COVID-19 pandemic severely crippled the auto industry, and the disruption had its impact on demand for electric two & three-wheelers. Both the production and sales of new electric three-wheelers came to a halt across the Asia pacific region as the whole ecosystem got disrupted. Furthermore, the supply of lithium-ion battery packs got impacted in FY21 due to the pandemic and remained disrupted for several weeks. This was followed by a crackdown by the government on shipments coming from China which again hampered the battery supply. However, the market is coming back on track and is expected to flourish in the future. 

Competitive Insight

The key players in the Asia Pacific Electric Two & Three-Wheeler Market are Electrotherm (India) Ltd., Terra Motors Corporation, Hero Electric Vehicles Pvt. Ltd., Chongqing Zongshen Tricycle Manufacture Co. Ltd., Lohia Auto Industries, ATUL Auto Ltd., and Saera Electric Auto Pvt. Ltd. among others. Through extensive research, it is found that big players have adopted various competitive strategies such as merger & acquisition in order to have a grip in the stabilized market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview 

Following are the different segments of the Asia Pacific Electric Two & Three-Wheeler Market: 

By Vehicle Type segment of the Asia Pacific Electric Two & Three-Wheeler Market is sub-segmented into:

• E-bikes
• Electric Kick Scooters
• Two-Wheelers
  • Scooters
  • Motorcycles
• Three-Wheelers
  • Passenger 3-Wheelers
  • Cargo 3-Wheelers

 By Usage segment of the Asia Pacific Electric Two & Three-Wheeler Market is sub-segmented into:

• Personal
• Commercial
  • Passenger Carrier
  • Goods Carrier

 By End User segment of the Asia Pacific Electric Two & Three-Wheeler Market is sub-segmented into:

• Individuals (B2C)
• Businesses (B2B)
  • Logistics Companies
  • Transport (Fleet Operators)
  • Retail & E-Commerce
  • Utilities
  • Hospitality
  • Others

By Country segment of the Asia Pacific Electric Two & Three-Wheeler Market is sub-segmented into:

• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Sri Lanka
• Nepal
• Bangladesh