Rising Pollution Levels to Drive APAC Electric Three Wheeler Market to $ 6.7 Billion by 2023

Favorable government policies, rising concerns regarding greenhouse gas emissions and expanding e-commerce industry to drive APAC electric three-wheeler market through 2023  

According to TechSci Research report, “APAC Electric Three-Wheeler Market By Vehicle Type, By Battery Capacity, By Battery Type, By Country, Competition Forecast & Opportunities, 2013-2023”,APAC electric three-wheeler market is forecast to reach $ 6.77 billion by 2023. Presence of a large number of electric three-wheeler manufacturers in the region, in addition to rising consumer inclination towards electric three-wheelers as compared to traditional three-wheelers due to environment friendliness and low-cost maintenance of electric three-wheelers, is anticipated to fuel the region’s electric three-wheeler market in the coming years. Moreover, favorable government policies across the region are likely to further boost the adoption of electric three-wheelers during the forecast period.

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APAC electric three-wheeler market has been segmented into passenger carrier and load carrier. Of these categories, passenger carrier segment accounts for the largest market share. China, India and other southeast Asian countries have high population, thus demand for local transportation is also high in these countries. Many Asian countries import fuel from other parts of the world, which increases the fuel price. Owing to the aforementioned factors, demand for electric three-wheelers as passenger carriers is growing at a robust pace across the region. Major manufacturing companies such as Hero, Lohia, Kinetic and Clean Motion are from China and India. Their continuous research & development efforts to manufacture advanced and affordable electric three-wheelers are likely to have a positive impact on the APAC electric three-wheeler market over the course of next five years.  

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“Alarming levels of air pollution coupled with launch of new models and increasing consumer inclination towards alternative fuel vehicles are the key factors expected to aid the growth of APAC electric three-wheeler market in the coming years. Additionally, several Chinese and small-scale electric three-wheeler manufacturers are expanding their business operations, and consequently, customers are expected to have a wider range of electric three-wheelers to opt for in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“APAC Electric Three-Wheeler Market By Vehicle Type, By Battery Capacity, By Battery Type, By Country, Competition Forecast & Opportunities, 2013-2023” has analyzed the potential of electric three-wheeler market across the region, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

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