The Asian electric three-wheeler market is anticipated to grow at a CAGR of 12.6% during 2021-2027 as the electric three-wheeler industry is witnessing a robust revolution and continuous development in engineering and technology like the inclusion of simulation software, telematics unit, GPS system, simulation software. The increased adoption of energy-efficient electric propulsion and innovative battery technologies, stringent government regulations, emission-free propulsion, and enhanced charging infrastructure will propel the growth of the Asian electric three-wheeler market.

India is anticipated to contribute to the significant share in the Asia-Pacific electric three-wheeler market owing to the rising demand for low-emission vehicles and less operating cost of commuting will bolster the growth of the electric three-wheeler market. Furthermore, the well-established electric three-wheeler market will lead to the adoption of green technology.

The COVID-19 outbreak has led to an adverse impact on the electric three-wheeler market in the Asia-Pacific region owing to a decline in production and sales of electric three-wheelers. Furthermore, component manufacturing was also halted during the pandemic as manufacturing firms were facing a liquidity crisis, thereby slowing down the growth of the electric three-wheeler market in the region.

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Based on type, passenger vehicles contributes to the largest share in the market as it is used as a taxi service for short-distance commutation in countries like India and Bangladesh. India has the largest market as it uses three-wheelers for public transport. Hence, e-rickshaw has huge scope in the passenger vehicle segment. Moreover, the government is promoting the adoption of electric three-wheelers so as to reduce petrol-fueled three-wheelers and reduce emissions.

Kinetic Green Energy & Power Solutions, the Kinetic Group's electric vehicle manufacturing business, inked a very aggressive plan to invest roughly Rs 300 crore in the next 3-4 years in order to play a significant role in "last-mile mobility for people and goods" in August 2021. Kinetic Green's Safar Star and Safar Jumbo electric three-wheelers, which will be released in October 2019 and October 2020, respectively, aim to capitalize on India's e-commerce and home delivery booms.

The prominent players in the Asia-Pacific electric three-wheeler industry include Jiangsu Kingbon Vehicle Co. Ltd., Changzhou Yufeng Vehicle Co. Ltd., ATUL Auto Ltd., Xianghe Qiangsheng Electric Tricycle Factory, Kinetic Green Energy & Power Solutions Ltd., Lohia Auto Industries, Terra Motors Corporation, and Jiangsu East Yonsland Vehicle Manufacturing Co.Ltd.