NEW DELHI, India, April 22, 2019 (GLOBE NEWSWIRE) -- The Asian light electric vehicle market is predicted to grow at 7.0% CAGR during the forecast period with the market size reaching USD 52.8 billion by 2024. The market is driven by the factors such as technological advancements, government support, rapid urbanization and low maintenance requirements of these vehicles.

Get a free copy of sample report:

E-rickshaws gaining huge traction in the region

The increasing inclination towards e-mobility, and adoption of electric three-wheelers for public transport are the key trend observed in the Asian market. In the developing economies of Asia, large population is depended on the public transport for their daily commute. Auto rickshaws are the major mode of transport in the major urban cities of these countries such as India and Thailand. Auto rickshaw provide a cheaper and faster intracity transport in these countries; therefore, large population depends on it for the transport.

Conventional autorickshaw owners are adopting these e-rickshaw and e-auto for public transport as it saves the cost of maintenance. The urban population in Asia prefers scooters and motorcycle for their daily commute as it saves them time and cost, which fuels the growth of the Asian market.

Explore key industry insights in 173 tables and 93 figures from the 187 pages of report, ”Asia Light Electric Vehicle Market – Analysis and Forecast (2018-2024) Industry Insights by Product (Two-Wheelers, Three-Wheelers, Four-Wheelers), by Voltage (24V, 36V, 48V, 60V, 72V), by Country (China, India, Indonesia, Thailand, Malaysia, Philippines, Vietnam)”

Government support is the key driving force for the Asian light electric vehicle industry

Governments in the Asian countries are taking initiatives to replace the petroleum based automotive fleet with electric powered vehicles. Countries such as India and China provide incentive to boost electric vehicles adoption. In China, electric vehicles are exempt from purchase taxes during 2014–2017, Chinese government has further extended it to 2020. For battery electric vehicles, subsidies were around 40 to 60% of the vehicle cost.

In 2018, Indian government confirmed subsidies for all type of electric vehicles. Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles II (FAMEII) scheme has been finalized in April this year. As per the scheme the government will invest INR 5,500 crores (~ USD 784 million) in the next five years. The governing panel decided that the subsidiary will be provided for all kinds of electric vehicles including light electric vehicles. As per the scheme the government will provide incentives of INR 1,800 to INR 29,000 (~USD 24 to USD 390) for battery operated electric scooters and motorcycles and INR 3.300 to INR 61,000 (~USD 44 to USD 820) for electric three wheelers.

Electric two-wheelers lead the EV adoption in Asia

Based on product, the market is categorized into two-wheeler, three-wheeler and four-wheelers, of which two-wheelers hold the largest share in the Asian light electric vehicle market. Due to the congestion in traffic of major cities or urban areas two-wheeler are mostly preferred by consumers, and with the shifting trend to electric vehicles consumers are rapidly adopting electric two-wheelers.

Light electric two-wheelers market is further categorized into e-scooters, e-bikes, e-motorbikes and others. E-scooters hold the largest share in the market due to the increasing popularity of electric scooters among younger generation especially working professionals and students. Light electric three-wheelers market is segmented into e-rickshaw, e-auto, and others. Most of the manufacturers are producing low speed rickshaws with top speed of 25km/hr. The high cost of development of high power/ high speed electric auto still leaves the category at nascent stage.

On the basis of voltage, the market is 24V, 36V, 48V, 60V, 72V. Of all, 48V light electric vehicle hold the largest share in the Asian light electric vehicle market. Most of the e-rickshaws and e scooters are being developed with a battery of 48V thus leading to the largest share of the category.

Do you have any specific research requirement? Ask for customization:

Motor Technology

There are different types of electric motors used in electric vehicles including DC brushed motors, DC brushless motors, Induction (Asynchronous) motor, Synchronous motor, Switched Reluctance motor. Of all brushless DC motors are found to be most commonly used in these vehicles as these motors require less maintenance and higher efficiency. IN BLDC mechanical commutation is replaced with electrical commutation. BLDC motor is a rotating self-synchronous machine with a permanent magnet rotor and known rotor shaft positions for electronic commutation. These motors operate better at higher speed which makes them popular among electric vehicles. Asynchronous motors are preferred for high efficiency and speed regulation.

Chinese manufacturers dominate the Asian light electric vehicle market

Among different countries, China dominates the market with more than 90% of light electric vehicle fleet size based in the country. India is the fastest growing market for light electric vehicles, owing to the rapid adoption of electric three-wheelers over last few years and increasing government support.

Market players in the light electric vehicle industry are investing capital to develop low cost light electric vehicles with better performance to provide them distinctive advantage. Most of the manufacturers use brushless DC motors in these vehicles as these motors require less maintenance and higher efficiency.

Some of the key players operating in the Asian light electric vehicles market are AIMA Technology co., Ltd., Clean Motion AB, Eclimo Sdn. Bhd., Ningbo MYWAY Intelligent Technology Co. Ltd., UDA Motor Co. Ltd., Xiaomi Inc., Changzhou Yufeng Vehicle Co. Ltd., Zhejiang Luyuan Electric Vehicle Co., Ltd., Electrotherm India Ltd., Honda Motor Company Ltd., Jiangsu East YonslandVehicle Manufacturing Co., Ltd., Jiangsu Xinri E-Vehicle Co.,Ltd. (SUNRA), Viar Motor Indonesia, Yadea Technology Group, STAR 8 AUSTRALIA PTY LTD, Jiangsu Kingbon Vehicle Co., Ltd, Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation, and TukTuk Factory.

More reports from VynZ Research

Electric Bus Market Analysis and Forecast 2024

The global electric bus market is growing at 16.2% CAGR during the forecast period, with it’s the fleet size anticipated to reach 281.3 thousand units by 2024. The market is driven by supportive government initiatives and mounting alarm about environmental pollution. Battery electric bus contributed the largest revenue and its market size is predicted to grow at the fastest CAGR during the forecast period, due to decreasing battery prices and least amount of carbon emissions.

Explore more at:

China Electric Two-Wheeler Market Analysis and Forecast to 2024

The Chinese electric two-wheeler market is predicted to grow at 6.7% CAGR during the forecast period with its fleet size reaching 52.9 million units by 2024. The Chinese market is primarily driven by the increasing demand for electric scooters in the country, favorable government regulations, the presence of a large number of local players and increasing investment on battery technology development. Different products including e-scooters and e-bikes are majorly contributing to the electric two-wheeler market size in China.

Explore more at:

India Electric Three-Wheeler Market Analysis and Forecast to 2024

The Indian electric three-wheeler market is predicted to grow at 45.2% CAGR during the forecast period, in terms of its fleet size. The government support and subsidies, entrance of new entrants in the market and need for the alternative transport system to curb vehicular emissions are the key factor fueling the demand for the electric-three wheelers market in India. The government of India has committed to lower the vehicular emission by 2020 which leads to immediate measures to replace the conventional modes of transport with electric vehicles.

Explore more at:

About VynZ Research

VynZ Research is a market research firm offering research, analytics, and consulting services on business strategies. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies. VynZ Research assists enterprises to take strategic decisions for helping their businesses to grow. The reports developed by VynZ are based on market facts that includes comprehensive analysis and quantification of market drivers, industry dynamics, opportunities, challenges, threats, market shares and anticipated new trends & technologies arising across wide range of industries.

Contact Us:

Kundan Kumar

Client Partner

Call: +91-996-028-8381

Toll Free (U.S. and Canada): +1-888-253-3960