Philippines Electric Three-Wheeler Market - Size, Share, Analysis and Forecast to 2024

The Philippines electric three-wheeler market is predicted to grow at 9.8% CAGR during the forecast period, in terms of its fleet size. The Philippines market is still unexplored with few thousand units of electric three-wheelers on road in the country in 2017; however, the market is anticipated to grow in the coming years due to the ongoing public-private initiatives and favorable government policies in place.

Based on the product, the market is categorized into passenger vehicles and load carriers. The Philippines electric three-wheelers fleet size mainly constitutes of passenger vehicles due to the increasing demand for a sustainable mode of intracity transport.

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On the basis of motor power, the market is segmented into1,500 W. Of all, 1,000-1,500 W powered three-wheelers hold the largest share in the Philippines market. The highest share of the 1,000-1,500 W powered three-wheelers in the market is due to the optimum performance and cost of the vehicle at this power.

The Philippines electric three-wheelers market is growing due to the initiatives were taken by the government and non-government organizations. The government in France is relying on public-private partnerships to develop and grow the electric vehicles industry in the country, which is directly supporting the growth of the electric three-wheelers market in the country.

The Electric Vehicle Association of the Philippines (EVAP) has optimistic view for the growth of the electric vehicles sales in the Philippines owing to the support for these vehicles under Tax Reform for Acceleration and Inclusion (TRAIN) Law. Under the TRAIN Law, electric vehicles are exempted from higher excise tax, thus creating traction for investments to help and sustain electric mobility in the country. The government is not only eyeing for the expansion of electric vehicles sales in the major metropolitan cities but to the countryside. The government and non-government organizations are anticipating active participation from the local auto industry to flourish the electric vehicle industry in the country.

The Electric Vehicle Association of the Philippines (EVAP) plans for a national development program for electric vehicles that is anchored on the existing Motor Vehicle Development Program for the automotive industry. As per the association, this is to be implemented in four (4) phases of within a ten-year period.

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The Department of Energy in the Philippines is actively collaborating with the Department of Transport for the implementation of Public Utility Vehicle modernization program that is aimed to transform the Philippines’ public transport to cleaner and efficient mode of transportation. Such initiatives are expected to create a huge demand for electric three-wheelers in the country.

The report offers competitive insight of the players offering electric three-wheelers, OEMs or components manufacturers for these vehicles. Product and services, recent developments and financial highlights for the players operating in the Philippines electric three-wheelers market.

Source: VynZ Research

Global Electric Vehicle Market - Industry Insights, Growth Factors, Technology, Trends, Analysis, Demand and Development Forecast to 2024

Electric vehicle (EV) is a vehicle which requires one or more electric motors and makes its own electricity for propulsion. The global electric vehicle market is growing at significant rate, due to mounting alarm about environmental pollution and promising government strategies and supports. Different propulsion type contributed to the electric vehicle market size. The market has witnessed high demand for battery electric vehicle in the coming years due to refining charging infrastructure, government assistance in the form of permits, supports, and tax rebates, decreasing charging time and zero emission of carbon.

On the basis of component the electric vehicle market is subdivided into infotainment system, EV battery cells & packs, instrument cluster and on-board charger. Of all components, EV battery segment accounted the largest share in the market, as it is the most important component of an EV and it makes up substantial cost of an EV due to its high cost.

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On the basis of propulsion type the market is subdivided into plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), fuel cell electric vehicle (FCEV) and hybrid electric vehicle (HEV). Of all the propulsion type, the BEV accounted the largest share in the market due to refining charging infrastructure, government assistance in the form of permits, supports, and tax rebates, decreasing charging time and zero emission of carbon.

On the basis of vehicle type the market is subdivided into passenger cars (PC) and commercial vehicles (CV). Among the all vehicle type, the passenger cars accounted the largest share in the electric vehicle market due to mounting demand for fuel efficient vehicle and mounting environmental awareness among consumers.

Development of electric taxi, battery swapping, light electric vehicle, robo-taxi and electric autonomous vehicles are the trends observed in the electric vehicle market.

Promising government strategies and supports, substantial investments from automakers in EVs, mounting price of gasoline, launch of novel technologies, expanding vehicle range and amplified vehicle variety per charge are the primary growth drivers for electric vehicle market.

In addition, increase in the requirement of efficient vehicle with zero carbon emission, mounting alarm about environmental pollution and strict regulations regarding vehicle emission are also driving the growth of the market. For instance, according to World Health Organization (WHO), globally exposure of ambient air pollution leads to 4.2 million deaths every year. In addition, 91% of the world’s population lives in place where air quality exceeds WHO guidelines limits.

Globally industry players are leveraging market growth through launching new products. Different players are investing in development of new battery technology to lower the cost of electric vehicles to compete against gasoline vehicles in terms of price and performance. In the coming years, industry leaders are anticipated to significantly lower the cost of these vehicles and enhance performance of these vehicles leading to adoption by masses.

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Geographically, Asia-Pacific is the largest electric vehicle market and is observed to witness fastest growth in the market due to government assistance in the manner of permits, supports, and tax rebates. Constantly refining charging setup in countries such as Japan and China and expanding vehicle range are also up surging growth of the Asia-Pacific electric vehicle market.

In addition, China is the budding market for the EVs, as it has utmost number of EVs fabrication industries and largest fleet of EVs on the road. Moreover, availability of strong charging infrastructure and government support are the factors driving the growth of the China electric vehicle market. For instance, according to China Association of Automobile Manufacturers in February 2018, the production of BEV reached 56,706 units and is increasing 168.4% year on year.

Key players in the electric vehicle market are catering the demand by collaborating with small players and investing on technologically advanced EVs across the globe. In July 2018, BMW Group and Great Wall Motor signed an agreement to produce MINI electric vehicles. Tesla, BMW, Volvo, Nissan Motor, Toyota, Hyundai, Volkswagen, Ford, BYD Auto, Honda and Daimler are the key players offering electric vehicle.

Source: VynZ Research

Global Light Electric Vehicle Market – Industry Insights, Growth Factors, Top Companies, Application, Demand and Development Forecast to 2024

The light electric vehicle market is segmented on the basis of product into two-wheelers, three-wheelers, and four wheelers. The three-wheelers are expected to witness the fastest growth during the forecast period, owing to the rise in demand for an affordable and sustainable alternative to conventional fuel vehicles.

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Of all these two-wheelers, electric bikes are observed to have the highest adoption rate in the light electric vehicle market. The cost efficiency and innovation in lithium ion (Li-on) batteries have led to the largest share of electric bikes. Three-wheeler light electric vehicles include e-rickshaw, e-auto and others whereas four-wheeler light electric vehicles include electric quad, golf carts, and others.

The light electric vehicle market based on voltage range is segmented into 24V, 36V, 48V, 60V, and 72V. The highest revenue generation in 2017 was from 48V light electric vehicles, majorly used in electric bikes and scooters. However, the rise in demand for use of 72V electric microcars as a substitute to cars and public vehicle among city-dwellers is expected to drive the fast growth of 72V battery pack light electric vehicles during the forecast period.

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Some of the players in the light electric vehicle market include Textron, Inc., BMW Motorrad, Auro Robotics, Ingersoll-Rand plc, Polaris Industries, Inc., Gogoro Inc., GOVECS GmbH, Lit Motors Inc., Mahindra GenZe, Piaggio & C. SpA, Terra Motors,Vmoto Limited, Yadea Technology Group, Zero Motorcycles Inc., AIMA Technology Group Co. Ltd., and Jiangsu Xinri E-Vehicle Co.,Ltd.

Source: VynZ Research