The Indonesian electric three-wheeler market is predicted to grow at 12.0% CAGR during the forecast period, in terms of its fleet size. The Indonesian market is still unexplored and the government is yet to push the adoption of electric-three wheelers in the country. However, the increasing popularity of these vehicles is leading to increasing traction among manufacturers for revenue generation.
INDONESIA ELECTRIC THREE-WHEELERS MARKET HIGHLIGHT
Insight by Product
Based on product, the market is categorized into passenger vehicles and load carriers. Passenger vehicles hold the larger share in the market, whereas load carriers electric three-wheelers are also anticipated to witness a significant growth during the forecast period.
Insight by Motor Power
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 Indonesian 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 electric three-wheelers market in Indonesia is yet to gain the expected traction and the government is yet preparing a clear roadmap for the electric vehicle industry. The urban population in Indonesia prefers three wheelers for their daily commute as it saves them time and cost. With the introduction of electric three-wheelers, as these vehicles further, save the maintenance cost which creates traction among masses. Moreover, consumer find these vehicles efficient especially for intracity transport for low distance travels.
Auto rickshaw provides a cheaper and faster intracity transport in these countries; therefore, large population depends on it for the transport. Although with the lower performance compared to the conventional auto rickshaws, electric three-wheelers are still being preferred for their low maintenance rate.
In Indonesia, government plans to collaborate with the manufacturers to increase the electric vehicle fleet size in the country. In March 2018, Mitsubishi Motors Corp. has partnered with the Indonesian government on the use of electric vehicles to help the country reduce exhaust emissions and develop a greener environment. The government in the country plans to scrap a 40 percent luxury goods tax on sales of electric cars as well as reduce the import tax on these items from up to 40 percent to 5 percent. These initiatives are further anticipated to propel the 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 Indonesian electric three-wheelers market.
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