The Malaysian electric three-wheeler market is predicted to grow at 13.4% CAGR during the forecast period, in terms of its fleet size. The Malaysian market is still at nascent; however, increasing popularity of electric three-wheelers among the transport companies and vehicle owners for their low maintenance requirement are anticipated to create ample growth opportunities in the coming years.
MALAYSIA 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 carrier 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 Malaysian 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 Malaysian electric three-wheelers market is primarily driven by the anticipated government initiatives in the coming years along with increasing demand for low-emission alternatives to conventional auto rickshaws. The Malaysian government is yet framing an optimistic environment for electric vehicle manufacturers in the country.
The country has discontinued incentive for electric vehicle in 2014 and this hampers the rapid growth of the market, however, the ambitious plan of the government in the government in the coming years creates to an optimistic scenario in the country for manufacturers. The country had set out the target to support adoption of over 100,000 EVs by 2020.
Moreover, the government plans to grow and develop electric vehicle charging infrastructure is also anticipated to support the growth of the Malaysian electric three-wheelers market in the coming years. The government-owned Malaysian Green Technology plans to install 25,000 electric vehicle charging station across the country.
The Malaysian electric vehicle industry is optimistic about the adoption of these vehicles in the coming years. With the increasing traction among local manufacturers, it is anticipated that the cost of electric vehicles will significantly lower in the coming years as compared to the imported vehicles from other countries. Moreover, the falling battery prices will also support the adoption of electric three-wheelers in the country during the forecast period.
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 Malaysian electric three-wheelers market.
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