Asia Light Electric Vehicle Market is said to grow at 7.0% CAGR (compound annual growth rate) during the forecast period with the market size reaching more than 366 trillion by 2024. Let us look into the EV Market Segmentation-Reasons, Needs & Challenges.
EV Market Segmentation-Reasons, Needs & Challenges
public transportation is much used by the people for their everyday commuting purposes. Most of the public transportation includes buses, auto rickshaws in urban cities as it costs less.
So the adoption of electric three-wheelers and buses in the country can make a huge effect on the environment and the people.
Asian Markets Includes India And Thailand
It is the key term observed in the Asian markets. In India and Thailand autorickshaws is the major source for public transportation in the urban cities.
According to the VynZ Research, conventional autorickshaw owners are opting the e-rickshaws and e-auto as the costs less for maintenance. Apart from the three-wheelers, in urban cities is also preferring scooters and motorcycles for everyday commutes as it saves them on costs and time.
- Global electric bus market is growing at 16.2% CAGR
- Three-Wheeler Market in India is predicted to grow at 45.2% CAGR
The market segmentation of EVs
By Product
Based on the product the EV market is categorized in two-wheeler and four-wheelers out of which two-wheelers have the largest share in the market as almost in all urban cities the traffic is the major concern among the commuters, hence people opting for two-wheelers and shifting trends to EVs.
Among the two-wheelers, various categories are e-scooters, e-bikes, e-motorbikes, etc, here E-scooters holds the largest share in the market as the young generation is preferring more e-scooters as a popular trend.
By Voltage
voltage such as 24V, 36V, 48V, 60V, 72V, 48V holds the largest market share in the Asian EV market. 48V is used in most of the e-rickshaws and e scooters.
By Motor
There are different kinds of motors used in EVs such as DC brushed motors, DC brushless motors, Induction (Asynchronous) motor, Synchronous motor, Switched Reluctance motor, among all these the DC motors, are the most preferable and commonly used in the EVs as it offers high efficiency and costs less in terms of maintenance.
Reasons For Growth and Need of EVs in the Country
Government Support
Government is the major support for the development of the EVs as it notably fuels the demand of the country.
Technology Advancements
Technology Advancements helps the EVs to improve in the performance and make it affordable in the coming years.
Speedy Urbanisation
Speedy Urbanisation leads to the traffic congestions on the roads which result in the more emissions from the vehicles hence the need for the EVs increases.
Low Maintenance
Low maintenance is the key factor in the EVs people are looking out for. EVs costs less in maintenance when compared to conventional vehicles.
Challenges
High Cost of Battery
The main reason for the EVs higher prices is the cost of the batteries. The battery is the most costlier component in any EV which is leading the high price of the EVs.
Lack of Charging Infrastructure
Lack of Charging Infrastructure is also one of the major challenges faced by the EV users and manufacturers.
There are many initiatives taken up by the manufacturers and the government by installing the charging infrastructure however it will be not sufficient as the adoption of EVs has increased rapidly.
Competition with other conventional or Gasoline Vehicles
Competition with other conventional or Gasoline Vehicles can be seen in many terms such as the performance, design, price, etc.
Hence better performance, less cost and better design and style of EVs can increase the much sales of the EVs in coming years.
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