The demand for electric vehicles is particularly high in Asia-Pacific (APAC), owing to the surging air pollution levels in India and China, rapidly expanding automotive sector, and favorable government policies in the region. Governments in the region are providing tax rebates and subsidies on the purchase of electric vehicles, which is highly suitable for developing countries where the disposable income of people is low. For example, according to the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles, the Indian government is offering subsidies on the basis of the model and the original equipment manufacturer, ranging from $370 (25,000 INR) to $900 (61,000 INR).
This can be ascribed to the rising need for low-cost shared mobility services and the presence of a large consumer base in the region. This being said, the demand for electric-three wheeler load carriers is also expected to increase significantly in the years to come due to the low operational cost of these vehicles as compared to their counterparts and expanding e-commerce industry. Electric-three wheelers have different motor powers, namely less than 1,000 W, between 1,000 and 1,500 W, and more than 1,500 W. Out of these, the demand for electric three-wheelers ranging from 1,000 W–1,500 W was higher in 2017.
Most of the electric-three wheelers are integrated with motor power in the above mentioned range, as they offer operational cost benefits. Apart from this, the demand for electric-three wheelers having increased motor power is also projected to rise in the years to come, owing to the surging need for high-speed electric vehicles and products with enhanced quality. The two types of batteries that are used in electric-three wheelers are lithium-ion (Li-ion) and sealed lead acid (SLA) batteries, between which, the demand for SLA batteries has been higher in the past.
Other than this, the demand for Li-ion batteries is also expected to rise substantially in the coming years. This is because of the benefits that are associated with these batteries, including lighter weight, higher energy density, lower environmental damage, and greater life-span as compared to the variants. Moreover, the prices of Li-ion batteries have reduced considerably over the few years, owing to technological advancements, which is further predicted to lead to their increased adoption among people. This is a major factor leading to the growth of the APAC electric-three wheelers market.
Hence, the demand for electric-three wheelers in APAC is growing due to the favorable government policies and decreasing prices of Li-ion batteries.
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The global power metering market is expecting strong support from various end user industries to maintain an upward trajectory during the forecast period of 2018 to 2022.
Market Research Future (MRFR) revealed factors like the rising uptake of smart devices, increasing urbanization, investment to make power supply more efficient, demand to make the system more cost-efficient, various environmental conditions, and others as major thrust-providers for the global power metering market.
Changes in investment patterns for the research and development sector, government rules regarding grid infrastructure, and others can also provide traction to the market.
However, privacy and standardization could be hindering issues for the market.Get Free Sample PDF @ https://www.marketresearchfuture.com/sample_request/2570Segmentation: The global market report, containing various studies on dynamics, revealed an analysis of segments like type, phase, and application.
Insights gathered from these are backed by scientific methods and parameters that can inspire better strategic decisions.By type, the global market study on the power metering market includes smart, digital, and analog.
The smart segment is getting significant traction as end users are finding it effective.By phase, the power metering market includes a study of single-phase and three-phase.By application, the market study on the power metering market comprises residential, commercial, and industrial.
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