Press Release

Three Wheeler Market to Grow at over 12% CAGR until 2024

According to TechSci Research report, Global Three Wheeler Market By Vehicle Type, By Fuel Type, By Region, Competition Forecast & Opportunities, 2014 – 2024”, global three-wheelers market is projected to grow at a CAGR of over 12% during the forecast period. The growth of the market can be attributed to the rising middle-class population in developing and underdeveloped countries and increasing demand for urban mobility to make affordable and convenient short-to-medium commute. Low disposable income and rising adoption of three-wheelers by logistics service providers are also expected to fuel the market growth. Introduction of clean energy sources in three-wheeler automobiles leading to emergence of electric vehicles and rising modernization of several commercial infrastructures such as malls, education institutes, metro rail, etc. has contributed to the utilization of three-wheelers. Factors like growing demand from freight and logistics service providers for last mile delivery, public transportation used for the connectivity and increasing inclination of consumers towards small and easy manoeuvrable automobile are further anticipated to fuel demand for three-wheelers.

Browse 7 market data Tables and 149 Figures spread through 204 Pages and an in-depth TOC on " Global Three-Wheeler Market"

 

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With an expanding volume share of over 54%, passenger carrier three-wheeler segment dominated the global three-wheeler market in 2018, followed by load carrier segment. The growth of passenger carrier three-wheeler segment is led by their expanding fleet, rising transportation needs across different regions. Although, three-wheelers market in Asia-Pacific witnessed a promising CAGR during 2014-2018 due to local manufacturing and demand as well as growth in overall economy, however, the government across different countries in the region are taking initiatives to move towards the usage of alternative energy, i.e., electrification of vehicles. Additionally, the demand for three-wheeler vehicles grown in Africa region during 2014-18 due to high rate of inflation, currency devaluation and absence of heavy transportation vehicle manufacturing in the entire region.

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Major non-electric three-wheeler giants such as Bajaj, TVS, Piaggio, etc., have enhanced their product offering to gather more customer concentration towards their products. On the other hand, many Chinese electric three-wheeler manufacturers such as Zongshen, Jinpeng, Zbee, etc., have also intensified their business operation by expanding their product distribution network globally as well collaborated with global companies to enhance the quality of their product by investing in research and development. Several global companies are also investing intensively to provide their customers with more affordable and less costly three-wheelers.

“Growing presence of various multinational companies such as Bajaj, TVS, Piaggio, etc. coupled with their continued research and developments to meet the customized demand in different regions of the world as well as to offer a wide product range is expected to intensify competition in the global three-wheeler market in the coming years. Moreover, rising average selling price of three-wheelers along with their growing sales are further anticipated to boost revenue of global three-wheeler market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Three-Wheeler Market By Vehicle Type, By Fuel Type, By Region, Competition Forecast & Opportunities, 2014 – 2024 has analyzed the potential of three-wheeler market globally, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by global three-wheeler market across the world. 

 

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