Indian Three Wheeler Market to surpass USD 3.41 Billion by 2017
Rising population, growing commercialization, increasing disposable incomes and rising demand for transportation are fuelling the demand for three wheelers in the country
India’s Automobile sector has grown rapidly as a result of rising population continually contributing to the demand for transportation. The market for three wheelers, both passenger and commercial hold bright prospects in terms of sales and production. The demand for three wheelers witnessed significant rise when Piaggio introduced its three wheelers. India is the world’s largest three wheeler market, accounting for a share of over 40% in the global market. In India, three wheelers are one of the most preferred means of intra city transportation. Over the past few years, the market for three wheelers used as loading carriers has also increased remarkably as a result of rising industrialization, growth of commercial establishments contributing to the need for additional carriage.
According to a recently published report by TechSci Research, “India Three wheeler Market Forecast and opportunity, 2017”, the market value for three wheelers in India is expected to reach up to USD 3.41 Billion by the end of 2017. India is the leading producer, consumer and exporter of three wheelers. Majority of the market was previously concentrated in major metropolitan regions but now the market has grown extensively across all major Tier I cities in the country.
“The market for three wheelers is continuously increasing with the rising need for convenient and cheap transportation. Delhi, Mumbai and Bangalore are the largest markets for three wheelers. The consumer demographic and massive commercialization are considered the major driving factors for this industry which are likely to drive the market over the coming years” said Mr. Karan Chechi, Research Director with TechSci Research a research based global management consulting firm.
‘India’s Three Wheeler Market Forecast and Opportunities, 2017’ has evaluated the future growth potential of three wheelers market and provides statistics and information on market structure, consumer behavior trends. The report includes three wheeler’s market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in three wheelers market in India.