Owing to the emerging need for better transportation facilities all over the world, the demand for three-wheelers has experienced considerable traction in the past few years. Three-wheeler rickshaws are used for commuting to short distances and are available for public transport or carrying goods. The Three-Wheeler market has been witnessing extensive growth due to the ease of mobility from one place to another, outstanding performance in terms of mileage, and low prices. The Three-wheeler market can be categorized into three types on the basis of vehicle type: passenger carrier, goods carrier, and personal use. The Passenger Three-Wheeler market is anticipated to witness rapid growth in the forecast period 2020-25. Majorly, a three-wheeler operates on petrol, diesel, batteries, LPG, and CNG.
According to MarkNtel Advisors’ research report titled “Global Three-Wheeler Market Analysis, 2020”, the CAGR of the Global Three-Wheeler market is anticipated to reach 11% during 2020-25. The future of the three-wheeler market is highly promising as new types of models and designs are being launched every year.
However, the current lack of required transport facilities and the emerging need for cargo shipment rising in the logistics sector is expected to drive the demand for three-wheelers in the coming years.
Electric Three Vehicles Market to Flourish till 2030
Many prominent countries in the world such as India and China are focusing on the adoption of Electric Three Vehicles. In India, under the government’s “Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India Scheme” (FAME) plans to promote greater adoption of electric vehicles running on batteries that do not consume fuel and are energy-efficient. Renowned companies are working toward the development of a replacement of fuel by batteries.
The production of New Energy Vehicles (NEVs) reached 87,000 units until August 2019. Moreover, a low rate of disposable income and unemployment in emerging countries such as India and China are expected to boost the sales of three-wheelers as these can aid in the generation of employment and larger adoption in the countries. Furthermore, electric vehicles are the cheapest means of public transportation to commute in short distances and easily carry loads. Also, the increasing prices of fuel can also help in the faster adoption of E-Vehicles in the Asia-Pacific.
According to MarkNtel Advisors’ research report, “Global Three-Wheeler Market Analysis, 2020”, some of the major leading players of the Global Three-Wheeler market are TVS Motor Company, Bajaj Auto Limited, Mahindra and Mahindra Limited, Scooters India Limited, Piaggio & C. S.p.A, Chongqing Zongshen Tricycle Manufacturing Co., Ltd., Atul Auto Limited, Ningbo Dowedo International Trade Co., Ltd, Terra Motors Corporation, and Lohia Auto Industries.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What would be the growth rate or CAGR of Global Three Wheeler Market during 2020-25?
A. The market size of Global Three Wheeler Market during 2020-25 is forecast to be around 11%.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that Asia-Pacific will dominate the market with majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in Global Three Wheeler Market?
A. TVS Motor Company, Bajaj Auto Limited, Mahindra and Mahindra Limited, Scooters India Limited, Piaggio & C. S.p.A, Chongqing Zongshen Tricycle Manufacturing Co., Ltd., Atul Auto Limited, Ningbo Dowedo International Trade Co., Ltd, Terra Motors Corporation and Lohia Auto Industries are few of the leading players in the Global Three Wheeler Market.
Q. Does the report scope cover Global Three Wheeler fuel type and region wise market statistics also?
A. Yes, the scope of the report encompass detailed Global Three Wheeler Fuel type and region wise statistics such as market size, market segmentation based on various subcategories.
Q. Which User segment would emerge as an opportunity area for players in Global Three Wheeler Market?
A. Passenger Carrier type will continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Three Wheeler Market.
