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2021
Three-wheeler Market

Three-Wheeler Market

by Fuel Type (Petrol/ CNG, Diesel, and Electric) and Vehicle Type (Passenger Carrier and Load Carrier): Global Opportunity Analysis and Industry Forecast, 2021-2028
Update Available On-Demand

Report Code: A11334
Pages: 170
May 2021 | 8454 Views
Author(s) : Prateek Y , Sonia M
Tables: 95
Charts: 61
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Three-Wheeler Market Statistics 2028 -

The three-wheeler market was valued at $8.42 billion in 2020, and is projected to reach $15.54 billion by 2028, registering a CAGR of 10.3% from 2021 to 2028. 

The COVID-19 outbreak severely impacted the automotive sector on a global level, which in turn give rise to considerable drop in automotive sales, insufficiency of raw material, and others. In many low-income countries public transport provides employment to many individuals. However, as the public transport increases the spread of COVID-19 which as a result impacted the three-wheeler sales. Furthermore, three-wheeler offers easy customizability which in turn foreseen to reinforce the demand for three-wheeler load carriers during the outbreak.

A three-wheeler is a three wheeled vehicle propelled by petrol/CNG, diesel, or electric motor. Three-wheelers are generally used as a commercial vehicle to transport passenger and goods. Three-wheeler mobility depends on the maneuverability, affordability, and door-to-door transport. As many developing countries specially in Asia-Pacific and LAMEA require faster and significantly cheaper option for public and goods transport, three-wheeler suites the requirement best. 

Three-Wheeler-Market

The COVID-19 outbreak severely impacted the automotive sector on a global level, which in turn give rise to considerable drop in automotive sales, insufficiency of raw material, and others. Many small and big players in the automotive sector are witnessing issues such as halt of production activities, mandated plant closures by the government, and others, which has affected the market growth. 

Factors such as increase in demand for affordable commercial vehicle, rise in requirement of electric passenger as well as load carriers, and low maintenance & manufacturing cost drive the demand for three-wheeler. However, ever-growing inclination toward the last mile delivery, shared mobility, and increase in fuel cost are expected to restrain the market growth. These factors are foreseen to have a definite impact on the three-wheeler market during the forecast period (2021-2028).

Three-Wheeler Market
By Fuel Type

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Electric Three-Wheelers is projected as the most lucrative segment

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The global three-wheeler market is segmented on the basis of fuel type and vehicle type. Based on fuel type, the market has been categorized into petrol/CNG, diesel, and electric. Based on vehicle type, it is categorized into passenger carrier and load carrier. Region wise, the global three-wheeler market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Three-Wheeler Market
By Vehicle Type

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Laod Carrier is projected as the most lucrative segment

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The key players analyzed in the three-wheeler market include Bajaj Auto Ltd, Piaggio & C.SpA, Atul Auto Limited, Chongqing Zongshen Tricycle Manufacture Co. Ltd, J.S. Auto Pvt Ltd, Kinetic Green Energy & Power Solutions Ltd, Mahindra & Mahindra Ltd, Scooters India Limited, Terra Motors Corporation, and TVS Motor Company.

Three-Wheeler Market
By Region

2028
Asia-pacific 
North America
Europe
Lamea

LAMEA would exhibit the highest CAGR of 12.2% during 2021-2028.

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Inclination toward use of electric three-wheeler as an eco-friendly & efficient solution for commute

Continuously growing global carbon emission by combustion of fuel has been one of the foremost concerns for governments and environmentalists from the past few years. Which as a result, drive the demand for electric three-wheeler across the globe; thereby, supplementing the growth of the market. Furthermore, owing to increase fuel prices at international level, growing pollution, and traffic congestion especially in urban areas have further increased the acceptance of electric three-wheeler across the globe. In addition, relatively higher running and maintenance cost of petrol/CNG & diesel propelled three-wheeler leads to shift in preference for electric three-wheeler for the shorter transits, which, in turn, is further expected to fuel the market growth.

Growth in trend of last mile connectivity

Many companies in e-commerce, pharma, textiles, and retail, FMCG, and other utility segments such as dairy, poultry, and gas are preferring three-wheelers as a last mile connectivity solution as they offer excellent maneuverability at affordable price. Furthermore, many players are very keen to convert their last-mile delivery fleet to electric due to their added benefits. The growing adoption of electric vehicles is further reinforcing the demand for electric three-wheeler as well. According to Mahesh Babu, MD & CEO, Mahindra Electric, there is a very vast need for last mile delivery across various countries specially in pandemic. With effective integration of advance technology, design, and workflow, many leading players are trying to bring the upfront cost of electric three-wheelers, which further foreseen the preference for three-wheeler as a last mile connectivity solution. For Instance, in 2021, Amazon partnered with Mahindra Electric to deploy EVs in its delivery fleet. Amazon India had announced that its fleet of delivery vehicles will include 10,000 electric vehicles by 2025.

Key Benefits For Stakeholders

  • This study presents analytical depiction of the three-wheeler market analysis along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current three-wheeler market size is quantitatively analyzed from 2020 to 2028 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the three-wheeler industry.

Key Market Segments

By Fuel Type

  • Petrol/CNG
  • Diesel
  • Electric

By Vehicle Type

  • Passenger Carrier
  • Load Carrier

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan 
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Players

  • Atul Auto Limited
  • Bajaj Auto Ltd
  • Chongqing Zongshen Tricycle Manufacture Co. Ltd
  • J.S. Auto Pvt Ltd
  • Kinetic Green Energy & Power Solutions Ltd
  • Mahindra & Mahindra Ltd
  • Piaggio & C.SpA
  • Scooters India Limited
  • Terra Motors Corporation
  • TVS Motor Company
 

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The three-wheeler market is projected to witness high growth rate specially in developing regions, owing to growing need for affordable commercial vehicles with low maintenance cost. Companies in this industry are adopting various innovative techniques to provide end users with better fuel economy and low operating cost along with the lesser emissions.

Further, last mile connectivity and shared mobility are expected to drive the demand of three-wheeler. Many E-commerce players are very keen to adopt gasoline as well as electric three-wheeler in their fleet, owing to their excellent maneuverability, low maintenance, and operating cost. In addition, the current adoption rate of electric three-wheeler is foreseen to significantly bring down the upfront cost in coming years.

Furthermore, increase in penetration of electric vehicles will also help in reducing environmental impact. However, the high cost of battery, battery lifecycle, and lack of electric vehicle charging infrastructure are major factors that could hamper the growth of the electric three-wheelers in the global market.

Furthermore, surge in fuel prices in many countries such as India, which is the largest manufacturer and consumer of three-wheeler, may hinder the growth of petrol/CNG and diesel propelled three wheelers.

Among the analyzed regions, Asia-Pacific accounted for the major chunk of the revenue pie for the highest revenue in the global market. However, LAMEA is expected to grow at a higher rate, foreseeing lucrative opportunities for the key players operating in the three-wheeler market.
 

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FREQUENTLY ASKED QUESTIONS?

A. The global three-wheeler market was valued at $8.42 billion in 2020, and is projected to reach $15.54 billion by 2028, registering a CAGR of 10.3% from 2021 to 2028

A. The COVID-19 outbreak severely impacted the automotive sector on a global level, which in turn give rise to considerable drop in automotive sales, insufficiency of raw material, and others. Many small and big players in the automotive sector are witnessing issues such as halt of production activities, mandated plant closures by the government, and others. However, as soon as the production rsummes, three-wheeler market is foreseen to gain traction again

A. The sample for global three-wheeler market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. There are certain upcoming trands three-wheeler market such as Increasing demand for affordable commercial vehicle across the globe and growing adoption of electric three wheelers

A. The key growth strategies adopted by the three-wheeler industry players includes product launch, business expansion, collaboration. These strategies opted by various industry players is leading to the growth of the three-wheeler market as well as the players.

A. The company profiles of the top market players of three-wheeler market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the three-wheeler market.

A. Asia-Pacific region is leading the market presently in terms of revenue. However, LAMEA region and Mexico is expected to provide more business opportunities for the key players operating in the global three-wheeler market.

A. By fuel type, electric segment is expected to gain traction over the forecast period. However, at present diesel segment is the major constributor in the global three-wheeler market

A. China, Canada, Japan and India has wirnessed as a key matured markets growing in the global three-wheeler market

A. Inclination toward use of electric three-wheeler, Growing trend of last mile connectivity, Increasing demand for affordable commercial vehicle and Greater availability of credit and financing options have strong impact on the global three-wheeler market

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