According to the latest report by IMARC Group, titled "Three-Wheeler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global three-wheeler market grew at a CAGR of around 12% during 2015-2020. Three-wheelers refer to vehicles that are utilized for transporting carrier loads or passengers. Some of the product variants include auto-rickshaws, tuk-tuks, trishaws, rickshaws, tricycles, etc. Three-wheelers are used as a convenient public transportation mode for short-to-medium distances and last-mile connectivity of goods transportation. Presently, the adoption rate of three-wheelers is increasing due to fuel efficiency, compact design, cost-effectiveness, lower emissions, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Three-Wheeler Market Trends:
The expanding public transportation sector, particularly across the developing countries, is driving the three-wheeler market. Moreover, the rising adoption of three-wheeler vehicles in the logistics sector for transporting goods to remote locations is also augmenting the market growth. Additionally, the elevating environmental concerns towards GHG emissions from gasoline- or diesel-powered three-wheelers have led to the emergence of their eco-friendly alternatives, such as e-rickshaws. In line with this, the introduction of several initiatives undertaken by government bodies and the launch of various awareness programs to promote the adoption of electric three-wheelers is acting as another growth-inducing factor. Furthermore, the increasing modernization of various commercial infrastructures, including shopping malls, educational institutes, metro rail, bus stands, etc., has led to the rising utilization of three-wheelers for providing local conveyance to the customers. This, in turn, is anticipated to bolster the three-wheeler market across the globe over the forecasted period. On account of the aforementioned factors, the market is expected to witness strong growth during 2021-2026.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Bajaj Auto Limited
- TVS Motor Company Limited
- Mahindra Mahindra Limited
- Piaggio C. S.p.A.
- Scooters India Limited
- Atul Auto Limited
- Kinetic Green
- ChongQing Zongshen Tricycle Manufacturing Co., Ltd
Three-Wheeler Market Segmentation:
Our report has categorized the market based on region, vehicle type, passenger vehicle and fuel type.
Breakup by Vehicle Type:
- Passenger Carrier
- Load Carrier
Breakup by Passenger Vehicle:
Breakup by Fuel Type:
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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