Rise in trend of last-mile connectivity, increase in demand for affordable commercial vehicle, inclination toward use of electric three-wheeler as eco-friendly & efficient solution for commute drive the growth of the global three-wheeler market. Based on region, the market across Asia-Pacific held the lion’s share in 2020, accounting for nearly two-fifths of the market.
According to the report published by Allied Market Research, the global three-wheeler market generated $8.42 billion in 2020, and is projected to reach $15.54 billion by 2028, witnessing a CAGR of 10.3% from 2021 to 2028. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Prateek Yadav, a Lead Analyst, Automotive and Transportation at Allied Market Research, stated, “By fuel type, the diesel three-wheeler segment is expected to dominate the market, in terms of revenue. Whereas, electric three-wheeler is expected to grow by experiencing highest CAGR during the forecast period. In Addition, passenger carrier segment dominated the global three-wheeler market in 2020. Region-wise, Asia-Pacific is estimated to be the highest revenue contributor and is foreseen to maintain its dominance during the forecast duration, followed by Europe, LAMEA, and North America.”
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COVID-19 scenario:
· The Covid-19 pandemic severely affected the automotive sector as the industry witnessed a considerable drop in automotive sales and lack of raw materials.
· For several low-income countries, public transport is a source of employment. However, to comply with the social distancing regulations, the public transport systems were temporarily suspended.
· However, the three-wheeler provides easy customization, which is expected to reinforce its demand post-pandemic.
The report offers detailed segmentation of the global three-wheeler market based on fuel type, vehicle type, and region.
Based on fuel type, the diesel segment held the lion’s share in 2020, accounting for more than two-fifths of the market. However, the electric segment is expected to register the highest CAGR of 18.4% during the forecast period.
On the basis of vehicle type, the load carrier segment is anticipated to manifest the highest CAGR of 11.3% during the forecast period. However, the passenger carrier segment dominated the market in 2020, contributing to more than half of the market.
Based on region, the market across Asia-Pacific held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, the market across LAMEA is estimated to register the highest CAGR of 12.2% during the forecast period.
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.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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