OLA, UBER to push growth of India Three-Wheeler Market beyond 15% through 2023
Growing domestic demand,
rising population and increasing demand for last mile connectivity to boost
three wheeler market in India during next five years
According to TechSci Research report, “India
Three-Wheeler Market By Vehicle Type, By Fuel Type, Competition Forecast
and Opportunities, 2013 - 2023”, India three-wheeler market is projected to grow
at a CAGR of over 15% during 2018 – 2023 on the back of growing domestic
demand, rising population, increasing need for last mile connectivity and increasing
three-wheeler exports from India, predominantly to the countries in the African
continent. Moreover, increasing three-wheeler mobility in demand service in India
by Radio Taxi operators such as OLA and UBER is also buoying the sales of three-wheelers
in the country. Poor road infrastructure in tier 2 and tier 3 cities in the
country is further boosting the use of three-wheelers in India. Furthermore, increasing
focus of the government towards cleaner automobiles is augmenting the sales of
electric three-wheelers in India, which is positively influencing the overall
three-wheeler market in the country.
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With a volume share of over four-fifth of the overall market, passenger
carrier segment dominated India three-wheeler market in 2017. With radio taxi
providers such OLA and UBER considering three wheeler as a next potential
growth segment, the market is expected to pose significant growth. The
dominance of this segment can be attributed to growing demand for last mile
connectivity services for which passenger carriers are majorly used. Bajaj Auto Limited is the leading player in
India three-wheeler market, followed by Piaggio & C. SpA., Mahindra &
Mahindra Ltd., and Atul Auto Limited, among others. Furthermore, many Chinese
and small-scale electric three-wheeler manufacturers are increasing their focus
on expanding their business operations in India by enhancing the quality of
their products and by investing in research and development and expanding their
respective product portfolios.
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“Growing presence as well as widening product portfolios of various
companies such as Bajaj, Mahindra and Mahindra, TVS, Piaggio, Atul Auto, etc.,
coupled with thrust from radio taxi service providers such as OLA and UBER is expected
to intensify market competition in India three-wheeler market in the coming
years. Moreover, availability of easy financing options, rising demand for
electric three-wheelers along with growing sales and exports of three-wheelers
is further expected to boost revenues three-wheeler manufacturers operating in
India during the forecast period.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“India Three-Wheeler
Market By Vehicle Type, By Fuel Type, Competition Forecast and Opportunities,
2013 - 2023” has analyzed the potential of three-wheeler market in India,
and provides statistics and information on market sizes, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by India three-wheeler market.
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