Three Wheeler Market to Grow at over 12% CAGR until 2024
According
to TechSci Research report, “Global
Three Wheeler Market By Vehicle Type, By Fuel Type, By Region,
Competition Forecast & Opportunities, 2014 – 2024”, global three-wheelers market is projected to
grow at a CAGR of over 12% during the forecast period. The growth of the market
can be attributed to the rising middle-class population in developing and
underdeveloped countries and increasing demand for urban mobility to make
affordable and convenient short-to-medium commute. Low disposable income and
rising adoption of three-wheelers by logistics service providers are also
expected to fuel the market growth. Introduction of clean energy sources in
three-wheeler automobiles leading to emergence of electric vehicles and rising
modernization of several commercial infrastructures such as malls, education
institutes, metro rail, etc. has contributed to the utilization of
three-wheelers. Factors like growing demand from freight and logistics service
providers for last mile delivery, public transportation used for the
connectivity and increasing inclination of consumers towards small and easy
manoeuvrable automobile are further anticipated to fuel demand for
three-wheelers.
Browse 7 market data
Tables and 149 Figures spread through 204 Pages and an in-depth TOC on " Global Three-Wheeler Market"
https://www.techsciresearch.com/report/global-three-wheeler-market/1448.html
With an
expanding volume share of over 54%, passenger carrier three-wheeler segment
dominated the global three-wheeler market in 2018, followed by load carrier
segment. The growth of passenger carrier three-wheeler segment is led by their
expanding fleet, rising transportation needs across different regions. Although,
three-wheelers market in Asia-Pacific witnessed a promising CAGR during 2014-2018
due to local manufacturing and demand as well as growth in overall economy,
however, the government across different countries in the region are taking initiatives
to move towards the usage of alternative energy, i.e., electrification of
vehicles. Additionally, the demand for three-wheeler vehicles grown in Africa
region during 2014-18 due to high rate of inflation, currency devaluation and
absence of heavy transportation vehicle manufacturing in the entire region.
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Major non-electric
three-wheeler giants such as Bajaj, TVS, Piaggio, etc., have enhanced their
product offering to gather more customer concentration towards their products. On
the other hand, many Chinese electric three-wheeler manufacturers such as Zongshen,
Jinpeng, Zbee, etc., have also intensified their business operation by expanding
their product distribution network globally as well collaborated with global
companies to enhance the quality of their product by investing in research and
development. Several global companies are also investing intensively to provide
their customers with more affordable and less costly three-wheelers.
“Growing
presence of various multinational companies such as Bajaj, TVS, Piaggio, etc.
coupled with their continued research and developments to meet the customized
demand in different regions of the world as well as to offer a wide product range
is expected to intensify competition in the global three-wheeler market in the
coming years. Moreover, rising average selling price of three-wheelers along
with their growing sales are further anticipated to boost revenue of global
three-wheeler market during the forecast period.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Three-Wheeler
Market By Vehicle Type, By Fuel Type, By Region, Competition Forecast
& Opportunities, 2014 – 2024” has analyzed the potential of three-wheeler market globally, 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 analyses emerging trends along with essential
drivers and key challenges faced by global three-wheeler market across the
world.
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