Three-Wheeler Market to Grow at 6.78% CAGR in value terms by 2026
Growing number of Micro, Small & Medium Enterprises (MSMEs)
and continuous demand for three-wheeler vehicles to drive the Global Three-Wheeler
Market through 2026
According
to TechSci Research report “Global
Three-Wheeler Market By Vehicle Type (Passenger Carrier Vs. Load Carrier),
By Fuel Type (Petrol/CNG, Diesel & Electric), By Region (Asia-Pacific, Africa, South America, Rest of the
World), Competition Forecast & Opportunities, 2026”, Global
Three-Wheeler Market is estimated to reach around a total of USD11.68 billion by 2026. Growth in the Global Three-Wheeler Market can be
attributed to the increasing number of Micro, Small & Medium Enterprises
(MSME’s) across the globe, improving road
infrastructure and cheap fares of three-wheelers as compared to other forms of
transportation to commute within the city. The increase in population of
middle-income group, improving living standards of the people and growing
tourism across the globe are booming the demand for three-wheelers across the globe.
According to the International Tourism Highlights 2019 Edition report, published
by the United Nations World Tourism Organization, the Asia and the Pacific
region accounts for 25% of global tourist arrivals. Majority of these tourists
visited South-East Asian countries, particularly countries like India, China,
Sri-Lanka, Indonesia, etc. Moreover, in these countries three-wheelers are the
most favorable means of local transportation. The reason for growing popularity
of three-wheelers for commuting within the cities can be attributed to the fact
that three-wheelers in these countries are present in abundance and provide
easy accessibility and have cheap fares as compared to other means of
transportation. Apart from the growing tourism, increasing popularity of electric-three
wheelers in the world and continuously improving road infrastructure are also
contributing to the growth of the Global Three-Wheelers Market. With growing technological advancements due to increasing
awareness about the usage of smartphone apps & web applications, a recent
trend has been witnessed in the three-wheeler market of Asian countries. Cab
companies in conjunction with radio taxis have also started providing online
three-wheeler booking services to customers. Earlier, this booking was limited
to four-wheeler cabs and taxis, but due to the wide presence of three-wheelers
in these countries, companies have started giving customers an easy on-click booking of three-wheelers via
smartphones and personal computing devices for traveling short distances within
cities. As a result, the Global Three-Wheeler market has huge penetration of three-wheelers
in Radio Taxi Market. Owing to increasing
number of Micro, Small & Medium Enterprises (MSME’s), growing demand for
Electric Three-Wheelers, continuously improving road infrastructure, the Global
Three-Wheeler Market is anticipated to grow with a CAGR of
5.22% in terms of units sold in the forecast years.
In 2020, three-wheelers sales declined in comparison
to 2019 as countries around the
world underwent strict lockdown in the second and third quarter of 2020 as a
measure to counter the spread of the disease. The lockdown resulted in the
temporary closing down of all factories, including three-wheeler manufacturing
facilities, resulting in production loss of three-wheelers. Furthermore, the
governments of most of the COVID-19 affected countries implemented social
distancing norms that limited the number of workers working at any given point
in the same facility. Such measures hampered the workflow of three-wheeler
manufacturing facilities temporarily. As markets started to gradually open in
2020, the sales of three wheelers started to increase again, hence contributing
to the recovery of the Global Three-Wheeler market recovery in the fiscal
period 2021-2022.
Browse more than 103 market data Figures and 14 tables spread
through 185 Pages and an in-depth TOC on “Global Three-Wheeler Market."
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Global Three-Wheeler Market can be segmented on the basis of Vehicle
Type, Fuel Type, Company and By Region. The Global Three-wheeler
Market share based on Vehicle Type is divided into the Passenger Carrier and
Load Carrier, with Passenger Carrier holding the majority of market share in
Global Three-Wheeler Market in 2020. Asia-Pacific
accounts for the sale of maximum number of three wheelers around the world. The
high market share of Passenger Carrier can be attributed to the reason that
three-wheelers are used as the most common source of transportation within the
Asian countries compared to other means of transportation. Due to the
increasing number of small-scale businesses and growing global economy, sales
of Load Carrier three-wheelers is increasing at a brisk rate.
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The Global Three-wheeler Market based on fuel
type is divided into Petrol/CNG, Diesel and Electric, with three-wheelers
powered by Petrol/CNG dominated the market with a share of 53.51% in terms of three-wheeler
units sold across the globe in year 2020. Moreover, owing to the worsening
climatic conditions and increasing global temperatures The Electric
Three-Wheeler Market can be seen giving neck to neck competition to the other
fossil fuels based three-wheelers by 2026. Majority of electric three-wheeler
sales come from China, making China a global leader in terms of electric
three-wheelers sold across the globe.
Some of the major players operating in Global Three-Wheeler Market are Bajaj Auto
Limited, Piaggio & C. S.p.A, Mahindra & Mahindra Limited, TVS Motor
Company Limited, Scooters India Limited, Atul Auto Limited, etc. Companies like
Kerala Automobiles Limited, Kumar Motor Kinetic Green, Lohia, Goenka Electric
Motors are also increasing their marketing
activities and enriching their product portfolio to increase their customer
outreach.
“In 2020, Asia-Pacific accounted for the largest share in terms of units
sold, i.e., 87.50% in Global Three-Wheeler Market. The
region is expected to maintain its dominance over the next five years as well. Growing
demand of electrification in three-wheelers and increasing number of Micro,
Small & Medium Enterprises (MSME’s) is boosting the demand for Three-Wheelers
in the world.”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research based Global management consulting firm.
“Global
Three-Wheeler Market, By Vehicle Type (Passenger Carrier Vs. Load Carrier), By
Fuel Type (Petrol/CNG, Diesel & Electric), By Region (Asia-Pacific, Africa,
South America, Rest of the World), Competition Forecast & Opportunities,
2026” has evaluated the future growth potential of Global
Three-Wheeler Market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Three-Wheeler
Market.
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