India Three-Wheeler Market to be Dominated by Passenger Carrier Segment in the Forecast Period
Increasing demand for three-wheelers from the corporate
sector and increasing preference of people for three-wheelers over other means
of transportation to drive the India Three-Wheeler Market through 2028.
According to the TechSci Research
report, "India Three-Wheeler Market- By Region, Competition Forecast &
Opportunities, 2018-2028,"
India three-wheeler market is expanding at a rapid rate
due to the lack of a well-organized public transportation system in the nation.
Additionally, the market is expected to develop due to the high need for
affordable, effective short-distance transportation, particularly in rural
areas and small towns. Additionally, one of the key reasons promoting the
expansion of this market is the growing need for affordable and effective
short-distance transportation, particularly in rural areas and small cities.
The government's measures to increase the number of electric three-wheelers on
the road and put-up charging stations at various sites are expected to have a
positive impact on the three-wheeler market in India. However, the popularity
of ride-hailing and taxi services may serve as a significant barrier to the
market's expansion. Indian cities have a large number of three-wheeled
auto-rickshaws that are operated by migrants looking for employment and
revenue. Huge number of individuals are moving to large urban areas and
choosing to work as auto-rickshaw drivers as India's unemployment rate rises
rapidly because of the country's expanding population and the lack of economic
possibilities in rural areas and small towns. This is expected to increase
three-wheeler demand in India over the forecast period. Over the past few years, there has
been a significant increase in demand for three-wheeled load carriers. The
booming e-commerce industry and the rising need for items to be transported are
anticipated to become important factors affecting the need for load carriers.
The reason for their wider commercial use is because load carriers are
inexpensive and have a load capacity of about a tonne. As more people use
e-commerce platforms and have access to global markets, the demand for
three-wheeler load carriers will increase among the buyers.
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The ICE three-wheeler segment is further divided into
three categories based on fuel type, which include petrol/CNG, diesel, and
electric. In the Indian market, petrol/CNG automobiles are most frequently used.
The large number of gasoline and CNG pumps distributed over different areas
contributes significantly to the demand for this fuel type segment. However,
consumers are moving more and more toward electric vehicles as a result of the
highly fluctuating fuel prices and their accelerating rate, which is why the
electric vehicle market is rapidly expanding in India. The desire for electric
vehicles is also being fueled by rising environmental awareness and positive
government actions to reduce carbon emissions.
Geographically,
the India three-wheeler market is segmented into South, North, East, and West.
The North and South India holds the highest market share in the regional
segment. However, the country’s eastern and western regions also have a
substantial share of the market. The sparse public transport in various regions
of North India is fueling the demand for three-wheeler auto-rickshaws in this
region. Furthermore, several government initiatives to boost the adoption of
greener options such as electric three-wheelers are anticipated to emerge as
another driving factor for the market growth.
Some
of the major players operating in the India Three-Wheeler Market include:
- Bajaj Auto Ltd.
- Piaggio Vehicles Private Limited (India)
- Mahindra & Mahindra Ltd.
- Atul Auto Limited
- TVS Motor Company Limited
- Saera Electric Auto Pvt. Ltd.
- Lohia Auto Industries
- Scooters India Limited
- Clean Motion India
- Kinetic Green Energy & Power
Solutions Ltd.
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“Many three-wheeler companies
have started to add new vehicles to increase their fleet, as people are
preferring three-wheelers as a means of transportation in India. With the
growing opportunities in the three-wheeler market in India, many private
players have started to invest in three-wheeler companies to make three-wheelers
an easier mean of transportation. Addition three-wheeler services have increased
in many cities of India because these are cost effective over other means of
transportation, and all these factors are expected to drive the India three-wheeler
market in the coming years,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India
Three-Wheeler Market By Vehicle Type (Passenger Carrier & Load Carrier), By
Propulsion Type (Electric Three-Wheeler, ICE Three-Wheeler), By Seating
Capacity (3+1D, 4+1D, & 6+1D), By Load Capacity (Up to 0.6 Ton, Above 0.6
Ton), By Region, Competition Forecast &Opportunities, 2018- 2028,”
has evaluated the future growth
potential of India 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 the India
Three-Wheeler Market.
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