Global Three Wheeler Market Projected to Reach USD 13 Billion By 2026

18-Mar-2020 | Facts and Factors

Findings from Facts and Factors report “Three Wheeler Market By Type (Passenger Carrier and Goods Carrier), By Fuel Type (Petrol, Diesel, LPG, CNG, and Electric), And By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global three wheeler market in 2019 was approximately USD 9.5 Billion. The market is expected to grow at a CAGR of around 5% and is anticipated to exceed USD 13 Billion by 2026.

Global Three Wheeler Market Size

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Three wheelers, as the name indicates, are the three-wheeled vehicles dedicated for short and medium commuting purposes. The unique quality of three wheelers is that they are used as public transport as well as logistics carriers. E-rickshaw is one of the widely accepted compared to other conventional types of three wheelers available in the market as the vehicle type is eco-friendly and combats noise pollution. E-rickshaw has a seating capacity of five-six people and due to its compactness; the demand for electric three wheeler type is huge in densely populated and highly congested areas.

Browse the full “Three Wheeler Market By Type (Passenger Carrier and Goods Carrier), By Fuel Type (Petrol, Diesel, LPG, CNG, and Electric), And By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" https://www.fnfresearch.com/global-three-wheeler-market-by-type-passenger-carrier-805

Based on the fuel type, the three wheeler market is bifurcated into petrol, diesel, LPG, CNG, and electric. Therefore, to enhance their respective businesses, several gasoline-, chemicals-, renewable energy-, and battery-manufacturing industries are promoting the production of three wheelers. Moreover, the demand for three wheelers is escalating in specific regions owing to the low per capita & disposable incomes, improper establishment of transportation & logistics systems infrastructure, inadequate public transportation convenience, Thereby anticipating a substantial growth of the three wheeler market in the coming years.

The “passenger carrier” type segment of the global three wheeler market holds the major revenue share

In terms of purchase, three wheeleris considered as the cheapest vehicle among other public transportation vehicles such as buses, cars, vans, etc. Hence, several private transport operators residing in economically underdeveloped areas can easily afford it and employ it as a means of earning. Moreover, three wheelers are preferred for transportation in areas with inadequate transportation facilities, lack of proper roads, and traffic-congested areas. Hence, huge demand for public carrier three wheelers is anticipated in urban as well as rural areas during the forecast period.

The Asia Pacific region holds the leading position in the global three wheeler market

The Asia Pacific region accounted for the major share of the global three wheeler market in 2019 and is projected to follow the same trend of market dominance throughout the forecast period. The two significantly developing Asian countries, China and India, are driving the three wheeler market across the region. As already mentioned, three wheelers are used as public transport and good carriers; thus, these are suitable for rapidly growing regional industrialization and a low-cost means of transport in rural and semi-urban areas.

Some of the leading players driving the global three wheelermarket are Piaggio Vehicles Private Ltd., Terra Motors Corporation, Hero Electric Vehicles Pvt. Ltd., Bajaj Auto Limited, Scooters India Ltd., Atul Auto Limited, TVS Motor Company, Mahindra & Mahindra Ltd., Lohia Auto Industries, and Xianghe Qiangsheng Electric Tricycle Factory, among others.

Report Scope

Report Attribute

Details

Market Size in 2019

USD 9.5 Billion

Projected Market Size in 2026

USD 13 Billion

CAGR Growth Rate

5% CAGR

Base Year

2019

Forecast Years

2020-2026

Key Market Players

Piaggio Vehicles Private Ltd., Terra Motors Corporation, Hero Electric Vehicles Pvt. Ltd., Bajaj Auto Limited, Scooters India Ltd., Atul Auto Limited, TVS Motor Company, Mahindra & Mahindra Ltd., Lohia Auto Industries, Xianghe Qiangsheng Electric Tricycle Factory, and Others

Key Segment

By Type, Fuel Type, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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This report segments the global three wheeler market as follows:

Global Three Wheeler Market: Type Segmentation Analysis

  • Passenger Carrier
  • Goods Carrier

Global Three Wheeler Market: Fuel Type Segmentation Analysis

  • Petrol
  • Diesel
  • LPG
  • CNG
  • Electric

Global Three Wheeler Market: Regional Segmentation Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • Germany
    • The UK
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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