4.9% Global CAGR for Three Wheeler Market to achieve US$ 13.73 Bn by 2027

PIAGGIO & C. SPA, BAJAJ AUTO LTD, J.S. AUTO (P) LTD, MAHINDRA & MAHINDRA LTD, TVS MOTOR COMPANY – PROMINENT MARKET PARTICIPANTS IN THE THREE WHEELER MARKET

Three-wheelers are an integral part of the automobile sector and are used for public transportation. The increasing demand for inter-city transportation with increasing urbanization has led to a rise in the need for the three-wheelers market. By 2030, many prominent countries in three-wheelers market such as India are focusing on a replacement of liquid fuels with the batteries. Major market players are developing electric and hybrid technologies to be incorporated in three-wheelers for the introduction of the eco-friendly mode of public transport. One of the significant factors contributing to the growth of the three-wheelers market is public transport for short to medium distances anywhere in the cities. Such a cost-effective mode of transportation is in demand for countries with moderate logistic infrastructure and a population with low disposable income. Moreover, the cumulative growth in good carriers has elevated the three-wheelers market for the transportation medium where trucks and other four-wheelers cannot be afforded and accessed easily.

The prominent market players in the three wheeler market are Piaggio & C. Spa, Bajaj Auto Ltd, J.S. Auto (P) Ltd, Mahindra & Mahindra Ltd, TVS Motor Company among others. Market leaders are involved in taking up various market initiatives such as geographical expansion, product innovations by implementing advanced technologies, partnerships, contracts, joint ventures, funding, and inaugurating new offices across the world to maintain brand name globally. For instance, In February 2020, Mahindra & Mahindra Ltd. has presented its electric three wheelers at Auto Expo 2020. The company displayed six vehicles where three vehicles were electric three wheelers. Also, in December 2019, Greaves Cotton announced a partnership with TVS Motor Company. Under this partnership, Greaves Cotton would act as an authorized service center for TVS Motor’s three-wheelers in India. Futher, in 2018, ATUL Auto Limited partnered with JBM Industries, an auto parts company based in India. The company has partnered to expand its three wheeler electric autos business.

Many well-known, as well as small local companies, are present in the market to provide three wheeler to their customers. The larger firms are adopting the strategy of partnerships, contractual alliances for the deployment of three wheeler to enhance their customer portfolio and expand footprint in different geographies. Some of the market initiatives from the market are mentioned below: