The three wheeler market was valued at US$ 9.14 Bn in 2018 and is expected to grow at a CAGR of 4.9% from 2019 to 2027 to reach US$ 13.73 Bn by 2027.
Three wheeler passenger carriers are three-wheelers used for transportation of passengers. A minimum of three and a maximum of five-six passengers can travel by three wheelers passenger carriers. In rural areas, more than six passengers travel by three-wheeler passenger carriers as per requirement. E-rickshaw is one of the main types of three wheelers. E-rickshaws run on battery and are eco-friendly vehicles and produce vehicular emission and less noise in comparison with conventional three wheelers. E-rickshaws can carry five-six passengers for transportation. Increasing demand for electric three wheelers, and increasing population, and increasing need fora vehicle that helps in traffic congestion in the region have been bolstering the growth of the global three wheelers market. In 2018, the APAC region holds a prominent position in the three wheeler market during the forecast period. Countries such as India is anticipated to dominate the domestic and export business segment during the forecast period. Further, many established players from India are focusing on the manufacture of three-wheelers complied with BS (Bharat Stage) VI norms, which will be implemented by 2020 to keep particulate matter, nitrogen oxides, and Sulphur emission in check. Significant growth is observed in China, followed by other Asian countries such as Thailand and Malaysia, due to the increasing need for transportation medium for rural and semi-urban areas of the nation and the growing population.
Customize This Report To Suit Your Requirement
You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Three Wheeler Market: Strategic Insights
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Customize This Report To Suit Your Requirement
You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Three Wheeler Market: Strategic Insights
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Market Insights
The increasing demand for eco-friendly three wheelers is propelling the growth of the market
The automotive industry across the world is constantly experiencing the rise in the number of several new three-wheeler manufacturers. The three-wheeler manufacturers are continuously eyeballing on the development of the electric three-wheeler segment as the section is attracting the interest of the customers globally. The global automotive industry is experiencing a significant shift from traditional three-wheelers to electric three-wheelers.
Governments in various countries are taking the initiative for the adoption of electric three-wheelers. For instance, in March 2018, the Ministry of Heavy Industries & Public Enterprises, India, launched Phase-II of the FAME India Scheme, which was initiated on 1st April 2019 for next three years, with total budgetary support of US$ 1.39 billion. This phase is launched to mainly support the electrification of public & shared transportation and aims to support through subsidies 7000 e-Buses, 5 lakh e-3 Wheelers, 55000 e-4 Wheeler Passenger Cars, and 10 lakh e-2 Wheelers. This phase of the FAME Scheme is looking forward to setting up adequate public charging infrastructure to develop confidence among EV users. With this, the ministry of heavy industries & public enterprises is looking ahead for involvement and active participation of various stakeholders, including industries and public sector enterprises (PSEs) and government agencies. The key players in the market are aiming at developing electric vehicles. For instance, the Piaggio & C. SpA, and Italian motor vehicle manufacturer launched Piaggio Ape E-City under its range of Piaggio Ape Electrik Electric 3-Wheeler. The E-auto comes with a swappable Lithium-ion battery and can cover the range of around 70-80 km when charged once. Furthermore, in August 2019, Euler Motors announced that it would launch electric three-wheeler light commercial cargo vehicles in India in early 2020.
Geographically, India and China houses numerous three wheelers manufacturers, as well as the acceptance of electric three-wheelers is soaring at a rapid rate year on year. Apart from India and China, countries across South America, such as Brazil, Argentina, and the Middle East & African countries such as South Africa, Nigeria, Egypt, are also developing rapidly in terms of electric three-wheeler adoption in the automotive industry. Asia-Pacific has dominated as well as is witnessing huge growth in the automotive industry. Nevertheless, the automotive players operating in the region needs an improved number of partnerships with components providers, to mount exponentially in terms of electric three-wheeler deployments. The strategic partnerships, collaboration, contracts, acquisition with other market players are the primary factor for the industry players to drive their markets, which is estimated to drive the three-wheeler market worldwide in the coming years.
Type Insights
In type segment, passenger carrier captured the largest share in the global three wheeler market. The passenger carrier is the cheapest transport vehicles that can be afforded by various private transport operators and by individuals whose earning is from transport jobs. The growth of the segment is driven by the increasing demand for low-cost passenger carriers such as lack of proper roads, three-wheelers are mainly due to inadequate transportation facilities, and urban areas with heavy traffic congestions.
Fuel Type Insights
The three wheeler market, by fuel type, is segmented into diesel, petrol, CNG, LPG, and electric. The petrol segment captured dominating share in the global three wheeler market.
Market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand. The market players present in the three wheeler market are mainly focusing on product and service enhancements by integrating advanced features and technologies. By signing partnerships, contracts, joint ventures, and inaugurating new offices across the world, companies are trying to increase their market share and brand presence. Most of the market initiatives were observed in the Asia Pacific region, which have a high potential for future market growth. Few of them are listed below;
2019: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.
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.
Three Wheeler Market Regional Insights
The regional trends and factors influencing the Three Wheeler Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Three Wheeler Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
- Get the Regional Specific Data for Three Wheeler Market
Three Wheeler Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 9.14 Billion |
| Market Size by 2027 | US$ 13.73 Billion |
| Global CAGR (2018 - 2027) | 4.9% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Three Wheeler Market Players Density: Understanding Its Impact on Business Dynamics
The Three Wheeler Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Three Wheeler Market are:
- ATUL Auto Limited
- Piaggio & C. SpA
- Bajaj Auto Ltd
- J.S. AUTO (P) LTD.
- Speego Vehicles Co Pvt Limited
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Three Wheeler Market top key players overview
Three Wheeler Market – By Type
- Passenger Carrier
- Goods Carrier
Three Wheeler Market – By Fuel Type
- Diesel
- Petrol
- CNG
- LPG
- Electric
Global Three Wheeler Market by Region
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific
- China
- India
- South Korea
- Japan
- Australia
- Rest of Asia Pacific
Rest of the World
- Africa
- Latin America
Companies Profiles
- ATUL Auto Limited
- Bajaj Auto Ltd.
- J.S. AUTO (P) LTD.
- Mahindra & Mahindra Ltd.
- Piaggio & C. SpA
- Scooters India Limited
- Speego Vehicles Co Pvt Limited
- Terra Motors Corporation
- TVS Motor Company
- Xianghe Qiangsheng Electric Tricycle Factory
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Fuel Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The three-wheeler passenger carrier segment dominates the global three-wheeler market as it is one of the cheapest transport vehicles that can be afforded by various private transport operators and by individuals whose earning is from transport jobs. Asian countries like Bangladesh, Sri Lanka, and Nepal and African countries like Ghana, Nigeria, Tanzania, and Kenya accounted for more than 90% of the exports in the Indian three-wheeler PC market. During 2018, the ICE-powered three-wheelers segment accounted for the significant shares and dominated the three-wheel passenger carrier market due to the increased usage of diesel, gasoline, bio-diesel, and compressed natural gas/liquefied petroleum gas (CNG/LPG) to power the engine in developing nations. In Asia-Pacific, India is the major contributor to the three-wheeler passenger carrier market
The key players in the market are focusing on investing in the production of three wheelers in African and South American countries. There have been prominent strategies made in recent years by automakers to increase the usage of three wheelers in these regions. For instance, in August 2016, Lohia Auto Industries entered Africa with three wheeler operated on diesel. A reduction in organized public transport systems has led to rapid growth in non-conventional means of public transport, initially provided by minibuses and shared taxi/vans, and more recently by commercial three-wheelers. Unlike cities in South and East Asia, ownership and use of motorized and electric three-wheelers as a personalized vehicle is extremely small in sub-Saharan cities
The massive populations of China and India and the mounting middle-class population in these countries, as well as booming automotive sector scenarios in both countries, are anticipated to have a bright future for the adoption of three-wheeler vehicles. These countries are the hub for various local automakers, which are focusing on the development of a three-wheeler vehicle, most commonly known as auto-rickshaw/ tuk-tuk. Furthermore, China is the largest producer of passenger cars across the globe; also, India, Japan, and South Korea are some of the primary vehicle manufacturing countries. The continuous economic growth in developed and developing countries such as India and China, coupled with the presence of a high number of manufacturers in countries such as China and Japan, has facilitated the rapid growth of the automotive industry in this region
Trends and growth analysis reports related to Automotive and Transportation : READ MORE..
The List of Companies - Three Wheeler Market
- ATUL Auto Limited
- Piaggio & C. SpA
- Bajaj Auto Ltd
- J.S. AUTO (P) LTD.
- Speego Vehicles Co Pvt Limited
- Mahindra & Mahindra Ltd.
- Scooters India Limited
- TVS Motor Company
- Terra Motors Corporation
- Xianghe Qiangsheng Electric Tricycle Factory
Get Free Sample For