Global 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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