Wilmington, Delaware, United States, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global three-wheeler vehicle market is projected to flourish at a CAGR of 3.29% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 14.7 billion is anticipated for the market in 2031. As of 2023, the demand for three-wheeler vehicles is expected to be close to US$ 8.0 billion.
Increase in demand for affordable commercial vehicles, the requirement for electric passenger as well as load carriers, number of three-wheeler registrations with several ridesharing and radio taxi companies, adoption of three-wheeler vehicles in the logistic sector for transportation goods to remote locations, and low maintenance and manufacturing cost are prominent factors driving the demand for three-wheeler vehicles.
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With the growth of e-commerce, there is an increased demand for efficient last-mile delivery services. Three-wheelers are nimble and suitable for navigating congested areas, making them a popular choice for delivery companies.
Three-wheelers are adaptable for various purposes, from passenger transport to cargo delivery, and are often customized to suit specific needs. This flexibility makes them appealing for diverse markets and applications.
Particularly in developing nations, three-wheelers fulfill critical transportation needs where infrastructure for larger vehicles might be lacking. The growing middle-class population in these regions also contributes to the demand for affordable commuting options.
Key players operating in the global three-wheeler vehicle market include
- Bajaj Auto Limited.
- Mahindra & Mahindra Ltd.
- Piaggio & C. SpA
- Scooters India Ltd.
- TVS Motor Company
- Atul Auto Limited.
- Lohia Auto Industries
- Terra Motors Corporation
- Force Motors
- Mahindra Electric Mobility Limited
Key Takeaways from the Market Study
- As of 2022, the three-wheeler vehicle market was valued at US$ 7.7 billion.
- Based on fuel type, the diesel segment accounted for a major share of the global three-wheeler vehicle market in 2020.
- Based on usage, the passenger carrier segment accounted for a significant share of the global three-wheeler vehicle market in 2020.
Three-Wheeler Vehicle Market: Key Trends and Opportunistic Frontiers
- Introduction of electric and hybrid variants, along with advancements in vehicle design, safety features, and connectivity options, attract consumers looking for more sustainable and advanced transportation options, and drive the market demand.
- As environmental consciousness rises, there is a shift in consumer preferences towards greener and more sustainable transportation options. Electric three-wheelers, for instance, are gaining popularity due to their reduced carbon footprint.
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Three-Wheeler Vehicle Market – Regional Analysis
- Asia Pacific held a prominent share of the global three-wheeler vehicle market in 2020. It is anticipated to maintain its dominance during the forecast period due to rising domestic sales and exports. Asia Pacific has a strong presence of major three-wheeler manufacturers in countries such as China and India, which drives the share held by the region in the global three-wheeler vehicle market.
- European market for three-wheelers is smaller than other regions, there are niche markets for certain types of trikes, often used for leisure or specialized purposes. Limited presence of three-wheelers, primarily in specific markets catering to recreational or niche segments, rather than widespread use for transportation.
Competitive Landscape
These players are expanding their presence by engaging in mergers and acquisition activities or by establishing new facilities. The global landscape is highly competitive, with several prominent companies. Key players are adopting innovative strategies to strengthen their market position.
Key Developments in the three-wheeler vehicle market
- Bajaj Auto is a major player in the three-wheeler market, particularly in India, where it dominates the auto-rickshaw segment. Known for introducing innovative models and improvements in design, fuel efficiency, and technology in their three-wheelers. Exporting to various countries, expanding its reach beyond the Indian market.
- Piaggio, known for its Vespa scooters, has a presence in the three-wheeler market with its Ape range of vehicles. Offers a variety of three-wheeler models catering to both passenger transport and cargo delivery. Markets its vehicles in different regions across Europe, Asia, and Africa.
- Mahindra & Mahindra (India) primarily known for its four-wheel vehicles, Mahindra also has a presence in the three-wheeler market with its Alfa range of vehicles. Developing electric variants to align with the growing demand for eco-friendly vehicles.
Three-Wheeler Vehicle Market – Key Segments
Fuel Type
- Petrol
- Diesel
- CNG
- Electric
- Others
Usage
- Passenger Carrier
- Goods Carrier
Configuration
- Two Front Wheels
- Two Rear Wheels
Power Output
- Less than 4 kW
- 4.1 kW to 6 kW
- 6.1 kW to 9 kW
- More than 9 kW
Engine Location
- Front Engine
- Rear Engine
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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