New York, United States, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Three-wheelers are automobiles with three wheels. Some are tricycles with motors, technically considered motorbikes, while others are unpowered tricycles, some of which are animal- and human-powered. Typically, three-wheelers are used as commercial transportation for both persons and goods. Maneuverability, cost, and delivery to the door determine mobility on three wheels. In many developing nations, especially Asia-Pacific and LAMEA, three-wheeled vehicles are the most cost-effective and time-efficient option for public and goods transportation.
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Market Dynamics
The Adoption of Electric Three-Wheelers and Trend of Last Mile Connectivity to Drive the Global Three-Wheeler Market
For the past years, one of the primary concerns of governments and environmentalists has been the continuously increasing global carbon emissions from fossil fuels. This, in turn, raises the global demand for electric three-wheelers, contributing to the market's growth. Additionally, the global popularity of electric three-wheelers has increased due to the increase in global fuel prices, pollution, and urban traffic congestion.
In March 2019, the taxi industry behemoth Ola debuted an entire fleet of Bajaj and Piaggio autorickshaws in the Liverpool area to rival Uber. Moreover, the relatively higher operating and maintenance expenses of gasoline/compressed natural gas (CNG) and diesel-powered three-wheelers lead to a shift in preference for electric three-wheelers for shorter transits, stimulating market expansion. As the last mile connection solution, many e-commerce, pharmaceutical, textile, retail, FMCG, and other utility categories, such as dairy, poultry, and gas, favor three-wheelers due to their exceptional agility and inexpensive cost.
An Indian company, for example, employs electric three-wheelers to deliver goods to e-commerce and food tech companies such as Amazon, Swiggy, and Bigbasket. In addition, governments in several nations are eager to electrify their last-mile delivery fleets due to their extra benefits. In 2018, the Delhi Metro launched electric vehicles to boost the last-mile connection between metro stations. Electric cars are more cost-effective than conventional three-wheelers in terms of overall maintenance and operating costs. As a result, the demand for electric three-wheelers is expanding. Numerous leading companies are attempting to minimize the initial cost of electric three-wheelers through the efficient integration of modern technology, design, and workflow. This also predicts the need for three-wheelers as a last-mile connection option.
The trend of Shared Mobility to Create Global Three-Wheeler Market Opportunities
Shared mobility services reduce traffic in metropolitan areas and automotive emissions overall. Therefore, digitally enabled ride-hailing and car sharing efficiently manage transportation needs and provide a convenient and environmentally friendly alternative to private vehicle ownership. This sharing and ride-hailing activity may be managed through a single mobile application, from trip planning to payment. Ride-hailing services are anticipated to play a crucial role in this industry in the coming years because they minimize manual work and reduce total time and cost. Due to this trend, it is anticipated that the market for three-wheeled vehicles will continue to expand.
Regional Insights
The Asia Pacific will likely command the regional market while developing at a CAGR of 10.75%. The increasing need for inexpensive commercial vehicles with low production costs, an expansion in production capacity, and an increase in demand for actual light cars are some factors driving the growth of the three-wheeler market in this region. Automakers are actively involved in producing innovative products to meet consumer expectations in this region. As a result of increased auto sales and fast industrialization, the three-wheeler market is anticipated to expand.
Electric three-wheelers are becoming more popular in Asia than conventional three-wheelers due to their lightweight, environmental friendliness, reduced electricity use, and affordability. In addition, the region's demand for electric three-wheelers is anticipated to increase due to initiatives for environmentally friendly automobiles and the building of related infrastructure by several governments, including India. China has reinforced its industry by earning a profit on the supply side of present and projected three-wheeler output. The region's growing reliance on electric mobility will impact both the supply and demand sides of the electric three-wheeler market.
The increasing use of electric three-wheelers in Europe is due to their popularity as recreational vehicles and exceptional maneuverability. In response to growing environmental concerns, the European government and environmental authorities are enacting stringent emission regulations and laws, raising the market for electric three-wheelers in Europe. The European Union (EU) promised to reduce greenhouse gas emissions by 20% by 2020 as part of the second phase of the Kyoto Protocol. In addition, the EU intends to achieve its objective of zero greenhouse gas emissions by 2050.
In addition, many taxi companies are replacing their fleets with electric three-wheeled vehicles. In March 2019, the taxi operator Ola debuted an entire fleet of Bajaj and Piaggio autorickshaws in the Liverpool area to rival Uber. Plans call for these activities to increase the region's demand for three-wheelers. France is one of the best investment areas for automobile manufacturers and their suppliers. The rise of the three-wheeler sector in France, which now accounts for 20% of all light cars built in Europe and is forecast to produce nearly half as many vehicles annually as the United States, is facilitated by solid infrastructure and government spending.
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Competitive Players
- Bajaj Auto Ltd
- Piaggio & C. SpA
- Atul Auto Limited
- Chongqing Zongshen Tricycle Manufacture Co. Ltd
- JS Auto Pvt Ltd
- Kinetic Green Energy & Power Solutions Ltd
- Mahindra & Mahindra Ltd
- Scooters India Limited
- Terra Motors Corporation
- TVS Motor Company
- Euler Motors
- Others
Recent Developments
- March 2024 - Tanzania marked the introduction of TRí's next-generation electric three-wheeler. In Tanzania, three-wheelers with internal combustion engines are a common form of transportation. Tanzania is home to an estimated 250,000 ICE three-wheelers, and TRí aims to spearhead the sector's electric transition.
- August 2024 - Mahindra launched a new electric three-wheeler - Mahindra E-Alpha Plus. The new E-Alpha Plus electric three-wheeler has been designed to run on both urban and rural roads. The new Mahindra E-Alpha Plus has been designed for daily use. A 150-ampere lead acid battery has been added to this electric motor.
Analyst Opinion
As per our analyst, companies should emphasize the development of electric vehicles (EVs) to match global sustainability trends and government incentives to effectively traverse the global three wheeler industry. It is imperative to focus on developing markets in Asia-Pacific, Africa, and Latin America due to the swift urbanization and increasing need for reasonably priced transportation options in these countries.
For example, forming local alliances will help enter the market and build community trust, and tailoring cars to fit local requirements will make them more appealing. Ensuring operational efficiency and fostering client loyalty requires a strong after-sales service network.
Moreover, businesses that invest in battery technology and charging infrastructure will be well-positioned to benefit from the rapid shift to electric mobility, which will ultimately spur sustainable growth and competitiveness in this rapidly growing sector.
Segmentation
- By Fuel Type
- Petrol/ CNG
- Diesel
- Electric
- By Vehicle Type
- Passenger Carrier
- Load Carrier
- By Configuration
- Two Front Wheels
- Two Rear Wheels
- By Engine Location
- Front Engine
- Rear Engine
- By Region
- North America
- Europe
- APAC
- LATAM
- MEA
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