Three-wheeler market expected to achieve excellent revenue growth

three-wheeler market

According to the report published by Allied Market Research, the global three-wheeler market was worth $8.42 billion in 2020 and is expected to reach $15.54 billion by 2028, growing at a CAGR of 10.3% by 2021 to 2028.

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Rising last mile connectivity trend, rising demand for affordable utility vehicles, inclination towards using electric three-wheelers as an eco-friendly and efficient commuting solution are driving growth of the global three-wheeler market. Additionally, the availability of credit and financing options has supplemented the market growth. However, high battery cost and soaring fuel prices are hampering the growth of the market. On the contrary, the growing trend towards shared mobility is expected to open up lucrative opportunities for market players in the future.

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Covid-19 scenario:

The Covid-19 pandemic has severely affected the automotive sector, with the industry experiencing a significant drop in automotive sales and a shortage of raw materials.
For many low-income countries, public transport is a source of employment. However, to comply with social distancing rules, public transport systems have been temporarily suspended.
However, the three-wheeler offers easy customization, which should boost its demand post-pandemic.
The global three-wheeler market is segmented on the basis of fuel type, vehicle type and region.

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Based on fuel type, the diesel segment held the lion’s share in 2020, accounting for more than two-fifths of the market. However, the electrical segment is expected to register the highest CAGR of 18.4% during the forecast period.

Based on vehicle type, the cargo carrier segment is expected to exhibit the highest CAGR of 11.3% during the forecast period. However, the passenger carrier segment dominated the market in 2020, contributing more than half of the market.

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The global three-wheeler market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific market captured the lion’s share in 2020, accounting for nearly two-fifths of the market. However, the LAMEA market is estimated to register the highest CAGR of 12.2% during the forecast period.

The global three-wheeler market includes an in-depth analysis of major market players such as Piaggio & C.SpA, Bajaj Auto Ltd, Chongqing Zongshen Tricycle Manufacture Co. Ltd, Atul Auto Limited, Kinetic Green Energy & Power Solutions Ltd, JS Auto Pvt Ltd, Scooters India Limited, Mahindra & Mahindra Ltd, Terra Motors Corporation and TVS Motor Company.

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

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