Increase in demand for affordable commercial vehicle and rise in requirement of electric passenger as well as load carriers, and low maintenance & manufacturing cost drive the growth of the global three-wheeler market
WILMINGTON, Del., Dec. 11, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Three-Wheeler Market by Vehicle Type (Passenger Carrier and Load Carrier), and Fuel Type (Petrol/CNG, Diesel, and Electric): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global three-wheeler industry size generated $14,286.6 million in 2022, and is anticipated to generate $37,493.6 million by 2032, witnessing a CAGR of 11% from 2023 to 2032.
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102 – Tables
47 – Charts
355 – Pages
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Prime determinants of growth
The escalating global carbon emissions resulting from fuel combustion have become an important concern for governments and environmentalists in recent years. This has increased the demand for electric three-wheelers globally, contributing to market expansion. In addition, surge in international fuel prices, environmental pollution, and traffic congestion, particularly in urban regions, has further accelerated the adoption of electric three-wheelers.
Report Coverage and Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$14,286.6 Million |
|
Market Size in 2032 |
$37,493.6 Million |
|
CAGR |
11 % |
|
No. of Pages in Report |
355 |
|
Segments Covered |
Fuel Type, Vehicle Type, and Region. |
|
Drivers |
Surge in adoption of electric three-wheeler as an eco-friendly mobility Rise in trend of last mile connectivity Extra carriage capacity of the trailers Increase in demand for affordable commercial vehicle |
|
Opportunities |
Growth in trend of shared mobility |
|
Restraints |
High cost of battery Increase in fuel cost |
The diesel segment to maintain its leadership status throughout the forecast period
Based on fuel type, the diesel segment held the highest market share in 2022 as the diesel engines provide relatively more power output along with better efficiency than petrol/CNG three-wheelers. Thus, these are perfectly suitable for both passenger and load carrier three-wheelers. However, the electric segment is projected to attain the highest CAGR of 12.1% from 2023 to 2032, as the electric three-wheelers are relatively cheaper, efficient, and eco-friendly.
The passenger carrier type segment to maintain its leadership status throughout the forecast period
Based on vehicle type, the passenger carrier segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Three-wheelers are less costly when compared to other vehicle types; therefore, they are preferred. However, the load carrier is projected to attain the highest CAGR of 10.8% from 2023 to 2032, owing to low-upfront cost and excellent cost to performance ratio. In addition, the load carrier segment drives the growth of the global three-wheeler market during the forecast period, owing to the growth of the e-commerce sector and last mile connectivity.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to growing inclination towards electric three-wheelers over traditional counterparts. This shift is attributed to factors such as their lightweight design, eco-friendly characteristics, lower power requirements, and cost-effectiveness. Furthermore, the increase in initiatives by governments in the region, particularly in India, to promote environmental-friendly vehicles and develop supporting infrastructure are expected to boost the demand for electric three-wheelers.
Key Developments in the 3-Wheeler Industry:
Leading companies in the industry are implementing various strategies, including acquisition, agreement, expansion, partnership, contracts, and product launches, to fortify their market positions.
In February 2021, Mahindra & Mahindra Limited entered into a partnership with Amazon India, with plans to deliver 10,000 electric three-wheeler delivery vehicles by 2025. The Mahindra Treo Zor vehicles have already been deployed in seven major cities in India through Amazon India’s network of delivery service partners.
In October 2020, Mahindra & Mahindra Limited launched the New Treo Zor Electric 3-Wheeler Cargo Vehicle. This vehicle, built on the Treo platform, is available in three variants – pickup, delivery van, and flatbed.
In October 2020, Mahindra & Mahindra Limited introduced the BS6 variant of Alfa, a flagship 3-wheeler brand known for its fuel efficiency and offering a range of passenger and cargo variants catering to diverse customer segments.
In August 2020, Mahindra & Mahindra Limited signed an agreement with REE Automotive for the development of electric commercial vehicles. This collaboration aims to leverage REE’s corner module and modular platform technology with Mahindra’s vehicle design, sourcing capability, engineering, and manufacturing assets.
Key Highlights of the Report:
The three-wheeler market study spans across 16 countries, providing regional and segment analysis for each country in terms of value ($million) during the projected period from 2023 to 2032.
The study integrates high-quality data, professional opinions, and analysis, along with critical independent perspectives. The research approach aims to present a well-balanced view of global markets, aiding stakeholders in making informed decisions to achieve their ambitious growth objectives.
A thorough review of over 3,700 product literature, annual reports, industry statements, and other comparable materials from major industry participants was conducted to enhance the understanding of the market dynamics.
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Leading Market Players: –
Bajaj Auto Limited
Piaggio & C. S.p.A.
Atul Auto Limited
Speego Vehicles Co Pvt Limited
Terra Motors
Baxy Limited
ZUPERIA AUTO PRIVATE LIMITED
Kinetic Green Energy & Power Solutions Ltd.
TVS MOTOR COMPANY LIMITED
Mahindra & Mahindra Limited
The report provides a detailed analysis of these key players in the global three wheelers market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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