According to the latest report by IMARC Group, titled "Three-Wheeler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global three-wheeler market grew at a CAGR of around 12% during 2015-2020. Three-wheelers are a mode of public transportation that can be powered by fuel or electric charge. These vehicles with four to six-seaters are commonly used for transporting carrier loads or passengers in a cost-efficient manner. Widely used by the masses for traveling short distances, they offer a compact design, lower emissions, reduced noise and improved fuel efficiency. They also require little to no maintenance as compared to other heavy- to medium-duty automobiles. The electric three-wheeler variants equipped with an electric motor and powered by rechargeable batteries are widely gaining popularity as they minimize vehicular emission and are eco-friendly in nature.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Three-Wheeler Market Trends:
The global market is primarily driven by the increasing need for public transportation modes across the globe, especially in developing economies. Rising population growth and the increasing number of middle-income households across developing regions that heavily depend upon public transports for their daily commutation have impelled the need for cost-efficient yet reliable transportation solutions, such as three-wheelers. Apart from this, a considerable increase in oil prices and the escalating environmental concerns among the masses regarding the significant rise in greenhouse gases (GHG) emissions from diesel- or gasoline-powered vehicles have resulted in an increased uptake of three-wheelers that run on alternative fuels. CNG and LPG-driven three-wheelers are consequently gaining widespread prominence on the global level, thereby providing an impetus to the market growth. The market is further driven by the continual developments in the charging infrastructure of electric three-wheelers. These vehicles are now being integrated with plug-in charging options that offer enhanced convenience to the drivers. Other factors, such as the widespread adoption of these automobiles across the logistics sector for transporting goods to remote locations and the numerous initiatives undertaken by various government bodies to promote the adoption of electric three-wheelers, are also contributing to the market growth. On account of the aforementioned factors, the market is expected to witness strong growth during 2021-2026.
Market Summary:
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