Market Overview:

The global three-wheeler market is expected to exhibit a CAGR of 10.1% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Three-wheelers are primarily used for transporting carrier loads or passengers. These vehicles are widely utilized as a convenient public transportation mode for short-to-medium distances and for last-mile connectivity of goods transportation. The high adoption rate of three-wheelers depends upon their fuel efficiency, compact design, cost-effectiveness, and lower emissions. Furthermore, these vehicles are low on maintenance in comparison to other heavy- to medium-duty transportation vehicles.

The expanding public transportation sector, particularly across the developing countries, such as Nepal, Bangladesh, India, Pakistan, etc., is primarily driving the demand for three-wheeler vehicles. Furthermore, the rising number of three-wheeler registrations with several ridesharing and radio taxi companies is also catalyzing the global market. Additionally, the growing adoption of three-wheeler vehicles in the logistics sector for transporting goods to remote locations is further propelling the market growth. Besides this, the soaring fuel prices of conventional fuels, such as petrol and diesel, have led to a rising inclination towards CNG/LPG-driven three-wheelers. Moreover, the growing environmental concerns towards the increasing GHG emissions from gasoline- or diesel-powered three-wheelers have led to the emergence of their eco-friendly alternatives, including e-rickshaws. Additionally, the introduction of various government initiatives and awareness programs to promote the adoption of electric three-wheelers is also augmenting the market growth. Apart from this, rising modernization of several commercial infrastructures, such as shopping malls, educational institutes, metro rail, etc., has led to the growing utilization of electric three-wheelers for providing local conveyance to the customers. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global three-wheeler market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on vehicle type, passenger vehicle and fuel type.

Breakup by Vehicle Type:

• Passenger Carrier
• Load Carrier
   

Breakup by Passenger Vehicle:

• 4-seater
• 6-seater
   

Breakup by Fuel Type:

• Petrol/CNG
• Diesel
• Electric
   

Market Breakup by Region:

• Asia-Pacific
  • China
  • India
  • Indonesia
  • Bangladesh
  • Sri Lanka
  • Thailand
• Africa
  • South Africa
  • Egypt
  • Kenya
  • Nigeria
  • Tanzania
• South America
  • Brazil
  • Colombia
  • Chile
  • Peru
     

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Bajaj Auto Limited, TVS Motor Company Limited, Mahindra & Mahindra Limited, Piaggio & C. S.p.A., Scooters India Limited, Atul Auto Limited, Kinetic Green, ChongQing Zongshen Tricycle Manufacturing Co., Ltd.

Report Coverage: