The global three wheeler market accounted for US$ 9.14 Bn in 2018 and is expected to grow at a CAGR of 4.9% over the forecast period 2019-2027, to account for US$ 13.73 Bn by 2027.
Many emerging economies in the APAC region are developing economies and therefore attracting investment from regulatory bodies of these countries to bring enhancement in their technologies. The international automotive manufacturers has a considerable opportunity to expand as well as invest in developing economies. This would eventually propel the growth and adoption of three-wheeler in these economies. Many emerging economies in the APAC region are considered to be developing economies and therefore attracting investment from the regulatory bodies of these countries to bring enhancement in their technologies. The three-wheeler market is witnessing massive growth in the developing countries of this, especially in India. APAC market for three-wheeler includes the market of South Korea, India, China, Japan, Australia, and the Rest of APAC. North America and Latin America are expected to provide substantial growth opportunities in the three wheeler market for watersheds, snowmobiles, and touring motorcycles in the coming years. The three wheeler market is expected to find good prospects for aging baby boomers owing to the increased safety requirement. Northern African, ASEAN, and Latin American countries are prominent importers of three wheelers from Asian manufacturers.
APAC region leads the three wheeler market by region. The massive populations of China and India and the mounting middle-class population in these countries, as well as booming automotive sector scenarios in both countries, are anticipated to have a bright future for the adoption of three-wheeler vehicles. These countries are the hub for various local automakers, which are focusing on the development of a three wheeler vehicle, most commonly known as auto-rickshaw/ tuk-tuk. Furthermore, China is the largest producer of passenger cars across the globe; also, India, Japan, and South Korea are some of the primary vehicle manufacturing countries. The continuous economic growth in developed and developing countries such as India and China, coupled with the presence of a high number of manufacturers in countries such as China and Japan, has facilitated the rapid growth of the automotive industry in this region. APAC is one of the rapidly growing passenger car markets, with Chinese brands accounting for 99% of EV production in the country in 2018. China has already seen massive growth in electric vehicle production as well as sales in the country, and the automaker in the country are concentrating on the manufacturing of EV three wheeler market. Similarly, it has been noted that the adoption rate of e-rickshaw and e- scooters are relatively high as compared to other countries globally.
The three wheeler market has been segmented on the basis of type, fuel type, and geography. Based on type, the three wheeler market has been segmented into passenger carrier and goods carrier. Based on fuel type, the three wheeler market has been segmented into diesel, petrol, CNG, LPG, and electric. Geographically, the three wheeler market is fragmented into four regions, including North America, Europe, Asia-Pacific, and Rest of the World.
The well–established market players operating in the three wheeler market are ATUL Auto Limited, Bajaj Auto Ltd, J.S. Auto (P) Ltd., Mahindra & Mahindra Ltd., Piaggio & C. SpA, Scooters India Ltd, Speego Vehicles Co Pvt Limited, Terra Motors, TVS Auto, and Xianghe Qiangsheng Electric Tricycle Factory.
The overall global three wheeler market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global three wheeler market. It also provides an overview and forecast for the three wheeler market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the three wheeler industry.