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Portland, OR, June 17, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the three-wheeler market amounted to $ 8.42 billion in 2020 and is expected to reach $ 15.54 billion in 2028, growing at a CAGR of 10.3% from 2021 to 2028.

Rising trend of last mile connectivity, increasing demand for affordable utility vehicles, trend of using electric three-wheeler as green and efficient solution for commuting drive the growth of global three-wheeler market. In addition, the availability of credit and financing options has supplemented the growth of the market. However, the high cost of the battery and the soaring cost of fuel are hampering the growth of the market. On the contrary, the growing trend of shared mobility is expected to open lucrative opportunities for market players in the future.

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Covid-19 scenario:

  • The Covid-19 pandemic has hit the auto sector hard as the industry has experienced a dramatic drop in auto sales and a lack 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 is expected to strengthen its demand after the 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 electric segment is expected to register the highest CAGR of 18.4% during the forecast period.

On the basis of vehicle type, the load carriers segment is expected to post 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 region market held the lion’s share in 2020, accounting for almost two-fifths of the market. However, the market through LAMEA is expected to register the highest CAGR of 12.2% during the forecast period.

The Global three-wheeler market includes 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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Similar reports we have on the automotive industry:

Two-wheeled motorcycle market By Fuel Type (Traditional, Gasoline, Electric), Road Types (Wheelbase, Sports Motorcycles): Global Opportunity Analysis and Industry Forecast, 2021-2027.

Two-wheeler market By Vehicle Type (Scooter, Moped, and Motorcycle) and Displacement (Up to 125cc, 126-250cc, 250-500cc, and Over 500cc): Global Opportunity Analysis and Industry Forecast, 2021-2027 .

Electric vehicle market by type (battery electric vehicles (BEV), hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV)), vehicle category (mid-price and luxury) and vehicle type (two-wheelers, passenger cars, and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2020-2027.

Tricycles market By Type (Conventional, Electric) and Application (Commercial, Leisure): Global Opportunity Analysis and Industry Forecast, 2020-2027.

Electric Rickshaw Market by end users (passenger carrier and load carrier), by engine power (1500 W), battery capacity (101 Ah): Global Opportunity Analysis and Industry Forecast, 2020-2027.

Electric tuk-tuks market by carrier type (passenger carrier and load carrier), by engine type (less than 1,000 W, 1,000 W to 1,500 W and above 1,500 W) and battery capacity (above 100 Ah and less than or equal to 100 Ah): Industry Forecasts, 2020-2027.

About Us

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

We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Pawan Kumar, CEO of Allied Market Research is essential in inspiring and encouraging everyone associated with the business to maintain high quality data and to help customers in every way possible to be successful. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.

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