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Three Wheelers Market Segmented By fuel type such as Diesel, Gasoline, CNG/LPG and Electric with usage such as Goods carrier, Passenger carrier and Personal use
Three wheelers are one of the integral part of an automobile sector that are mostly preferred for public transportation. The increasing demand for inter-city transportation with increasing urbanization is observed to escalate the demand for three wheelers market.
Many prominent countries in three wheelers market such as India are focusing towards replacement of liquid fuels with the batteries by 2030. Prominent companies are developing electric and hybrid technologies to be incorporated in three wheelers in order to reduce environmental impact and introduce eco-friendly mode of public transport.
One of the most dynamic factor for the growth of three wheelers market is the public transport for short to medium distances anywhere in the cities. Such cost effective mode of transportation is in demand for countries with moderate logistic infrastructure and population that has low disposable income.
Moreover, the cumulative growth in good carriers has uplifted these compact three wheelers market for the transportation medium where trucks and other four wheelers are not affordable and not accessible to the destination. Also the increase in oil prices is expected to give advantage to small vehicles such as three wheelers in long term.
However, a dramatic drop is anticipated in inland and export sales of a country due to replacement of three wheelers by small four wheeler mini truck. Companies like Mahindra & Mahindra and Tata Motors are focusing to expand their mini truck segment and put forth in the market in affordable price and loading capacities. Such development is likely to hamper growth for three wheelers market over the forecast period.
On the bright side, three wheelers manufacturers are expected to find potential opportunities in intra-city mode of transport with digitized and streamlined access provided by the app-based model.
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Based on the geography, Asia Pacific region is expected to remain prominent in the three wheelers market over the forecast period. Countries such as India is to remain prevalent the domestic and export business segment during the forecast period. A prosperous growth is observed in China followed by other Asian countries like Thailand and Malaysia.
This is attributed to the increasing population and need of transportation medium for rural and semi-urban areas of the nation. Many Indian established players are focusing to manufacture three wheelers complied of BS (Bharat Stage) VI norms which will be implemented by 2020 in order to keep particulate matter, nitrogen oxides and Sulphur emission in check. The Germany based Bosch AG is developing LEFIS (Lean Electronic Fuel Injection Systems) for three wheelers in order to meet BS VI norms.
North America and Latin America are expected to provide significant opportunities in three wheelers market for snowmobiles, watersleds and touring motorcycle in near future. Three wheelers market is expected to find healthy prospects to aging baby boomers owing to the increased safety requirement.
Currently, Asian countries such as India and China dominate the three wheeler market in terms of production as well as sales in domestic and export markets. Established three wheeler manufacturers dominate the export as well as domestic market. Northern African, ASEAN and Latin American countries are prominent importers of three wheelers from Asian manufacturers.
Some of the recognized players in Three Wheelers market are listed below:
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