- Petrol/ CNG
Three-Wheeler Market was valued at USD 9,298.2 million in 2022 and is expected to grow at a 9.7% CAGR from 2023 to 2029. Three-wheelers are generally used as a commercial vehicles to transport passengers and goods. Three-wheelers are cheaper when compared to other modes of transport. As many developing countries especially in the Asia Pacific and Latin America, the Middle East, and Africa require cheaper and faster options for public and goods transport, three-wheelers are the best choices for it. The rapid urbanization and rising demand for last-mile connectivity is expected to drive the three-wheeler market growth over the forecast period.
In addition, the growing trend of urbanization has led to an increase in traffic congestion, making three-wheelers a popular choice of last-mile connectivity in cities. Furthermore, growing government initiatives in promoting the use of electric vehicle has led to an increase in the production and adoption of electric three-wheelers, which are more environmentally friendly and cost-effective than traditional Internal combustion engine vehicles which is expected to boost the growth of the three-wheeler market at a significant rate over the forecast period. However, factors such as limited passenger capacity compared to four-wheelers, competition from other modes of transport, increasing fuel costs, and lack of proper infrastructure in some regions are expected to hold back and hinder the growth of the three-wheeler market over the forecast period. moreover, the factors like emerging three-wheeler market in emerging economies, the development of new technologies and features in a three-wheeler, and diversification of three-wheeler usage beyond transportation, such as agriculture and logistics are anticipated to provide tremendous opportunities in the growth of the three-wheeler market across the globe.
In April 2023, Bajaj Auto Ltd launched the electric three-wheeler and made its debut in the electric cargo and passenger vehicle segment.
Fastest Growing Market
The three-wheeler market is expected to grow over the forecasted period due to the increasing government initiative in promoting the use of electric vehicles to reduce carbon footprints in the environment. For instance, several governments across the globe are providing subsidies to the buyer on the purchase of electric vehicles. The increasing concern about the environment and reducing carbon footprints among the public is expected to drive the growth of electric three-wheeler market over the forecast period. in addition, many market players are entering into the electric three-wheeler market which is expected to further aid the growth of three-wheeler market over the forecast period.
The three-wheeler market was valued at USD 9,298.2 million in 2022 and is expected to grow at a 9.73% CAGR from 2023 to 2029.
Increasing demand for sustainable vehicle and last mile connectivity across the globe are expected to drive the growth of three-wheeler market over the forecast period.
Developing technologies and growing adoption of three wheelers in various end usage is expected to provide opportunity to the market key players in the growth of three-wheelers market.
The leading players in the global Three-Wheeler market are Atul Auto Limited, Bajaj Auto Ltd, Chongqing Zongshen Tricycle Manufacture Co. Ltd, J.S. Auto Pvt Ltd, Kinetic Green Energy & Power Solutions Ltd, Mahindra & Mahindra Ltd, Piaggio & C. SpA, Scooters India Limited, Terra Motors Corporation, TVS Motor Company.