According to the new research report published by The Insight Partners, titled “Three Wheeler Market - Global Analysis and Forecast to 2027”, the global three wheeler market is expected to reach US$ 13.73 Bn by 2027, registering a CAGR of 4.9% during the forecast period 2019-2027.
Three-wheelers are an integral part of the automobile sector and are used for public transportation. The increasing demand for inter-city transportation with increasing urbanization has led to a rise in the need for the three-wheelers market. By 2030, many prominent countries in three-wheelers market such as India are focusing on a replacement of liquid fuels with the batteries. Major market players are developing electric and hybrid technologies to be incorporated in three-wheelers for the introduction of the eco-friendly mode of public transport.
One of the significant factors contributing to the growth of the three-wheelers market is public transport for short to medium distances anywhere in the cities. Such a cost-effective mode of transportation is in demand for countries with moderate logistic infrastructure and a population with low disposable income. Moreover, the cumulative growth in good carriers has elevated the three-wheelers market for the transportation medium where trucks and other four-wheelers cannot be afforded and accessed easily.
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Some of the major three wheeler vehicle manufacturer present in the region are ATUL Auto Limited, Piaggio & C. SpA, Bajaj Auto Ltd., J.S. Auto (P) Ltd., Speego Vehicles Co Pvt Limited, and Mahindra & Mahindra Ltd.
Key findings of the study:
The key players in the market are focusing on investing in the production of three wheelers in African and South American countries. There have been prominent strategies made in recent years by automakers to increase the usage of three wheelers in these regions. For instance, in August 2016, Lohia Auto Industries entered Africa with three wheeler operated on diesel. Also, in May 2017, TVS Motor Company Ltd. shipped three-wheeler of its brand TVS King DLX to Central America. With this company aimed to make the region its sales target. Furthermore, Piaggio & C. SpA expanded and strengthened its operations in Mexico by marketing the Ape, its three-wheel vehicle.
A reduction in organized public transport systems has led to rapid growth in non-conventional means of public transport, initially provided by minibuses and shared taxi/vans, and more recently by commercial three-wheelers. Unlike cities in South and East Asia, ownership and use of motorized and electric three-wheelers as a personalized vehicle is extremely small in sub-Saharan cities. However, over the past decade, there has been significant growth in the use of three wheelers as a commercial, public transport mode.
Also, Tugende, in Uganda and Kiva in Kenya are the non-profit organization that took the initiative to offer access to credit for people wanting to own their own motorcycle taxis via a hire purchase scheme. With a schedule of affordable down-payments, Boda Boda operators contribute a portion of their income and are able to purchase their three-wheelers within two years. The three-wheeler offered by Tugende is fitted with tracking software to manage the risk of supplying credit to applicants.
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