Three Wheel Passenger Carrier Market
Three-Wheel Passenger Carrier Market Forecasts to 2028 – Global Analysis By Product (ICE-Powered 3Ws, Alternative Propulsion (AP) 3Ws), Application (Urban and Rural Transport, Family Use), and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $1.48 BN |
|
Projected Year Value (2028) |
US $2.87 BN |
|
CAGR (2021 - 2028) |
9.9% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Fastest Growing Market |
Europe |
According to Stratistics MRC, the Global Three-Wheel Passenger Carrier Market is accounted for $1.48 billion in 2021 and is expected to reach $2.87 billion by 2028 growing at a CAGR of 9.9% during the forecast period. A three-wheeler is a three-wheeled vehicle propelled by a petrol/CNG, diesel, or electric engine. The three-wheel passenger carrier is the cheapest transport vehicle that can be afforded by different private transport operators and by people who earn by transport jobs. Three-wheelers are generally utilized as a commercial vehicle to transport passengers and goods.
The trend of retrofitting three-wheelers into electric vehicles (EVs) is translating into value-grab opportunities for automotive companies. According to the Society of Indian Automobile Manufacturers (SIAM), sales of three-wheelers increased from 219,446 to 260,995 units from April 2021 to March 2022 compared to the previous year and three-wheeler exports increased from 393,001 to 499,730 units. The three-wheeler industry across many regions is experiencing a shift toward the adoption of electric vehicles because of increased government initiatives and subsidies to promote e-mobility.
Market Dynamics:
Driver:
Increasing demand for electric three-wheeler
Constantly developing global carbon emissions by combustion of fuel has been one of the foremost concerns for governments and environmentalists for a couple of years. Moreover, because of increasing fuel prices at the international level, growing pollution, and traffic congestion particularly in urban regions have additionally increased the acceptance of electric three-wheeler across the globe. In addition, relatively higher running and maintenance cost of petrol/CNG & diesel propelled three-wheeler leads to shifting in preference for electric three-wheeler for the shorter transits, which, in turn, is further likely to drive the market growth.
Restraint:
Higher cost
The cost of three-wheeler vehicles is significantly high because of the high cost of batteries. Therefore, the middle and lower-middle-class consumers in developing countries are even more inclined toward ordinary fuel vehicles. Thus, replacing the batteries may additionally increase their operating costs, which, in turn, is likely to restrain the market growth.
Opportunity:
Trend of last mile connectivity
Many organizations in e-commerce, pharmacy, textiles, FMCG, and other service segments choose three-wheelers as the last mile connectivity arrangement as they offer great maneuverability at a reasonable cost. Moreover, numerous players are very keen to convert their last-mile delivery fleet to electric because of their additional advantages. The growing adoption of electric vehicles is further reinforcing the demand for electric three-wheeler as well. With effective integration of advanced technology, design, and work process, many leading players are trying to bring the upfront cost of three-wheelers, which further predicted the preference for three-wheeler as the last mile connectivity solution.
Threat:
Lack of standardization of charging infrastructure
The lack of charging infrastructure and lower presence of charging stations in emerging economies are likely to act as a challenge to the market growth. The absence of standardization and dissimilarities in charging capacity are the main disadvantages of the market. Different regions have their set principles. Proposing land is the main challenge in developing regions as the charging stations require reserved space for various purposes including setup, parking spots for different vehicles, and the utilization of the charging stations. It is the major challenge for the key players in the market and hence considered a major factor that is acting as a threat to the growth of the three-wheeler passenger carrier market.
The internal combustion engine (ICE-powered) 3Ws segment is expected to be the largest during the forecast period
The internal combustion engine (ICE-powered) 3Ws segment is estimated to have a lucrative growth owing to the usage of gasoline, diesel, bio-diesel, and compressed natural gas/liquefied petroleum gas (CNG/LPG) to power the engine in developing nations where the disposable income is lesser when compared to the developed nations.
The passenger carrier segment is expected to have the highest CAGR during the forecast period
The passenger carrier segment is anticipated to witness the fastest CAGR growth during the forecast period as the passenger carrier is the least expensive transport vehicle that can be afforded by different private transport operators and by people whose earnings are from transport jobs. The growth of the segment is driven by the rising demand for low-cost passenger carriers such as the lack of proper roads, three-wheelers mainly because of inadequate transportation facilities, and urban areas with heavy traffic congestions.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the high demographic growth, a larger middle, and lower-middle-class income population, and increasing inclination towards electrification of vehicles in this region. The Government of India is actively taking initiatives to promote E-3Ws in the country due to the high pollution rate caused by fuel-based vehicles. Also, legal organizations are providing subsidies and incentives for electric vehicles.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period due to prominent automotive players and the rapid adoption of vehicle electrification in this region. Electric three-wheeler manufacturers are investing exponentially in R&D for innovating technologically advanced mobility solutions.
Key players in the market
Some of the key players profiled in the Three-Wheel Passenger Carrier Market include TVS Motor Company, Mahindra Electric, Scooters India, Qiangsheng Electric Tricycle Factory, Piaggio, Bajaj Auto, ATUL Auto Limited and Terra Motors.
Key Developments:
In October 2020, Mahindra Electric launched its new electric 3-wheeler cargo model, Treo Zor. The Treo Zor is developed on the Treo platform and is available in 3 different structures: pickup, delivery van, and flatbed.
In December 2019, TVS Motor Company partnered with Greaves Cotton. Under this partnership, Greaves Cotton would act as an authorized service center for TVS Motor’s three-wheelers in India.
In November 2018, ATUL Auto Limited joint ventured with JBM Industries, an auto Parts Company based in India to expand/ develop the business of Three Wheeler Electric Autos with the blend of respective expertise.
Product Types Covered:
• Internal Combustion Engine (ICE-Powered) 3Ws
• Alternative Propulsion (AP) 3Ws
Types Covered:
• Goods Carrier
• Passenger Carrier
Applications Covered:
• Urban and Rural Passenger Transport
• Family Use
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Three-Wheel Passenger Carrier Market, By Product Type
5.1 Introduction
5.2 Internal Combustion Engine (ICE-Powered) 3Ws
5.3 Alternative Propulsion (AP) 3Ws
6 Global Three-Wheel Passenger Carrier Market, By Type
6.1 Introduction
6.2 Goods Carrier
6.3 Passenger Carrier
7 Global Three-Wheel Passenger Carrier Market, By Application
7.1 Introduction
7.2 Urban and Rural Passenger Transport
7.3 Family Use
8 Global Three-Wheel Passenger Carrier Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 TVS Motor Company
10.2 Mahindra Electric
10.3 Scooters India
10.4 Qiangsheng Electric Tricycle Factory
10.5 Piaggio
10.6 Bajaj Auto
10.7 ATUL Auto Limited
10.8 Terra Motors
List of Tables
1 Global Three-Wheel Passenger Carrier Market Outlook, By Region (2020-2028) ($MN)
2 Global Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
3 Global Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
4 Global Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
5 Global Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
6 Global Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
7 Global Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
8 Global Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
9 Global Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
10 Global Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
11 North America Three-Wheel Passenger Carrier Market Outlook, By Country (2020-2028) ($MN)
12 North America Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
13 North America Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
14 North America Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
15 North America Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
16 North America Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
17 North America Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
18 North America Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
19 North America Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
20 North America Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
21 Europe Three-Wheel Passenger Carrier Market Outlook, By Country (2020-2028) ($MN)
22 Europe Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
23 Europe Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
24 Europe Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
25 Europe Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
26 Europe Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
27 Europe Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
28 Europe Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
29 Europe Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
30 Europe Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
31 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Country (2020-2028) ($MN)
32 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
33 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
34 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
35 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
36 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
37 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
38 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
39 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
40 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
41 South America Three-Wheel Passenger Carrier Market Outlook, By Country (2020-2028) ($MN)
42 South America Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
43 South America Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
44 South America Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
45 South America Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
46 South America Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
47 South America Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
48 South America Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
49 South America Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
50 South America Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
51 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Country (2020-2028) ($MN)
52 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
53 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
54 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
55 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
56 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
57 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
58 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
59 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
60 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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