PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1098583
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1098583
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
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
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- 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
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- 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
- Table 1 Global Three-Wheel Passenger Carrier Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
- Table 3 Global Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
- Table 4 Global Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
- Table 5 Global Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
- Table 6 Global Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
- Table 7 Global Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
- Table 8 Global Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
- Table 9 Global Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
- Table 10 Global Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
- Table 11 North America Three-Wheel Passenger Carrier Market Outlook, By Country (2020-2028) ($MN)
- Table 12 North America Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
- Table 13 North America Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
- Table 14 North America Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
- Table 15 North America Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
- Table 16 North America Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
- Table 17 North America Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
- Table 18 North America Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
- Table 19 North America Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
- Table 20 North America Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
- Table 21 Europe Three-Wheel Passenger Carrier Market Outlook, By Country (2020-2028) ($MN)
- Table 22 Europe Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
- Table 23 Europe Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
- Table 24 Europe Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
- Table 25 Europe Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
- Table 26 Europe Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
- Table 27 Europe Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
- Table 28 Europe Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
- Table 29 Europe Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
- Table 30 Europe Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
- Table 31 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Country (2020-2028) ($MN)
- Table 32 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
- Table 33 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
- Table 34 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
- Table 35 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
- Table 36 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
- Table 37 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
- Table 38 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
- Table 39 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
- Table 40 Asia Pacific Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
- Table 41 South America Three-Wheel Passenger Carrier Market Outlook, By Country (2020-2028) ($MN)
- Table 42 South America Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
- Table 43 South America Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
- Table 44 South America Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
- Table 45 South America Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
- Table 46 South America Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
- Table 47 South America Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
- Table 48 South America Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
- Table 49 South America Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
- Table 50 South America Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
- Table 51 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Country (2020-2028) ($MN)
- Table 52 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Product Type (2020-2028) ($MN)
- Table 53 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Internal Combustion Engine (ICE-Powered) 3Ws (2020-2028) ($MN)
- Table 54 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Alternative Propulsion (AP) 3Ws (2020-2028) ($MN)
- Table 55 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Type (2020-2028) ($MN)
- Table 56 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Goods Carrier (2020-2028) ($MN)
- Table 57 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Passenger Carrier (2020-2028) ($MN)
- Table 58 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Application (2020-2028) ($MN)
- Table 59 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Urban and Rural Passenger Transport (2020-2028) ($MN)
- Table 60 Middle East & Africa Three-Wheel Passenger Carrier Market Outlook, By Family Use (2020-2028) ($MN)
