Global Three-Wheel Passenger Carrier Market 2017-2021

Overview of the global three-wheel passenger carrier market

Market research analysts at Technavio predict that the global three-wheel passenger carrier market will grow steadily during the next four years and post a CAGR of close to 8% by 2021. This market research analysis identifies the strong demand from underdeveloped and developing nations for public transportation as one of the primary growth factors for the three-wheel passenger carrier market. The increase in the demand for low-cost passenger carriers such as 3Ws is mainly due to inadequate transportation facilities, lack of proper roads, and urban areas with heavy traffic congestions. 3Ws are used for a wide range of applications such as small logistics operations, public transportation, and personal use, which will subsequently drive the growth of this global market during the next four years.

One of the latest trends that will gain traction in the three-wheel passenger carrier market in the coming years is the customization of 3W goods carriers for day-to-day applications. Major players are modifying engines and hydraulic systems to make 3Ws more efficient and provide more output with the given engine and horsepower which can be used for applications including motorized tipper, dumper placer, and biomedical waste van. Additionally, construction companies are also focusing on replacing other machines such as hydraulically driven brooms with customized 3W goods carriers due to the need to clear debris from job sites.

Competitive landscape and key vendors

Due to the presence of major players, the three-wheel passenger carrier market appears to be highly concentrated. Due to the promising sales of large volumes in new markets such as the underdeveloped and developing countries across the globe, the competition between the manufacturers is intensifying. To improve their market shares and improve market positions, the vendors in this marketspace are focusing on increasing their geographical presence and enhancing product portfolios.

The leading vendors in the market are -

• Atul Auto
• Bajaj Auto
• Mahindra and Mahindra
• Piaggio
• Qiangsheng Electric Tricycle Factory

The other prominent vendors in the market include Chongqing Bajaj Auto Machinery, Scooters India, Terra Motors, and TVS.

Segmentation by propulsion type and analysis of the three-wheel passenger carrier market

• Alternative propulsion (AP) 3Ws
• Internal combustion engine (ICE-powered) 3Ws

During 2016, the ICE-powered 3Ws segment accounted for the major shares and dominated the three-wheel passenger carrier market. This is mainly due 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.

Geographical segmentation and analysis of the three-wheel passenger carrier market

• APAC
• ROW

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the market by 2021. India is the major contributor for the 3W passenger carrier market in this region. The recent years witnessed the introduction of CNG-based 3Ws to satisfy the stringent regulations on the diesel and gasoline fuel types, which will fuel market growth. Additionally, factors such as high mobility and lower fares of 3W passenger carriers also drive the growth of the three-wheel passenger carrier market in this region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global three-wheel passenger carrier market?
• What are the key market trends impacting the growth of the global three-wheel passenger carrier market?
• What are the challenges to market growth?
• Who are the key vendors in the global three-wheel passenger carrier market?
• What are the market opportunities and threats faced by the vendors in the global three-wheel passenger carrier market?
• Trending factors influencing the market shares of the APAC and ROW.
• What are the key outcomes of the five forces analysis of the global three-wheel passenger carrier market?

Technavio also offers customization on reports based on specific client requirement.

Three wheelers (3Ws) or three-wheel vehicles, as the name implies, contains one wheel at the front and two wheels at the rear end. The 3Ws are primarily used as a means of public transport and goods carriage in developing and under-developed regions. This upcoming report is an essential part the automotive industry and covers a range of product markets including automotive manufacturing, automotive components, and automotive electronics. Technavio’s reports also present an extensive competitive analysis of the leading vendors in the automotive industry, besides offering vital information on various parameters, such as the shifts in consumer behavior and the factors that will push and pull the rise of the vendors in the automotive manufacturing industry.

Technavio’s market research specialists follow a comprehensive research approach of primary and secondary methods and conduct an extensive analysis of the demand for markets in different geographical regions to forecast the automotive manufacturing industry's growth prospects accurately. With an aim to enable clients to develop new policies for growth, our upcoming industry research report on the global three-wheel passenger carrier market for the forecasted years of 2017 to 2021 gives out relevant insights deduced from the data gathered from market sources such as manufacturers, channel partners, regulatory bodies, and decision makers.

This upcoming report on the global three-wheel passenger carrier market also considers the growth of the related markets such as three-wheeler (3W) goods carrier and light and heavy-duty natural gas vehicle, which are anticipated to register a CAGR of almost 4% and about 5%, respectively by 2021. As analyzed by our market research analysts, the increased adoption of CNG/LPG fuels and electric powertrains is driving the automotive manufacturing market’s growth in the coming few years.

The upcoming market research report on the global three-wheel passenger carrier market also recognizes the prominent market drivers, emerging trends, and the difficulties currently experienced by the automotive industry and also reveals insights into the sectors of auto accessories and wheels and tires.