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Market research analysts at Technavio predict that the global three-wheeler (3W) goods carrier market will grow steadily during the next four years and in terms of units, will post a CAGR of over 4% by 2021. This market research analysis identifies the low operational and maintenance costs of 3W goods carriers as one of the primary growth factors for this market. The 3W goods carriers are the cheapest mode of goods transportation that allows small logistic firms and individual end-users to adopt such vehicles over four-wheeler minitrucks. In addition to being equipped with components and accessories that are designed to have a long life, 3W goods carriers involve less operational costs and ownership, which will in turn, fuel their sales during the forecast period.
One of the latest trends that will gain traction in the 3W goods carrier market in the coming years is the growth of the electric powertrain 3W. Though the market is currently dominated by the traditional ICE vehicles, the coming years will witness an increased adoption of electric vehicles especially in countries such as China, India, Japan, and Indonesia. This will mainly attribute to the implementation of polices and subsidies provided by various governments to increase the sales and manufacturing of electric three-wheelers.
This global market is highly concentrated and is dominated by a few players who account for more than 80% of the market shares. The market is competitive and due to the increasing demand and possible large volumes of sales in new markets in the countries such as India, Indonesia, and Taiwan, the level of competition in the market will intensify in the coming years. To increase their sales volume, the vendors are mainly concentrating on enhancing their geographical presence and expanding their product portfolios.
The leading vendors in the market are -
The other prominent vendors in the market include Bajaj Auto, CHONGQING BAJAJ MACHINERY, Terra Motors, and TVS.
This market study estimates that in terms of geographic regions, APAC was the major revenue contributor to the market during 2016. With the introduction of electric and CNG-based 3Ws and less-stringent regulations over these fuel types, the export of 3W goods carriers from China and India to the rest of the Asian countries witnessed a significant increase in the recent years. Though factors such as the ban on new registrations of 3Ws in countries such as Bangkok and the adoption of low cost four-wheel minitrucks for goods transportations in several Asian countries will result in a decline in the region’s market shares, it will continue to dominate the market throughout the next four years as well.
To offer more-efficient 3Ws, several vendors such as Atul Auto and PIAGGIO and a number of aftermarket commercial vehicle modification companies are offering affordable customizations on 3W goods carriers. This will enable customers to use 3Ws for various functions in addition to goods transportation including as a tower ladder, hydraulic jetter/ hopper, and motorized tipper, in turn, propelling the demand for 3W goods carriers.
This report provides several factors contributing to the adoption, limitations, and opportunities of the 3W goods carrier market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Geographical segmentation
PART 07: Key leading countries
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
Tags: cargo transport, transportation services, automotive services, vehicle service, automotive global market, automotive electronics market segmentation,
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