LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global 3W PC market report until 2021. This research report also lists four other prominent vendors that are expected to impact the market during the forecast period.
The global 3W PC market accounted for nearly 1.13 million vehicle sales in 2016 where 88% of the sales came from the global 3W PC market. The 3W PC segment dominates the global 3W market as 3W PCs are considered as the cheapest transport vehicles that can be afforded by various private transport operators and by individuals who earn by transport jobs. India led the global 3W market by 90.56% market share in 2016. Major manufacturers like Bajaj Auto, Piaggio, and Mahindra and Mahindra accounted for 87.3% share of the Indian 3W PC market in 2016. Asian countries like Sri Lanka, Bangladesh, and Nepal and African countries like Nigeria, Ghana, Tanzania, and Kenya accounted for more than 90% of the exports in the Indian 3W PC market.
Competitive vendor landscape
The 3W PC market, especially in India, is highly concentrated as 87.3% of the market share is contributed by three major players. They are Bajaj Auto, Piaggio, and Mahindra and Mahindra. Even though Bajaj Auto leads the global 3W PC market with 46.5% market share, it only contributes about 2% in the 3W goods carrier market. Piaggio, on the other hand, leads the 3W goods carrier market with 52% market share and stands in the second position in the 3W PC market with a share of 30.4%.
Siddharth Jaiswal, an industry expert at Technavio for research on automotive manufacturing, says, “The market is highly concentrated with five players constituting to nearly 90% of the global 3W PC market. Most the players among them are from India. The competition between the manufacturers is increasing, owing to the promising large volumes of sales in new markets like the underdeveloped and developing countries across the globe. Hence, the manufacturers are increasing their geographical market presence and product portfolios to attract maximum sales. Nepal, Indonesia, and Taiwan are examples of such countries.”
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Top five 3W PC market vendors in the downstream oil and gas industry
Atul Auto manufactures and sells mainly three-wheelers in the passenger carrier and goods carrier segments. Other than three-wheelers, the company also manufactures electric golf carts. The company is also planning to launch four-wheel LCVs.
Bajaj Auto an Indian two-wheeler and three-wheeler manufacturing company. The product portfolio includes motorcycles, scooters, and auto rikshaws. It is a global leader in the 3W passenger vehicle segment. It accounted for 46.5% market share in the Indian 3W PC segment in 2016. It also is the world's sixth largest motorcycle manufacturer. It is a part of Bajaj Auto Group.
Mahindra and Mahindra
Mahindra and Mahindra is an Indian company that manufactures two-wheelers, three-wheelers, passenger cars, and commercial vehicles. It is the largest tractor manufacturer globally and is a leading passenger vehicle manufacturer in India. It is a part of Mahindra Group, and it has subsidiaries such as Mahindra two-wheelers and SsangYong motor.
Piaggio, an Italian company, produces motorcycles and compact commercial vehicles. It has seven brands under its portfolio. Vespa and Piaggio are the popular brands of the company across the world. Piaggio operates in over 50 countries and has six research and development (R&D) centers worldwide. Piaggio entered the Indian market in 1998 with a strong 3W portfolio, especially in the goods carrier segment.
Qiangsheng Electric Tricycle Factory
Qiangsheng Electric Tricycle Factory is one of the largest manufacturers and suppliers of electrical and battery rickshaws. It is also specialized in the R&D, production, and sales of e-rickshaw spare parts in China.
Some of its products include battery rickshaws, cargo tricycles, cargo tricycles with cabins, solar rickshaws, and Indian auto rickshaws. The company owns several patents for its double rear axles, folding seats, gear box, multifunctional shed, and electric insulation box.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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