The research study covers the present scenario and growth prospects of the global 3W goods carrier market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers.
Technavio analysts expect above 4% increment in the growth rate of these vehicles in 2017 and 2018, owing to the increased production of CNG/LPG and launch of electric models in the market by the key players. This will allow various governments to issue new permits, as fuel emissions are reduced. For instance, Maharashtra, India, started issuing fresh permits from the end of 2016.
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Technavio automotive analysts highlight the following three factors that are contributing to the growth of the global 3W goods carrier market:
Low operational and maintenance costs of 3W goods carrier
The 3W goods carriers are the cheapest mode of goods transportation, with product price ranging from USD 2,000 to USD 3,540. The lower cost of such vehicles allows small logistic firms and individual end-users to adopt such vehicles over four-wheeler minitrucks, which cost over USD 5,388.
Siddharth Jaiswal, a lead automotive manufacturing research analyst at Technavio, says, “The low operational costs of 3Ws compared with four-wheelers drive the market. The components and accessories of 3Ws are designed to have long life considering the heavy usage than other vehicles.”
Financial assistance for ownership of 3W goods carriers
Many financial institutions, including banks and private firms, especially in India, have come up with various vehicle loan schemes to support the purchase of 3Ws. Owing to the lower cost credits and the daily pay returns for end-users from such vehicles have increased the trust of financial institutions to come up with more schemes.
“Induslnd Bank and Shriram Transport Finance are few of such finance institutions, which support the financing of 3Ws in India. By looking at such beneficial business models, even ICICI Bank is in the process of creating a rural financing program to obtain the potential opportunities from rural regions of India,” adds Siddharth.
Strong demand from underdeveloped and developing nations for last mile connectivity
Infrastructure development has a direct impact on various sectors of the economy. Better infrastructure development leads to high demand for goods carriers, as they are used for a wide range of construction activities. Increased spending on infrastructure construction projects and mining activities are a challenge to underdeveloped and developing countries.
3W goods carriers are the better option in the case of last mile connectivity, especially for infrastructure developments. Economic conditions of these nations are expected to continue to grow over the forecast period. This is expected to boost the market for 3Ws in these countries.
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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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