DUBLIN--(BUSINESS WIRE)--The "Global Three-Wheeler Market, By Vehicle Type (Passenger Carrier Vs. Load Carrier), By Fuel Type (Petrol/CNG, Diesel & Electric), By Region (Asia-Pacific, Africa, South America, Rest of the World), Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Three-wheeler Market was valued USD 7991.48 Million in 2020, and is forecast to grow at a CAGR of 6.78% in value terms, over the next five years, owing to the increasing demand for electric three-wheelers across the globe.
A three-wheeler is a common form of transport, both as a vehicle for hire and for private use. A traditional three-wheeler is powered by an internal combustion engine, runs on fossil fuels, or on alternative fuels. With recent advancements in automobile sector, battery and motor equipped three-wheelers are also gaining popularity. Three-wheelers can be seen majorly as a common source of transportation within the cities in countries of Asia Pacific and Africa.
Other macro and micro economic factors like growing population of middle-income group and increasing number of Micro, Small & Medium Enterprises (MSMEs) are also anticipated to contribute to the expanding market of three-wheelers across the globe. Three-wheelers are a common form of transportation to commute within the cities of countries present in Asia Pacific.
In 2020, three-wheelers sales dropped down compared to 2019 as countries around the world underwent strict lockdown in the second and third quarter of 2020 as a measure to counter the spread of the disease. The lockdown resulted in the temporary closing down of all factories, including three-wheeler manufacturing facilities, resulting in production loss of three-wheelers.
The COVID-19 pandemic has adversely impacted the Global Three-Wheeler Market, however the market is showing positive signs of recovery and is estimated to recover in around two years.
Some of the major players operating in the Global Three-Wheeler Market are Bajaj Auto Limited, Piaggio & C. S.p.A, Mahindra & Mahindra Limited, TVS Motor Company Limited, Scooters India Limited, Atul Auto Limited, etc.
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Report Scope:
Global Three-Wheeler Market, By Vehicle Type:
- Passenger Carrier
- Load Carrier
Global Three-Wheeler Market, By Fuel Type:
- Petrol/CNG
- Diesel
- Electric
Global Three-Wheeler Market, By Region:
- Asia-Pacific
- Africa
- South America
- Rest of the World
For more information about this report visit https://www.researchandmarkets.com/r/gff3ll
