Global Three-Wheel Passenger Carrier Market 2017-2021
About Three-Wheel Passenger Carrier
Three-wheelers (3Ws) or three-wheel vehicles, as the name implies, contain one wheel at the front and two wheels at the rear end. 3Ws are mostly used for public transportation and for goods carriage for short to medium distances in regions where less public transport facilities, underdeveloped logistics operations, and low disposable incomes prevail. Developing and underdeveloped nations like India, China, other Asian countries, and some Latin American and African countries contribute the most to the global 3W market. The increase in the demand for 3Ws in these countries are owing to the cost-effective transportation they offer in areas where other options of transportations are inadequate.
Technavio’s analysts forecast the global Three-Wheel Passenger Carrier market to grow at a CAGR of 7.78% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global three-wheel passenger carrier market for 2017-2021. To calculate the market size, the report considers the shipments of 3W PCs.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Three-Wheel Passenger Carrier Market 2017-2021
Technavio recognizes the following companies as the key players in the global three-wheel passenger carrier market: Atul Auto, Bajaj Auto, Mahindra and Mahindra, Piaggio, and Qiangsheng Electric Tricycle Factory.
Other Prominent Vendors in the market are: Chongqing Bajaj Auto Machinery, Scooters India, Terra Motors, and TVS.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is customization of 3W goods carriers for day-to-day applications. Major players such as Atul Auto and Piaggio together with many aftermarket commercial vehicle modification firms are driving a trend in the 3W market by customizing 3W goods carriers as an affordable option in day-to-day applications. To make 3Ws more efficient in these applications, manufacturers are modifying engines and hydraulic systems. They have been producing hydraulic pumps that are more efficient and provide more output with the given engine and horsepower. With the use of different attachments, 3Ws can be used for various processes other than just goods transportation.”
According to the report, one of the major drivers for this market is 3W PC being the low-cost vehicle with lower maintenance costs. The 3W PC is the cheapest mode of transportation for more than two people, with a product price range of $2,000-$3,000. The lower cost of such vehicles allows small logistics firms and individual end-users to adopt such vehicles over four-wheel minivans that cost above $5,000.
Further, the report states that one of the major factors hindering the growth of this market is increased adoption of four-wheel SPCVs for passenger transportation. Four-wheel SPCVs with costs below $8,000 are hitting the passenger vehicle market, especially in India. These vehicles belong to the Auto Rikshaw category in India, and hence, all the 3W emission norms apply to this category as well. In addition, comparing to 3Ws, four-wheelers offer better stability and sturdiness in driving, power, and higher load carrying capacity. The four-wheel architecture allows faster turnarounds and easy handling as well. This makes comfortable driving for long distances and areas without roads.
Atul Auto, Bajaj Auto, Mahindra and Mahindra, Piaggio, Qiangsheng Electric Tricycle Factory, Chongqing Bajaj Auto Machinery, Scooters India, Terra Motors, and TVS.