Three Wheeler Market to Grow at over 12% CAGR until 2024 | TechSci Research

According to TechSci Research report, ****** Three-Wheeler Market By Vehicle Type, By Fuel Type, By Region, Competition Forecast & Opportunities, 2014 – 2024”, ****** three-wheelers market is projected to grow at a CAGR of over 12% during the forecast period. The growth of the market is majorly attributable to the low price and efficient performance of three-wheelers in last-mile delivery compared to medium and heavy commercial vehicles. Factors like growing demand from freight and logistics service providers for last-mile delivery, public transportation used for the connectivity and increasing inclination of consumers towards small and easy maneuverable automobile are further anticipated to fuel demand for three-wheelers.

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With an expanding volume share of over 54%, passenger carrier three-wheeler segment dominated the ****** three-wheeler market in 2018, followed by a load carrier segment. The growth of passenger carrier three-wheeler segment is led by their expanding fleet, rising transportation needs across different regions. Although, three-wheelers market in Asia-Pacific witnessed a promising CAGR during 2014-2018 due to local manufacturing and demand as well as growth in the overall economy, however, the government across different countries in the region are taking initiatives to move towards the usage of alternative energy, i.e., electrification of vehicles. Additionally, the demand for three-wheeler vehicles grown in Africa region during 2014-18 due to high rate of inflation, currency devaluation and absence of heavy transport vehicle manufacturing in the entire region.

Major non-electric three-wheeler giants such as Bajaj, TVS, Piaggio, etc., have enhanced their product offering to gather more customer concentration towards their products. On the other hand, many Chinese electric three-wheeler manufacturers such as Zongshen, Jinpeng, Zbee, etc., have also intensified their business operation by expanding their product distribution network globally as well collaborated with ****** companies to enhance the quality of their product by investing in research and development. Several ****** companies are also investing intensively to provide their customers with more affordable and less costly three-wheelers.

“The growing presence of various multinational companies such as Bajaj, TVS, Piaggio, etc. coupled with their continued research and developments to meet the customized demand in different regions of the world as well as to offer a wide product range is expected to intensify competition in the ****** three-wheeler market in the coming years. Moreover, the rising average selling price of three-wheelers along with their growing sales is further anticipated to boost the revenue of ****** three-wheeler market during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based ****** management consulting firm.

Browse 7 market data Tables and 149 Figures spread through 204 Pages and an in-depth TOC on “****** Three-Wheeler Market” @ https://www.techsciresearch.com/report/******-three-wheeler-market/1448.html

****** Three-Wheeler Market By Vehicle Type, By Fuel Type, By Region, Competition Forecast & Opportunities, 2014 – 2024 has analyzed the potential of three-wheeler market globally, and provides statistics and information on market sizes, shares, and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by ****** three-wheeler market across the world.

About TechSci Research

TechSci Research is a leading ****** market research firm publishing premium market research reports. Serving 700 ****** clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking ****** and country-specific high growth markets helps TechSci clients to lead rather than follow market trends.

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