Three-wheelers or three-wheeler vehicles as the name implies consists of three wheels, one wheel in front and two wheels in the rear. They are used for commuting short to medium distances and are used both for public transportation and goods carriage.
Three wheeler passenger carriers are three-wheelers used for transporting humans. A minimum of three and a maximum of five-six passengers can be carried by three wheelers passenger carriers. In rural areas, more than six passengers are carried by three-wheeler passenger carriers as per requirement. Three-wheeler passenger carriers include e-rickshaw also. E-rickshaws are run on battery and are eco-friendly vehicles and produce no vehicular emission and less noise compared to their counterparts. E-rickshaws can carry five-six passengers for transportation. Three-wheeler goods carriers are used as pickup vans which helps to transport goods from one place to another and delivery vans which helps to deliver goods. Three-wheeler vehicles are available in petro, diesel, LPG, CNG, and electric variants.
The market when segmented by type are three-wheeler passenger carriers and three-wheeler goods carriers. By fuel type, the market is segmented into petrol, diesel, liquefied petroleum gas (LPG), compressed natural gas (CNG), and electric vehicles. The market share of three-wheeler passenger vehicles is more than the market share of three-wheeler goods carriers.
By geography, the market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is a major three-wheeler vehicle market. The U.S is the largest market in the region. Other major markets in this region are Canada and Mexico. Europe is another major three-wheeler vehicles market. Germany is the largest market in this region. Other major markets in this region are the U.K, France, Italy, Spain, Belgium, Sweden, and Netherlands. Asia Pacific is the largest three-wheeler vehicle market in the world. India is the largest market for three-wheeler vehicles in terms of both sales and production across the globe. Three-wheelers produced in India are also exported to countries such as South Asia, Middle East & Africa and Europe. Bajaj Auto Ltd is a leading player in the three-wheeler market in India. Bajaj exports three-wheeler vehicles to approximately 36 countries such as Sri Lanka, Bangladesh, Nepal, Egypt, Iran, Philippines, Uganda, South Sudan, Nigeria, Ethiopia, Congo, Kenya, Angola, Tanzania, Mexico, Peru and Colombia. Bajaj has three-wheelers in all fuel variants - diesel, CNG, LPG and petrol. Other major markets in Asia Pacific are China, Japan, South Korea and Australia. Middle East & Africa and Latin America are also major three-wheeler markets. Turkey, Iran, South Africa, Brazil and Argentina are major markets in this region. Most the regions depend on export of three-wheeler vehicles from manufactures in India and China.
Three-wheeler vehicles have low maintenance and operation cost which is anticipated to increase their demand across the world. Rising production of electric powertrain and e-rickshaws is anticipated to increase the demand for three-wheelers across the globe. A major restraint faced by the three-wheeler vehicle industry is the tough competition faced by three-wheeler passenger carriers from small commercial vehicles.
The report highlights the various competitive strategies adopted by key players operating in the market to gain market share. Company profiles include company details, market presence by geography and segments, strategic overview, SWOT analysis, and historical revenue. The report also contains details of market share analysis of key players in the market. Some of the major firms operating in the three-wheeler passenger carrier market are Atul Auto Limited (India), Bajaj Auto Limited (India), Mahindra & Mahindra Ltd. (India), Piaggio Vehicles Private Ltd. (India), Xianghe Qiangsheng Electric Tricycle Factory (China), Scooters India Ltd (India), Terra Motors Corporation (Japan), TVS Motor Company (India), Hero Electric Vehicles Pvt. Ltd (India) and Lohia Auto Industries (India).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.