Increasing need of last mile connectivity and lack of public transportation to drive the growth of India three wheeler market in the coming years.
According to TechSci Research report, “India Three Wheeler Market By Vehicle Type (Passenger Carrier & Load Carrier), By Fuel Type (ICE) (Diesel & Petrol/CNG), By Battery Capacity (Electric) (<101 Ah & >101 Ah), By Region, Forecast & Opportunities, FY2016 – FY2026”, India three wheeler market is forecast to grow at double digit CAGR during the forecast period. Need for last mile connectivity is rising and three-wheelers being an inexpensive & eco-friendly alternative to cabs and taxi with better fuel economy are gaining popularity. Additionally, three wheelers require low maintenance & have lower cost of ownership, contributing to the increased share of the three market in India.
India three wheeler market is segmented based on vehicle type, fuel type (ICE), battery capacity (Electric) and by region. Based on vehicle type, the market can be categorized into passenger carrier & load carrier. The three wheeler market of the country is dominated by passenger carrier segment, followed by the load carrier segment. As transport three wheelers are an economical alternative to the four wheeled taxis & cabs owners and hence share for passenger carrier segment is high. Nevertheless, due to industries recognizing three wheelers as a cheaper light commercial vehicle for intracity transportation of goods, share of load carrier is also increasing at an impressive rate. Based on fuel type, ICE three wheelers are segmented into diesel and petrol/CNG. Market is currently dominated by diesel three wheelers because of their economic fuel consumption but due to rising environment concerns & government restrictions, petrol & alternative fuel driven three wheelers are expected to witness growth in the forthcoming years.
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Leading players operating in India three wheeler market are Bajaj Auto Ltd., Piaggio Vehicles Private Limited (India), Mahindra & Mahindra Ltd., Atul Auto Limited, TVS Motor Company Limited, Saera Electric Auto Pvt. Ltd., Lohia Auto Industries, Scooters India Limited, Clean Motion India and Kinetic Green Energy & Power Solutions Ltd. Bajaj Auto Ltd. grabbed a major portion of market share in the country’s three-wheeler market, and the company’s dominance is expected to continue through FY2026. Key growth strategies being adopted by leading three-wheeler manufacturers in the country are product innovation, collaborations, mergers & acquisitions, and joint ventures.
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“In the wake of rising air pollution levels, the government of India is encouraging people to opt for electric Three-Wheelers rather than those which run on fossil fuels. As a result, the government is offering various incentives and subsidies to the electric Three-Wheeler buyers, including exempting these electric Three-Wheelers from various taxes. Electric Three-Wheeler market is highly unorganized and comprises small assemblers that import cheap parts from China. These unorganized players are present widely in India and assemble parts and locally design electric Three-Wheeler vehicles.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Three Wheeler Market By Vehicle Type (Passenger Carrier & Load Carrier), By Fuel Type (ICE) (Diesel & Petrol/CNG), By Battery Capacity (Electric) (<101 Ah & >101 Ah), By Region, Forecast & Opportunities, FY2016 – FY2026” has analysed the potential of India three-wheeler market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyses emerging trends along with essential drivers and key challenges faced by India Three Wheeler market.
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