India Three-Wheeler Market- Industry Trends & Forecast Report 2027 - PDF document

India Three - Wheeler Market Picking Up Steam: Projected to Grow at a CAGR of 9.1% by 2027 India Three - Wheeler Market - Industry Trends & Forecast Report 2027 Summary A recent study, conducted by the strategic consulting and market research firm, BlueWeave Consulting , revealed that the India three - wheeler market was worth USD 7.64 billion in the year 2020. According to the study, the market is estimated to grow at a CAG R of 9.1%, earning revenue of around USD 14.02 billion by the end of 2027. India three - wheeler market is growing at a healthy rate because of the lack of a structured pub lic transport system. Additionally, the high demand for cheap and efficient transportation for short distances, especially in small towns and cities, is one of the major factors driving the growth of this market. India's three - wheeler market is set to bene fit from various government initiatives to boost the number of electric three - wheelers on roads and establish charging stations at various locations. Nevertheless, the popularity of cab and ride - hailing services may act as a major restraining factor for th e market's growt h Report Overview Three - wheeler sales in India are growing rapidly due to a lack of transportation infrastructure, particularly in small cities. Furthermore, the country heavily depends on three - wheeled auto - rickshaws to get around becaus e of volatile fuel prices . View report Press release Sample report India Three - Wheeler Market Picking Up Steam: Projected to Grow at a CAGR of 9.1% by 2027 India Three - Wheeler Market - Industry Trends & Forecast Report 202 7 India three - wheeler market was worth USD 7.64 billion in 2020 and is further projected to reach USD 14.02 billion by the year 2027, growing at a CAGR of 9.1% in the forecast period. The market is driven by the lack of sufficient transportation infrastructu re, especially in small cities, and heavy dependence on three - wheeler auto - rickshaws for mobility due to volatile fuel prices. Furthermore, the increasing launch of electric three - wheeler vehicles is anticipated to propel the India three - wheeler market gro wth during the forecast period . India Three - Wheeler Market - Overvie w As the name goes, three - wheelers are vehicles having three wheels. Many types of three - wheelers are available in the market, including autorickshaws, moto rcycles with sidecars, three - wheeler trucks, etc. Nevertheless, in relation to the Indian market, the term three - wheeler refers to autorickshaws -- a vehicle used to transport both goods and people in urban areas. For millions of Indians, autorickshaws are t heir primary mode of transportation. They are extremely popular in the Indian market as they are cheap to manufacture and thus have low prices compared to other vehicles . India Three - Wheeler Market Forecast and Trend s Growth Driver s Lack of Public Transportation Syste m The lack of sufficient public transport infrastructure acts as a major driving factor for the India three - wheeler market. Apart from certain metropolitan cities, such as Delhi and Kolkata, public transportation is not w idely available in India. The residents are thus dependent on three - wheeler auto - rickshaws for their transportation needs, which drives the demand for three - wheelers in India. Market growth is also being driven by overcrowding in various cities such as Mum bai. The city has about 460k auto - rickshaws . Growing Penetration of Electric Three - Wheeler Vehicle s The growing pollution from petrol and diesel vehicles, coupled with the volatile fuel price, is driving interest in electric three - wheelers among the target demographic. Because of this, the industry players are increasingly launching new ranges of three - wheelers to capitalize on the burgeoning market. For instance, Tube Investments of India recently announced plans to launch an electric three - wheeler passeng er vehicle by March 2022. Piaggio Vehicles India has also announced the launch of the Ape electric three - wheeler range in Hyderabad city. Such launches are anticipated to boost the market growth during the forecast period . India Three - Wheeler Market Picking Up Steam: Projected to Grow at a CAGR of 9.1% by 2027 Restraint s Increasing Penetration of Cab Service s The increasing popularity of ride - hailing services such as Ola and Uber may act as a huge restraining factor for the market growth. Owners and drivers of three - wheelers primarily come from the underprivileged sections of the country and of ten migrate to densely populated areas and cities to earn a living. However, as consumers shift towards ride - hailing services, these migrants will have to take on other jobs to get by. Though India's cab services offer auto - rickshaw options, the younger de mographic is more inclined to ride a four - wheeler, which could hamper the market growth for three - wheelers . Impact of COVID - 19 on India Three - Wheeler Marke t The India three - wheeler market was one of the most badly affected sectors in the country due to the sudden outbreak of the COVID - 19 pandemic. With India’s rapidly increasing COVID - 19 cases, the government imposed strict lockdown, resulting in complete mobility and transportation restrictions. As a result, the demand for three - wheelers witnessed a sharp decline, incurring huge losses to the market. Moreover, the market is estimated to show slow growth after COVID - 19 due to a growing work - from - home culture that hinders mobility . India Three - Wheeler Market - By Vehicle Typ e Based on vehicle types, the India three - wheeler market is segmented into passenger carrier and load carrier. The passenger carrier segment accounts for the largest market because of the lack of a sufficient public transportation system in the country. The unplanned and haphazard growth of the Indian cities is leading to severe crises in terms of public mobility . Therefore, public transportation is heavily dependent on autorickshaws. On the other hand, the load carrier is anticipated to witness the highest growth during the forecast period because of the flourishing e - commerce business . India Three - Wheeler Market - By Passenger Vehicl e Based on passenger vehicles, the India three - wheeler market is segmented into 3 - seater, 4 - seater, and 6 - seater. Among these, the 4 - seater passenger vehicle se gment accounts for the largest market share. Government regulations play a crucial role in driving this segment’s growth. The 6 - seater rickshaw model was officially banned in Pune by the Regional Transport Authority (RTA) in 2003. Due to this, the demand f or 4 - seater is most prominent in India. However, the 6 - seater rickshaw model still covers a substantial share in the market due to its use in other parts of the country, such as Uttar Pradesh . India Three - Wheeler Market Picking Up Steam: Projected to Grow at a CAGR of 9.1% by 2027 India Three - Wheeler Market - By Fuel Typ e Based on fuel types, the India three - wheeler market is segmented into petrol/CNG, diesel, and electric. Petrol and CNG - powered vehicles have the most prominent presence in the India three - wheeler market. The high number of petrol and CNG pumps across various locations plays an important part in driving the demand for this segment . However, highly volatile fuel prices and their increasing rate is prompting consumers to increasingly shift towards electric vehicles, due to which the electric segment is gaining significant traction . Furthermore, increasing environmental consciousness and favorable government initiatives for cutting carbon emission are driving the demand for electric three - wheelers in India. By 2030, India plans to convert 30% of all wheels on roads into electric veh icles. The country currently has around 6 million three - wheelers on its roads. Since electric three - wheelers are gaining in popularity, manufacturers of such vehicles are investing heavily, thereby propelling the segment's growth . India Three - Wheeler Marke t - Regional Insight s Geographically, the India three - wheeler market is segmented into North India, South India, East India, and West India. North India accounts for the largest market share because of the inadequate public transport facilities. Establishi ng a public transportation system in mountainous regions is almost impossible due to uneven terrain, frequent landslides, and earthquakes. Therefore, the residing population is dependent on auto - rickshaws for transportation. On the other hand, South India also covers a substantial share in the market because of the high concentration of auto - rickshaws in cities like Mumbai and Pune . Competitive Landscap e The leading players in the India three - wheeler market are Bajaj Auto Limited, Piaggio Vehicles Pvt. Ltd., Mahindra & Mahindra Ltd., Atul Auto Limited, TVS Motor Company Limited, Saera Electric Auto Pvt. Ltd., Lohia Auto Industries, Scooters India Limited, JS Auto, Force Motors Ltd., and other prominent players . The India three - wheeler market is dominated by automobile giants such as Bajaj Auto Ltd. M&M, Force Motors, etc. Among these leading players, Bajaj rules over the market as the world’s largest auto r ickshaw manufacturer. To gain a larger share of the market, players launch a variety of models for both commercial and passenger vehicles. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., i s also prominent in this market . India Three - Wheeler Market Picking Up Steam: Projected to Grow at a CAGR of 9.1% by 2027 Recent Developmen t  In October 2021, Euler Motors, a leading electric commercial vehicle company, announced the launch of Euler Hiload, its first electric cargo three - wheeler at the introductory price of Rs. 3,49,999 (approx 4664) . By Vehicle Typ e  Passenger Carrie r  Load Carrie r By Passenger Vehicl e  3 - Seate r  4 - Seate r  6 - Seate r By Fuel Typ e  Scope of the Report Attributes Details Years Considered Historical data – 2017 - 2020 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Billion Market Coverage North India, South India, East India, West India India Three - Wheeler Market Picking Up Steam: Projected to Grow at a CAGR of 9.1% by 2027  Petrol/CN G  Diese l  Electri c By Regio n  Nort h  Sout h  Eas t  Wes t Product Service/Segmentation By Vehicle Type, By Passenger Vehicle, By Fuel Type, By Region Key Players Bajaj Auto Limited, Piaggio Vehicles Pvt. Ltd., Mahindra & Mahindra Ltd., Atul Auto Limited, TVS Motor Company Limited, Saera Electric Auto Pvt. Ltd, Lohia Auto Industries, Scooter s India Limited, JS Auto, Force Motors Ltd., and other prominent players. 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