BURNABY, British Columbia, January 19, 2016 /PRNewswire/ --
Growing demand for passenger as well as load transportation to boost global three-wheeler market through 2020
Global three-wheeler market has been witnessing steady growth during 2010-2014, due to rising demand in various developing countries across the globe. Over the next five years as well, majority of the demand for three-wheelers is anticipated to emanate from developing countries in Asia, Africa and Latin America. The passenger carrier three-wheeler market continues to maintain its dominance in the overall market; however, the demand for load carrier three-wheelers is expected to grow at a stronger pace during 2015-2020. All major three-wheeler markets are highly dependent on import of three-wheelers from India and China.
According to a recently released TechSci Research report, "Global Three Wheeler Market By Type, By Region and Competition Forecast and Opportunities, 2010 - 2020", the global three-wheeler market is projected to grow at a CAGR of 4.3% during 2015 - 2020. In 2014, global three-wheeler market was dominated by India in terms of sales as well as production of three-wheelers across globe. China and India together accounted for a share of more than 50% in global three-wheeler market in 2014. A number of leading three-wheeler manufacturers are located in India, with India-based Bajaj Auto Limited accounting for a lion's share in the global three-wheeler market, followed by Piaggio C. & S.p.A. and TVS Motor Company. Bajaj Auto is not only the leading producer, but also the largest exporter of three-wheelers, globally, due to its wide dealership network and increasing mergers with domestic players in other countries.
"India is anticipated to continue its dominance in the global three-wheeler market through 2020. However, the country's three-wheelers brands are anticipated to witness strong competition from Chinese three-wheeler companies. Lack of adequate transportation for citizens, and growing requirement for cargo transit due to the rising logistics sector across all the developing countries, is anticipated to drive sales of three-wheelers through 2020." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Three Wheeler Market By Type, By Region and Competition Forecast and Opportunities, 2010 - 2020" has evaluated the future growth potential of three-wheeler market and provides statistics and information on market structure and trends of the global three-wheeler market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in global three-wheeler market.
About TechSci Research
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SOURCE TechSci Research