Global Three-Wheeler (Passenger Carrier Vs. Load Carrier) Market Report 2021 - Competition Forecast & Opportunities to 2027
DUBLIN, Jan. 6, 2022 /PRNewswire/ -- The "Global Three-Wheeler Market, By Vehicle Type (Passenger Carrier Vs. Load Carrier), By Fuel Type (Petrol/CNG, Diesel & Electric), By Region (Asia-Pacific, Africa, South America, Rest of the World), Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Three-wheeler Market was valued USD 7991.48 Million in 2020, and is forecast to grow at a CAGR of 6.78% in value terms, over the next five years, owing to the increasing demand for electric three-wheelers across the globe.
With recent advancements in automobile sector, battery and motor equipped three-wheelers are also gaining popularity. Three-wheelers can be seen majorly as a common source of transportation within the cities in countries of Asia Pacific and Africa.
Other macro and micro economic factors like growing population of middle-income group and increasing number of Micro, Small & Medium Enterprises (MSMEs) are also anticipated to contribute to the expanding market of three-wheelers across the globe. Three-wheelers are a common form of transportation to commute within the cities of countries present in Asia Pacific. According to an article published by the World Bank, Pollution is the largest environmental cause of disease and premature death.
Pollution of air, land, and water causes more than 9 million premature deaths (16% of all deaths worldwide). That is three times more deaths than from AIDS, tuberculosis, and malaria combined and fifteen times more than from all wars and other forms of violence. The cost associated with health damage from ambient air pollution is estimated to be USD 5.7 trillion, equivalent to 4.8% of global GDP.
In individual countries, the economic burden of pollution associated with premature mortality and morbidity is also significant, equivalent to 5% to 14% of countries' GDPs. South Asia is among the world's most exposed region to air pollution. About 79% of the population in Bangladesh, 60% of population in India, and 52% of population in Pakistan are exposed to pollution from burning of solid fuels, which has contributed significantly to poor health of people in these countries.
Governments around the world have started taking the worsening climatic conditions more seriously than ever before and are encouraging their citizens to move towards transportation which runs on cleaner fuels as a measure to control the increasing air pollution. China had over 800,000 EV charging outlets available for public use, installed at the end of 2020, up from 516,000 in 2019 and 300,000 in 2018. In December 2020, China alone installed 112,000 public charging points - more than the entire United States public charging network.
Over the past 10 years, petrol and diesel were the most used sources of energy to run a three-wheeler. Due to the air pollution rising at an alarming rate and affecting the economies and people's quality of life, the trend is shifting to electric-three wheelers, as a result Electric Three-Wheelers segment is anticipated to witness the fastest growth in the Global Three-Wheeler Market in the forecast period.
In 2020, three-wheelers sales dropped down compared to 2019 as countries around the world underwent strict lockdown in the second and third quarter of 2020 as a measure to counter the spread of the disease. The lockdown resulted in the temporary closing down of all factories, including three-wheeler manufacturing facilities, resulting in production loss of three-wheelers.
The COVID-19 pandemic has adversely impacted the Global Three-Wheeler Market, however the market is showing positive signs of recovery and is estimated to recover in around two years.
Some of the major players operating in the Global Three-Wheeler Market are
- Bajaj Auto Limited
- Piaggio & C SpA
- Mahindra & Mahindra Limited
- TVS Motor Company Limited
- Scooters India Limited
- Atul Auto Limited
- Chongqing Zongshen Tricycle Manufacture Co, Ltd
- Ningbo Dowedo International Trade Co, Ltd
Report Scope:
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Global Three-Wheeler Market, By Vehicle Type:
- Passenger Carrier
- Load Carrier
Global Three-Wheeler Market, By Fuel Type:
- Petrol/CNG
- Diesel
- Electric
Global Three-Wheeler Market, By Region:
- Asia-Pacific
- Africa
- South America
- Rest of the World
For more information about this report visit https://www.researchandmarkets.com/r/eqmhse
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SOURCE Research and Markets
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