Indian three wheeler manufacturers will lead the growth of global three wheeler market in the next five years.
Global three-wheeler market witnessed steady growth during 2010-2014, on the back of rising demand for three wheelers in emerging markets across the globe.
In the next five years through 2020, majority of the demand for three-wheelers is expected to come from emerging countries in Asia, Africa and Latin America.
According to the latest research report released by TechSci Research,”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 percent in 2015 – 2020.
India houses a majority of leading three-wheeler manufacturers with Bajaj Auto accounting for major share in the global three-wheeler market, followed by Piaggio and TVS Motor Company.
Karan Chechi, Research Director with TechSci Research, said, “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.”
Beside being a leading three wheeler manufacturer, Bajaj is also largest exporter of three-wheelers globally.
The passenger carrier segment will continue to maintain its dominance in the overall three-wheeler market globally while the demand for load carrier vehicles is likely to grow at a stronger pace in the next five years.
It may be noted that all major three-wheeler markets are highly dependent on import of vehicles from manufacturers in India and China. Both India and China accounted for more than 50 percent share in global three-wheeler market in 2014.