New York, April 15, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Three Wheeler Market to 2027 - Global Analysis and Forecasts by Type ; Fuel Type" - https://www.reportlinker.com/p05882138/?utm_source=GNW
This would eventually propel the growth and adoption of three wheelers in these economies.
The three-wheeler market is witnessing massive growth as a means of urban transport in India.Huge population and increasing demand for comparable urban mobility is driving the market for three wheelers in India.
The three-wheeler market in APAC includes countries such as South Korea, India, China, Japan, Australia, and the Rest of APAC.The three-wheeler market for snowmobiles and touring motorcycles are expected to witness substantial growth in North American and Latin America during the forecast period.
The prominent importers of three wheelers from Asian manufacturers are Northern Africa, ASEAN, and Latin America.
The massive populations of China and India along with increasing middle-class population and growing automotive sector in both the countries are the important factors leading to the adoption of three-wheeler vehicles in the region.Additionally, these countries are the hub for various local automakers, which are focusing on the development of three-wheeler vehicles, commonly known as auto-rickshaw/tuk-tuk.
The presence of a large number of manufacturers in countries such as China and Japan has facilitated the rapid growth of the automotive industry in this region.Moreover, China is the largest producer of passenger cars across the globe, as well as also accounted for 90% of the global electric vehicle production in 2019.
It has been noted that the adoption rate of e-rickshaw and e-scooters in these countries are relatively high compared to other regions in the world. The continuous economic growth in developed and developing countries, such as India and China, is making APAC a leading region for three-wheeler market.
The three-wheeler market is segmented into type, fuel type, and geography.Based on type, the three-wheeler market is segmented into passenger carrier and goods carrier.
Based on fuel type, the three-wheeler market is segmented into diesel, petrol, CNG, LPG, and electric. Based on geography, the three-wheeler market is fragmented into North America, Europe, Asia Pacific, and the Rest of the World.
ATUL Auto Limited, Bajaj Auto Ltd, J.S. Auto (P) Ltd., Mahindra & Mahindra Ltd., Piaggio & C. SpA, Scooters India Ltd, Speego Vehicles Co Pvt Limited, Terra Motors, TVS Auto, and Xianghe Qiangsheng Electric Tricycle Factory are among the key players present in the global three-wheeler market.
The overall size of global three-wheeler market is analyzed using primary and secondary sources.The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global three-wheeler market.
It also provides an overview and forecast for the three-wheeler market based on all the segmentations provided for the global regions.Also, primary interviews were conducted with industry participants and commentators to validate and analyze the data.
The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in three wheelers.
Read the full report: https://www.reportlinker.com/p05882138/?utm_source=GNW
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Three Wheeler Market to 2027 - Global Analysis and Forecasts by Type ; Fuel Type
The global three-wheeler market was valued at US$ 9. 14 billion in 2018 and is expected to grow at a CAGR of 4. 9% during 2019–2027 to reach US$ 13. 73 billion by 2027. The developing economies are providing lucrative opportunities for international automotive manufacturers to expand their business, which would eventually lead to the introduction of three wheelers in the market.
| Source: ReportLinker