Global Three Wheeler Market is Gaining Momentum Due to Rapidly Increasing Demand from Africa, Says TechSci Research
Burnaby, Canada, March 30, 2014 --(PR.com
)-- Three-wheelers are increasingly gaining acceptance as an effective means of transportation, especially in developing countries of Asia, Africa and Latin America. Global three-wheeler market is primarily concentrated in the Asia-Pacific, which accounted for a market share of 65% of global three-wheeler market, in volume terms, in 2013.
Inadequate availability of public transportation, underdeveloped transport & logistic infrastructure, low per capita income, increasing unemployment, etc. are some of the key factors that are contributing to the growth of three-wheelers in developing and underdeveloped countries. Three-wheelers offer an efficient, quick and economical way of transportation even in the areas where buses, trucks, taxis, etc. cannot effectively penetrate.
According to the recently published report by TechSci Research, “Global Three Wheeler Market Forecast and Opportunities, 2019”, the global three-wheeler market is forecast to grow at a CAGR of 13%, in value terms, during 2014-19. Introduction of CNG/LPG three-wheelers has revived the global three-wheeler market and significantly increased the acceptability of three-wheelers across many countries, especially in developing nations. Underdeveloped countries in Africa like Nigeria, Tanzania, Mozambique and Egypt and their Asian counter parts like Nepal, Bangladesh, etc., are therefore emerging as the favorite markets for the leading three-wheeler manufacturers across the globe.
“Three-wheeler demand is significantly being boosted by the increasing penetration of hub-n-spoke model in supply chain networks of enterprises across the globe. Three-wheelers are significantly being used in transportation of inventory from hubs to final destinations like end consumers, retail outlets, confectionary shops, manufacturing units, etc. through predefined routes called spokes. Adoption of hub-n-spoke model is expected to increase further in the coming years, which is expected to drive the demand for three-wheelers over the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
However, with the increasing penetration of four wheeler-light commercial vehicles during 2010-13, passenger carrier and load carrier three-wheelers are witnessing a stiff competition in emerging economies like India, China, Indonesia, etc. Competition for three-wheelers in these countries is expected to further increase with the introduction of “quadricycles”, which are four wheel small vehicles.
“Global Three Wheeler Market Forecast and Opportunities, 2019” has evaluated the future growth potential of global three-wheeler industry and provides statistics and information on market structure, exports and future growth of global three-wheeler industry. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides all this, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in the global three-wheeler industry.