India Three Wheeler Market to Grow at Over 5% CAGR During 2014-19, Finds TechSci Research Study
Burnaby, Canada, July 30, 2014 --(PR.com
)-- India is the world’s largest consumer and exporter of three wheelers across the globe. Over the last decade, India’s three wheeler industry has been exhibiting consistent growth in both domestic sales as well as exports. Sri Lanka, Bangladesh, Egypt, Nigeria, Tanzania, Kenya, Ghana, Guatemala, Sudan, Botswana and Nepal are the key export destinations for the country’s three wheeler industry. However, over the last few years, the three wheelers market in India has been facing increasing competition from light commercial vehicles (LCVs), Electric Rickshaws and Quadricycle products such as Bajaj RE.
“India Three Wheeler Market Forecast & Opportunities, 2019,” a research study on India’s three wheeler industry by TechSci Research, has concluded that the country’s three wheeler market is projected to grow at a CAGR of over 5% during 2014-19. Rising demand for cheap and convenient public conveyance in the country’s rural and semi urban areas and increasing number of permits being issued by state governments across the country are playing a major role in driving the three wheeler market in India. Moreover, establishment of new CNG filling station in semi urban and rural areas and inception of new engine and fuel technologies are expected to further boost three wheeler market over the next five years.
India’s three wheeler market is categorized into passenger carrier and load carrier three wheelers. Passenger carrier three wheelers are used for public conveyance, while load carrier three wheelers are used for carrying goods and materials over short and medium distances.The demand for passenger carrier three wheelers exceeds that of load carrier three wheelers in domestic as well as export markets. “Passenger carrier segment accounted for majority of the three wheelers exports in 2013. Maximum demand for three wheelers outside India arises from under developed countries of Africa and South America. Inadequate availability of public transportation, underdeveloped logistic infrastructure, low per capita income and increasing unemployment are the key factors that contribute to increasing adoption of three wheelers in African countries. Consequently, a number of major India-based three wheeler manufacturers are targeting African countries for boosting their exports. Moreover, domestic three wheeler market is likely to grow on account of anticipated demand increase in rural and semi urban regions of India over the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Three Wheeler Market Forecast & Opportunities, 2019” has evaluated the future growth potential of the India’s three wheeler industry and provides statistics and information on market structure and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in India’s three wheeler industry.