Portland, OR, Dec. 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Asia-Pacific and Africa three-wheeler market garnered $3.05 billion in 2021, and is estimated to generate $5.58 billion by 2031, manifesting a CAGR of 6.5% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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APAC and Africa 3-Wheeler Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.05 billion |
| Market Size in 2031 | $5.58 billion |
| CAGR | 6.5% |
| No. of Pages in Report | 179 |
| Segments covered | Type, Vehicle Type, and Region. |
| Drivers | Increase in fuel cost An eco-friendly & efficient solution for commute |
| Opportunities | With the effective integration of advanced technology, design, and workflow, many leading players are trying to bring the upfront cost of electric three-wheelers |
| Restraints | Impact of COVID-19 |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the Asia-Pacific and Africa three-wheeler market, owing to implementation of global lockdown.
- The production of vehicles was stunted globally, owing to the pandemic. Yet the automotive manufacturers focused on the development of new products and announced strategic expansion and collaboration across the industry. These factors were responsible for fluctuation in sales of three wheelers across the world.
- However, with ease in restrictions, sales of the three-wheeler market in Asia-Pacific and Africa region is likely to increase in the post-pandemic.
The research provides detailed segmentation of the Asia-Pacific and Africa three-wheeler market based on type, vehicle type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on type, the diesel segment held the highest share in 2021, accounting for more than two-fifths of the Asia-Pacific and Africa three-wheeler market, and is expected to continue its leadership status during the forecast period. However, the electric segment is expected to register the highest CAGR of 11.5% from 2022 to 2031.
Based on vehicle type, the passenger carrier segment accounted for the highest share in 2021, contributing to more than half of the Asia-Pacific and Africa three-wheeler market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the load carrier segment is expected to manifest the highest CAGR of 7.6% from 2022 to 2031.
Based on region, Asia-Pacific Europe held the largest share in 2021, contributing to nearly 90% of the Asia-Pacific and Africa three-wheeler market share, and is projected to maintain its dominant share in terms of revenue in 2031. However, the Africa region is expected to manifest the fastest CAGR of 6.6% during the forecast period.
Leading market players of the Asia-Pacific and Africa three-wheeler market analyzed in the research include Bajaj Auto Ltd, Piaggio & C. SpA, Atul Auto Limited, Chongqing Zongshen Tricycle Manufacture Co. Ltd, J.S. Auto Pvt Ltd, Kinetic Green Energy & Power Solutions Ltd, Mahindra & Mahindra Ltd, Saera Electric Auto Pvt. Ltd, Terra Motors Corporation and TVS Motor Company.
The report provides a detailed analysis of these key players of the Asia-Pacific and Africa three-wheeler market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
