Three wheeler market in India is expected to reach up to USD 4.2 Billion.
The market for three wheelers in India witnessed a sharp increase during early 1950’s. Three wheelers are an integral part of the country’s automobile sector as they are one of the most preferred means of transportation in rural as well as urban India. The industry witnessed a slight decline in 2011 which can be attributed to government policies such as cap on permits and high interest rates. However, the market has been performing quite well thereafter as a result of rising population, growing commercialization, increasing commercial activities, etc. which are all contributing to the increased demand for intra city transportation. The passenger three wheeler’s segment dominates the market as the need for passenger commutation is higher than the need for goods carriage within a city.According to “India Three Market Forecast & Opportunities, 2017”, the market for three wheelers in India is expected to witness phenomenal growth. The changes in FDI policies and booming retail sector in the country are driving the growth for commercial loading three wheelers. The rising population and increasing need for affordable and convenient transportation is fuelling the market for passenger three wheelers. By 2017, three wheeler market in India is expected to reach up to USD 4.2 Billion. The market for commercial vehicles is expected to grow significantly over the next five years and its share in the overall three wheeler market is also expected to increase in the near future. To Know More : Three wheeler market