India Three-Wheeler Engine Kit Market is anticipated to reach at USD 2.67 billion in FY2031 at a CAGR of 9.44% for the forecast period between FY2024 and FY2031 and was valued at USD 1.42 billion in FY2023. Three-wheelers are frequently used for commercial passenger and cargo transportation. The demand for three-wheelers in developing countries like India, is influenced by the need for faster and less expensive alternatives for public and goods transportation. However, growing trend of electric three-wheeler adoption for emission free transportation is restricting the growth of India Three-wheeler Engine Kit Market.

As per Society of Indian Automobile Manufacturers, total number of three-wheelers sold in India in FY2023 was recorded at 4,88,768 units as compared to 2,61,385 units in FY2022. But the exports for the same decreased to 3,65,549 in FY2023 from 4,99,730 in FY2022.

Innovative Products Boosting Market Growth

Companies are actively involved in the value chain of engine components by embracing the use of lightweight materials for manufacturing camshafts, valve-train components, and engine kits. By reducing the weight of the engine, the power needed for operating three-wheeler vehicles is decreased, resulting in fuel savings. Moreover, the advent of 3D printing technology has revolutionized the design of engine components, particularly engine kits, leading to a projected expansion of the market in the forecast period.

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ICE over Electric – Compared Counterparts

In India, there has been an exemplifying growth in the service industry with the introduction of cab services by industry players such as Ola and Uber. The auto drivers, who mostly look for a low-maintenance option to fulfil their daily transportation needs, usually prefer fossil-fuel-powered auto-rickshaws over electric vehicles. The lack of product intelligence and restricted new product adaptation are supporting the usage of combustion vehicles over electric vehicles, in turn, supporting the engine kit market.

Impact of COVID-19 on India Three-Wheeler Engine Kit Market

The COVID-19 caused a production standstill that hampered the three-wheeler engine kit market in India. The three-wheeler engine kit sector has been set by a mix of supply and demand concerns because of lockdown in the nation. Due to a limited access to port infrastructure and workers, many three-wheeler engine kit manufacturing companies were unable to finish their domestic export shipments.

There has been a significant growth witnessed in value chain network of three-wheeler engine kits, upward trending demand curve in terms of imports and trade especially in automobile and transportation industry. Growing mobility trend towards electric three wheelers will further propel the growth of three-wheeler engine kit market in India.

Report Scope

“India Three-Wheeler Engine Kit Market Overview, FY2017-FY2031F,” is a comprehensive report by Markets and Data, providing in-depth analysis and assessment of the market in India, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities and forecast between FY2024 and FY2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.