Three Wheeler Market Investment Opportunities: Where to Focus in the Coming Decade
How Big is the Three Wheeler Market?
The Global Three Wheeler Market is projected to grow at a CAGR of around 11% during the forecast period, i.e., 2023-28. Three-wheelers have a broader utility in several industries, such as passenger carriers within the city and also transportation of goods and services across the cities. However, the Covid-19 pandemic severely affected the automotive segment on a global level and gave rise to a substantial drop in automotive deals due to the inadequacy of raw materials and others. Many small and big key players in the manufacturing segment spotted issues such as the cessation of production activities, authorized plant terminations by the government, and others that have impacted the market growth.
Market Statistics
- Market Growth Rate (CAGR): 11% from 2023-2028
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Three Wheeler Market Insight:
Driver-
The Growing Demand for Last-Mile Mobility Solutions for Transporting People and Goods
The rising demand for affordable commercial vehicles for last-mile connectivity is the prime aspect driving the demand for three-wheelers worldwide. On top of it, these vehicles have garnered the attention of both owners and users owing to their low turning radius, compact size, application elasticity, and economical operating costs. Again, since these vehicles exhibit a lower rate of significant accidents than heavy vehicles and cars, minimal pavement damage is caused, thereby reducing the highway maintenance cost.
However, the considerably higher running and maintenance cost of petrol/diesel and CNG three-wheelers trusted the preferences of electric-three wheelers for short commutations, thereby maximizing the sales of electric variants. Thus, the ever-expanding utilization of three-wheelers for short to medium distances in urban places, especially near metro stations, malls, railway stations, and others, drives the industry further.
Three Wheeler Market Segmentation:
The report has segmented the market into the following categories:
By Use
- Passenger Carriers
- Goods Carrier
- Personal Use
By Fuel Type
- Petrol
- Diesel
- LPG/CNG
- Electric
- Others
By Region
- Latin America
- Africa
- Asia-Pacific
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Competitive Landscape:
- TVS Motor Company
- Bajaj Auto Limited
- Mahindra and Mahindra Limited
- Scooters India Limited
- Piaggio & C. S.p.A
- ChongQing Zongshen Tricycle Manufacturing Co., Ltd.
- Atul Auto Limited
- Ningbo Dowedo International Trade Co., Ltd.
- Lohia Auto Industries
- Terra Motors Corporation.
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
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Key Highlights of the Report:
- Market Performance (2023-2028)
- Strategic Recommendations
- Current, Historical and Future Market Trends
- Market Drivers and Leading Competitor
- SWOT Analysis
- Structure of the Market
- Comprehensive Mapping and Recent Advancement
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