Three Wheeler Market – Industry Trends and Forecast to 2028
MarkNtel Advisors, a prominent market research firm, has recently published a report titled Three Wheeler Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028. This study offers an in-depth examination of the industry, encompassing Three Wheeler market share, size, trends, and growth predictions. Additionally, the report features an analysis of competitors and regions while spotlighting the most recent developments in the market.
Three Wheeler Reports Highlights
What is the size of 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.
What do the growth prospects and trends look like in the Three Wheeler Industry?
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.
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What Components are encompassed within Three Wheeler Market segmentation?
The report has divided the market into the following segments:
By Fuel Type
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Who are the Primary Companies or Entities active in the Industry?
The report covers the major market players including:
-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.
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Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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