Press Release Description
Shared Mobility and Ride-Hailing Services to Revamp Three Wheeler Market
The Global Three Wheeler Market is projected to grow at a CAGR of 11% in the forecast period of 2023-28, cites Markntel Advisors in the recent research report. The prime factor fueling the demand for three-wheelers worldwide is the increased need for reasonably priced commercial vehicles for last-mile connectivity. In addition, these vehicles have drawn interest from both owners and users because of their low turning radius, compact size, adaptability in terms of application, and low running costs. Hence, the business is further fueled by the growing use of three-wheelers for short to medium distances in metropolitan areas, particularly close to metro stations, malls, railroad stations, and other locations.
However, the significantly higher operating and maintenance costs of gasoline/diesel and CNG three-wheelers encourage consumers to choose electric three-wheelers for quick commutes, which is expected to increase the sales of electric varieties. As a result, governments and the companies that produce automobiles are investing heavily in promoting and advancing vehicle electrification. Moreover, shared mobility and ride-hailing services substantially diminish manual tasks and reduce overall time and cost for three-vehicle travel in the coming years, further states the research report, “Global Three Wheeler Market Analysis, 2023.”
The market is broadly segmented based on Fuel Type and Use. Further, Fuel Type is divided into Petrol, Diesel, Electric, LPG/CNG, and Others. Likewise, as per the Use, the market is classified into Passenger Carrier, Goods Carrier, and Personal Use vehicles. Similarly, Peru, Chile, Colombia, Nigeria, Kenya, Egypt, Tanzania, China, India, Bangladesh, Sri Lanka, and Indonesia are the possible geographical division of the market.
Diesel Appeared as The Most Preferred Fuel Type, Among Others
Due to the superior power and weight-carrying capacity of diesel-powered vehicles, the diesel segment improved its market share throughout the historical period. Although 3Ws powered by diesel are primarily used for cargo transportation, their use as passenger transport is also significant. Backed by its expansive presence and ability to offer excellent mileage, diesel has been the most preferred fuel, among others, through 2028.
Asia-Pacific Dominates the Three-Wheeler Market, With Shifting Focus On Electric Variants
With China and India controlling a sizable portion of the market, the region favors companies in the three-wheeler industry. It is because governments and the companies that produce automobiles are investing heavily in promoting and advancing mobility solutions.
In addition, numerous governments and organizations have introduced incentive programs to encourage consumers to choose electric-powered three-wheelers over conventional cars. As a result, the global acceptance of electric three-wheelers has advanced primarily due to the rising cost of fuel worldwide, rising pollution issues, and traffic congestion, particularly in urban areas, opening up new venues for the market players.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading 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 are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the Three Wheeler Market across the globe?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from Three Wheeler manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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