Three-wheeler Vehicle Market Size Projected to reach US$ 14.7 Billion by 2031, Says Transparency Market Research, Inc.
- Emerging trend of modifying three-wheelers into electric-operated vehicles has opened new doors of opportunities for the three-wheeler vehicle market
- Prospects of new revenue potential for automobile manufacturers due to the increasing demand for three-wheeler tempos for moving commodities to strengthen growth of the three-wheeler vehicle market
WILMINGTON, Del., Nov. 22, 2022 /PRNewswire/ -- In 2020, the three-wheeler vehicle market was worth USD$ 7.26 Bn. The three-wheeler vehicle industry is anticipated to grow at a CAGR of 3.29 % from 2021 to 2031 (forecast period). The three-wheeler vehicle market is being driven by the increasing demand for economical commercial vehicles. Subsequently, the need for electric passenger vehicles and load carriers has promoted three wheeler business growth. Concurrently, the adoption of three-wheeler vehicles in the logistics sector has augmented the growth of the three-wheeler vehicle market.
To decrease operational downtime, stakeholders are working harder to offer repair services for three-wheeler vehicles. Lithium-ion batteries require less maintenance, and they are being incorporated into electric three-wheelers. These aspects act as growth boosters for the three-wheeler vehicle industry.
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Key Findings of Three-wheeler Vehicle Market Study
- In terms of fuel type, the global market for three-wheeler vehicles was dominated by the diesel category. The market growth is attributed to high power and weight-carrying capacity of diesel-powered three-wheeler vehicles. Environment-friendly vehicles are gaining immense popularity. As a result, it is projected that the CNG and electric sectors would grow significantly and ultimately influence the three-wheeler business growth.
- The market for three-wheeler vehicles has been divided into passenger carriers and freight carriers based on usage. In terms of revenue, the passenger carrier segment made up a significant portion of the three-wheeler vehicle market globally. However, due to an increase in the use of three-wheeler vehicles in last-mile delivery services, postal services, and other applications, it is projected that the goods carrier segment will also develop at a significant rate in the near future.
Three-Wheeler Vehicle Market: Growth Drivers
- Government bodies of several countries are implementing various programs to address environmental concerns caused due to increasing traffic congestion, and pollution. These initiatives have proved to be growth boosters for the electric three-wheeler vehicle market.
- The three-wheeler vehicle market share has spiraled immensely due to the launch of electric three-wheeler vehicles. Furthermore, commercial establishments, such as retail centers, educational institutions, and others, are inclining towards the use of electric three-wheelers for local transportation. These aspects have created lucrative growth opportunities for the three-wheeler vehicle market.
- One of the significant factors driving the three-wheeler vehicle industry around the world is the use of three-wheelers for public transportation for short to medium distances in metropolitan areas. Countries with a population that has limited disposable income and poor logistics infrastructure are in need of such a cost-effective form of transportation. Thus, developing nations across the globe have played an important role in three-wheeler vehicle market progress.
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Three-wheeler Vehicle Market: Regional Dynamics
In 2020, the three-wheeler vehicle market was dominated by Asia Pacific. Due to an increase in domestic sales and exports, it is projected that three-wheeler vehicle market revenue scope will widen in the coming years.
Major three-wheeler vehicle manufacturers are concentrated in Asia Pacific, especially in China and India. Furthermore, use of three-wheelers for passenger and cargo transportation in nations such as Kenya, South Africa, and Zimbabwe, is anticipated to fuel the three-wheeler vehicle market in Africa.
Three-Wheeler Vehicle Market: Key Players
The leading companies involved in the global three-wheeler vehicle market are
- TVS Motor Corporation
- Force Motors Terra Motors Corporation
- Electric Mobility by Mahindra Limited
- Piaggio & C. SpA Scooters Ltd.
- Mahindra & Mahindra Limited
- Industrial Lohia Automobile
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Three-Wheeler Vehicle Market: Segmentation
By Fuel Type
- Petrol
- Diesel
- CNG
- Electric
- Others
By Usage
- Passenger Carrier
- Goods Carrier
By Configuration
- Two Front Wheels
- Two Rear Wheels
- Power Output
- Less than 4 kW
- 4.1 kW to 6 kW
- 6.1 kW to 9 kW
- More than 9 kW
By Engine Location
- Front Engine
- Rear Engine
By Region
- Americas
- Europe
- Asia Pacific
- Middle East
- Africa
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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