Rising Demand in Three Wheeler Market By 2027: Leading Payers Bajaj Auto Ltd, J.S. Auto (P) Ltd., Mahindra & Mahindra Ltd., Piaggio & C. SpA

The three wheeler market was valued at US$ 9.14 Bn in 2018 and is expected to grow at a CAGR of 4.9% from 2019 to 2027 to reach US$ 13.73 Bn by 2027.

Three wheeler passenger carriers are three-wheelers used for transportation of passengers. A minimum of three and a maximum of five-six passengers can travel by three wheelers passenger carriers. In rural areas, more than six passengers travel by three-wheeler passenger carriers as per requirement. E-rickshaw is one of the main types of three wheelers. E-rickshaws run on battery and are eco-friendly vehicles and produce vehicular emission and less noise in comparison with conventional three wheelers. E-rickshaws can carry five-six passengers for transportation.

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Three-wheeler goods carriers are used as pickup vans, which help to transport goods from one place to another and delivery vans, which help to deliver goods. Three wheelers vehicles can run with petrol, diesel, LPG, CNG, and electric variants. The demand for three-wheelers is growing as it is an effective, fast, and cost-effective way of transportation even in the areas where buses, trucks, taxis, cannot be used due to traffic issues and also due to narrow roads. Additionally, the introduction of CNG/LPG three-wheelers has revived the global three-wheeler market and suggestively increased the adequacy of three-wheelers market across many regions, particularly in developing nations.

The global three wheeler market is segmented by type into passenger carrier and goods carrier. Based on fuel type, the three wheeler market is segmented into Diesel, Petrol, CNG, LPG, and Electric.

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Increasing demand for electric three wheelers, and increasing population, and increasing need for a vehicle that helps in traffic congestion in the region have been bolstering the growth of the global three wheeler market. Some of the key players operating in the global three wheeler market are ATUL Auto Limited, Bajaj Auto Ltd, J.S. Auto (P) Ltd., Mahindra & Mahindra Ltd., Piaggio & C. SpA, Scooters India Ltd, Speego Vehicles Co Pvt Limited, Terra Motors, TVS Auto, and Xianghe Qiangsheng Electric Tricycle Factory among others. Many oil, gas, chemicals, and other companies are investing in the production and marketing of three wheeler owing to the growing demand for short-to-medium distance public transportation. Also, due to underdeveloped transport & logistic infrastructure, inadequate accessibility of public transport, low per capita income, low disposable income, the demand for three wheelers is expected to grow.

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The research provides answers to the following key questions:

What is the estimated growth rate of the market for the forecast period 2020-2027? What will be the market size during the estimated period?
What are the key driving forces responsible for shaping the fate of the Three Wheeler Market during the forecast period?
Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Three Wheeler Market?
What are the prominent market trends influencing the development of the Three Wheeler Market across different regions?
What are the major threats and challenges likely to act as a barrier in the growth of the Three Wheeler Market?
What are the major opportunities the market leaders can rely on to gain success and profitability?

Pune, India

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