Three-Wheeler Market Size Projected to Surpass US$ 16.9 Billion By 2028 | CAGR of 9.7%

According to the latest report by IMARC Group, titled "Three-Wheeler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on three-wheeler market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global three-wheeler market size reached US$ 9.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.9 Billion by 2028, exhibiting a growth rate (CAGR) of 9.7% during 2023-2028.

What are three-wheelers?

Three-wheelers, which encompass motorcycles with sidecars, auto rickshaws, and trikes, serve the purpose of transporting both loads and passengers. These vehicles present a fuel-efficient and cost-effective means of transportation for individuals and businesses alike. Their maneuverability allows for easy navigation in tight spaces and congested areas while providing a safe and accessible ride for individuals with disabilities or limited mobility. Compared to traditional gasoline-powered vehicles, three-wheelers have a smaller carbon footprint, making them a popular choice for short-to-medium distance public transportation and last-mile connectivity. Their low maintenance requirements in comparison to heavier vehicles make them increasingly popular for recreational activities such as touring and racing. Consequently, three-wheelers are in extensive demand across the globe.

Get a Free Sample Copy of this Report: https://www.imarcgroup.com/three-wheeler-market/requestsample

What are the growth prospects and trends in the three-wheelers industry?

The three-wheeler market is primarily driven by the rapid urbanization, the growing public transportation segment, and the advancements in logistics across countries. Furthermore, the expanding e-commerce industry and the elevating requirement for efficient and cost-efficient delivery options, including electric cargo trikes and autorickshaws that can navigate congested urban areas and possess the ability to transport small to medium-sized loads and maneuver easily through narrow streets and alleys are acting as significant growth-inducing factors. Apart from this, the inflating prices of conventional fuels, which include petrol and diesel, and the escalating environmental concerns regarding greenhouse gas (GHG) emissions from traditional gasoline- or diesel-powered vehicles are also positively influencing the global market. Additionally, the implementation of favorable initiatives and awareness programs by government bodies to promote the adoption of electric vehicles (EVs) is further bolstering market growth. Besides this, the modernization of commercial infrastructures such as shopping malls, educational institutes, and metro rail systems and the rising use of ride-hailing mobile applications that have allowed consumers to book rides on three-wheelers, benefiting fleet owners by optimizing operations, reducing costs, and improving customer satisfaction are expected to catalyze the three-wheeler market in the coming years.

Explore Full Report with Table of Contents: https://www.imarcgroup.com/three-wheeler-market

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Bajaj Auto Limited
• TVS Motor Company Limited
• Mahindra & Mahindra Limited
• Piaggio & C. S.p.A.
• Scooters India Limited
• Atul Auto Limited
• Kinetic Green
• ChongQing Zongshen Tricycle Manufacturing Co., Ltd

Three-Wheeler Market Segmentation:

Our report has categorized the market based on region, vehicle type, passenger vehicle and fuel type.

Breakup by Vehicle Type:
• Passenger Carrier
• Load Carrier

Breakup by Passenger Vehicle:
• 4-seater
• 6-seater

Breakup by Fuel Type:
• Petrol/CNG
• Diesel
• Electric

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe:- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.