Three-wheeler Vehicle Market Size Projected to reach US$ 14.7 Billion by 2031, Says Transparency Market Research, Inc.

News provided by

Nov 22, 2022, 08:30 ET

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.

Request Sample Report at - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=27314

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.

Get discounted prices on your first purchase! Limited-time offer!

Contact our market research expert at - https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=27314

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

Make an Enquiry before Buying - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=27314

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

Automotive Research Reports

Polyurethane Tire Market - The global polyurethane tire market is expected to reach US$ 2.71 Bn by the end of 2031, grow at a CAGR of 7.6% from 2022 to 2031

Automotive Telematics Market - The global automotive telematics market is expected to reach US$ 34.52 Bn by the end of 2031, it is estimated to advance at a CAGR of 15.6% from 2022 to 2031

Electric Vehicle Market - It is estimated to grow at a CAGR of 29.5% and reach US$ 1.9 Trn by the end of 2031

Connected Tire Market - The global connected tire market is expected to reach US$ 420.8 Mn by the end of 2031, it is estimated to advance at a CAGR of 42.4% from 2022 to 2031

Luxury Yacht Charter Market - The global luxury yacht charter market is expected to reach US$ 19.0 Bn by the end of 2031, grow at a CAGR of 4.1% from 2022 to 2031

Automotive Rear Occupant Alert System Market - The global automotive rear occupant alert system market is expected to reach US$ 2.1 Bn by the end of 2031, expand at a CAGR of 13.5% from 2022 to 2031

Off-highway Vehicle Market - The global off-highway vehicle market is expected to reach US$ 1.3 Trn by the end of 2031, grow at a CAGR of 5.1% from 2022 to 2031

Semi-trailer Market - The global semi-trailer market is expected to reach US$ 41.7 Mn by the end of 2031, grow at a CAGR of 2.6% from 2022 to 2031

Autonomous Car Market - The global autonomous car market is expected to reach US$ 3.0 Trn by the end of 2031, grow at a CAGR of 10.8% from 2022 to 2031

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.

For More Research Insights on Leading Industries, Visit our YouTube channel - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ

Contact Us:

Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: 1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: [email protected]