New York, United States , July 08, 2024 (GLOBE NEWSWIRE) -- The Global Three-Wheeler Market Size Expected to Grow from USD 13.93 Billion in 2023 to USD 39.48 Billion by 2033, at a CAGR of 10.98% during the forecast period 2023-2033.
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A three-wheeler is a vehicle with three wheels and an engine that runs on gasoline, diesel, or electricity. Three-wheelers are usually used as commercial vehicles to transport people as well as products. Manoeuvrability, affordability, and door-to-door transit are necessary for three-wheeler mobility. In February 2024, Mahindra & Mahindra Limited's subsidiary Mahindra Last Mile Mobility Limited (MLMML), the world leader in electric three-wheelers, achieved an important milestone. Building on its successes, MLMML is now India's leading manufacturer of electric three-wheelers, having sold over 1.4 lakh of them. MLMML currently commands a 9.3% market share in India's electric three-wheeler sector. With a 55.1% market share as of FY24 YTD, MLMML is the market leader in the L5 EV category. More fuel-efficient three-wheelers or those that run on electricity or biofuels are being produced by manufacturers in response to consumer demand for greener, more eco-friendly solutions. Furthermore, concentrating on fuel efficiency helps businesses and customers alike and is consistent with more general societal objectives like sustainability and emission reduction. However, using a motor's drive mechanism or lithium-ion batteries is the most expensive alternative, which restricts the market's potential for growth.
Browse key industry insights spread across 214 pages with 110 Market data tables and figures & charts from the report on the “Global Three-Wheeler Market Size, Share, and COVID-19 Impact Analysis, By Propulsion (Petrol/CNG, Diesel, Electric), By End User (Passenger Carrier, Load Carrier), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The petrol/CNG segment is Expected to hold the largest share of the three-wheeler market during the estimation timeframe.
Based on the propulsion, the three-wheeler market is categorized into petrol/CNG, diesel, and electric. Among these, the petrol/CNG segment is expected to hold the largest share of the three-wheeler market during the estimation timeframe. Petrol and CNG engines are regarded to be reliable, which is significant in commercial applications where downtime affects earnings. Additionally, because CNG and gasoline engines have established technologies, consumers have conviction in them. Because of the government's encouraging policies that promote the use of CNG as an alternative fuel, the business is growing.
The passenger carrier segment is expected to hold a significant share of the three-wheeler market during the estimation timeframe.
Based on the end user, the three-wheeler market is categorized into passenger carrier, and load carrier. Among these, the passenger carrier segment is expected to hold a significant share of the three-wheeler market during the estimation timeframe. In general, three-wheeler passenger carriers utilize less gasoline than larger four-wheeled vehicles, making them a better choice for everyday transportation. They are also more affordable overall because they require less maintenance than larger cars.
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Asia Pacific is projected to hold the largest share of the three-wheeler market over the estimation timeframe.
Asia Pacific is projected to hold the largest share of the three-wheeler market over the estimation timeframe. The need for affordable commercial vehicles with low production costs, expanding manufacturing capacity, and an increasing demand for basic light cars are some of the reasons driving the three-wheeler market's growth in this region. Manufacturers are continually creating state-of-the-art products to satisfy consumers in this domain.
Europe is expected to grow at the fastest CAGR growth of the three-wheeler market during the estimation timeframe. Electric three-wheelers have gained popularity due to their remarkable mobility and growing attraction as pleasure vehicles. In response to Europe's expanding need for electric three-wheelers and escalating environmental problems.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the three-wheeler market are TVS MOTOR COMPANY LIMITED, Mahindra & Mahindra Limited, Atul Auto Limited, Terra Motors, Speego Vehicles Co Pvt Limited, Kinetic Green Energy & Power Solutions Ltd., ZUPERIA AUTO PRIVATE LIMITED, Baxy Limited, Bajaj Auto Limited, Piaggio & C. S.p.A, and others.
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Recent Developments
- On July 2023, TVS Motor Company (TVSM), an established global producer of two- and three-wheelers, and CSC Grameen eStores have partnered to sell TVSM's commercial vehicle line (3-Wheelers).
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the three-wheeler market based on the below-mentioned segments:
Global Three-Wheeler Market, By Propulsion
- Petrol/CNG
- Diesel
- Electric
Global Three-Wheeler Market, By End User
- Passenger Carrier
- Load Carrier
Global Three-Wheeler Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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