Portland, OR, June 17, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the three-wheeler market amounted to $ 8.42 billion in 2020 and is expected to reach $ 15.54 billion in 2028, growing at a CAGR of 10.3% from 2021 to 2028.
Rising trend of last mile connectivity, increasing demand for affordable utility vehicles, trend of using electric three-wheeler as green and efficient solution for commuting drive the growth of global three-wheeler market. In addition, the availability of credit and financing options has supplemented the growth of the market. However, the high cost of the battery and the soaring cost of fuel are hampering the growth of the market. On the contrary, the growing trend of shared mobility is expected to open lucrative opportunities for market players in the future.
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- The Covid-19 pandemic has hit the auto sector hard as the industry has experienced a dramatic drop in auto sales and a lack of raw materials.
- For many low-income countries, public transport is a source of employment. However, to comply with social distancing rules, public transport systems have been temporarily suspended.
- However, the three-wheeler offers easy customization, which is expected to strengthen its demand after the pandemic.
The global three-wheeler market is segmented on the basis of fuel type, vehicle type, and region.
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Based on fuel type, the diesel segment held the lion’s share in 2020, accounting for more than two-fifths of the market. However, the electric segment is expected to register the highest CAGR of 18.4% during the forecast period.
On the basis of vehicle type, the load carriers segment is expected to post the highest CAGR of 11.3% during the forecast period. However, the passenger carrier segment dominated the market in 2020, contributing more than half of the market.
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The global three-wheeler market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region market held the lion’s share in 2020, accounting for almost two-fifths of the market. However, the market through LAMEA is expected to register the highest CAGR of 12.2% during the forecast period.
The Global three-wheeler market includes in-depth analysis of major market players such as Piaggio & C.SpA, Bajaj Auto Ltd, Chongqing Zongshen Tricycle Manufacture Co. Ltd, Atul Auto Limited, Kinetic Green Energy & Power Solutions Ltd, JS Auto Pvt Ltd, Scooters India Limited, Mahindra & Mahindra Ltd, Terra Motors Corporation and TVS Motor Company.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
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