Three-wheeler Vehicle Market Trends And Growth Factors Analysis 2021-2031

 

Opening Up of Public Places Boosts Market Growth Post Coronavirus Outbreak

Since the coronavirus outbreak has spelled gloom for the global automotive industry, companies in the three-wheeler vehicle market are adopting innovative strategies to stay financially afloat. They are drawing analysis to understand their high-risk clients and customers where recovery of debt may be an issue. Manufacturers are rethinking supply chain networks to reduce their dependence on China and other countries for raw materials & other components.

Due to the COVID-19 pandemic, the three-wheeler vehicle market witnessed a reduced requirement for last-mile commute. Nevertheless, pandemic related restrictions are being minimized, and this is anticipated to increase revenue flow in the global economy. Opening up of schools, offices, and other public places in India is helping market stakeholders to leverage incremental opportunities in the region. As such, there is a need for funding in the market landscape.

three-wheeler vehicle market infographic

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Indian Manufacturers Bullish on Innovations in Electric Three-wheelers

Electric auto rickshaws are storming the three-wheeler vehicle market. Electric mobility companies based in Tamil Nadu, India, are capitalizing on this opportunity and gaining recognition for employing one of the largest fleet of women drivers for auto rickshaws. Indian companies are taking cues from such developments to introduce gender inclusion in transportation. Fleet managers are increasing efforts to employ transgender and female drivers in large numbers.

Manufacturers in the three-wheeler vehicle market are bullish on innovations in electric three-wheelers that are revolutionizing the passenger and carrier vehicles segments. Actively circulating auto rickshaws in every big and small part of India are grabbing the attention of electric three-wheeler manufacturers. Supportive emission policies in India are contributing toward market growth.

Growing Lightweight Requirements in Three-wheeler Vehicles Intensify Market Competition

The three-wheeler vehicle market is projected to reach the valuation of US$ 14.7 Bn by 2031. However, there is a growing need for reducing weight of three-wheeler vehicles. Thus, to achieve this, companies should follow methods such as glass to be replaced with transparent plastic material named polycarbonate and make use of LED (Light Emitting Diode) headlights & tail lamps.

The trend of retrofitting three-wheelers into electric vehicles (EVs) is translating into value-grab opportunities for automotive companies. In order to boost the number electric vehicles on Indian roads, the government has proposed a policy that can potentially eliminate personal vehicles during the upcoming decades. The growing awareness about shared mobility with the help of electric auto rickshaws is emerging as a promising strategy to reduce emissions. Three-wheeler tempos for goods transportation are also creating revenue opportunities for automotive giants.

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Pollution-free Delivery of Essentials Grabbing Attention of Electric Vehicle Manufacturers

Even though the COVID-19 crisis has affected business activities in the three-wheeler vehicle market, the pandemic has sparked innovations that are paving the future of mobility. The market is projected to grow at a CAGR of 3.29% during the forecast period. Electric three-wheelers have the potential to be integrated with a refrigerated carriage in order to deliver pharmaceuticals and food items. These electric three-wheelers hold potentials for healthcare stakeholders to assist in the ongoing coronavirus vaccine drives for last mile delivery.

Companies in the three-wheeler vehicle market are boosting output capacities for battery-powered vehicles that can store vaccines for several hours in a stationary state at extremely low temperatures. Existing three-wheeler vehicles are being retrofitted with refrigerated carriages and other components to achieve mass inoculation of people living in India. The trend of pollution-free delivery of essentials is grabbing the attention of market stakeholders.

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Three-wheeler Motorcycles Gain Prominence in Japan for Sea Freight

Asia Pacific holds lucrative revenue opportunities for three-wheeler vehicle market players. Apart from auto rickshaws, companies in Japan are increasing the availability of three-wheeler motorcycles. Customized logo and packaging are growing prominent in three-wheeler motorcycles that support sea freight. Companies are boosting R&D to develop three-wheeler motorcycles that can be used in flat, rugged, and uphill terrains.

Even as three-wheeler motorcycles are growing popular in Japan, China is one of the frontrunners in the manufacturing of vehicles. Such findings are creating value-grab opportunities for stakeholders in the three-wheeler vehicle market. Three-wheeler motorcycles run on gasoline and accommodate air-cooled & water-cooled engines. Manufacturers are tapping revenue opportunities through eCommerce to boost sales of three-wheeler motorcycles.

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