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India Three-Wheeler Market Analysis 2021

A recent study, conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India three-wheeler market was worth USD 7.64 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 9.1%, earning revenue of around USD 14.02 billion by the end of 2027. India three-wheeler market is growing at a healthy rate because of the lack of a structured public transport system. Additionally, the high demand for cheap and efficient transportation for short distances, especially in small towns and cities, is one of the major fact

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India Three-Wheeler Market Analysis 2021

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  1. India Three-Wheeler Market, By Vehicle Type, Trend Analysis, Competitive Market Share & Forecast, 2020-2027

  2. India Three-Wheeler Market- Industry Trends & Forecast Report 2027 A recent study, conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India three-wheeler market was worth USD 7.64 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 9.1%, earning revenue of around USD 14.02 billion by the end of 2027. India three-wheeler market is growing at a healthy rate because of the lack of a structured public transport system. Additionally, the high demand for cheap and efficient transportation for short distances, especially in small towns and cities, is one of the major factors driving the growth of this market.

  3. Growth Drivers  Lack of Public Transportation System The lack of sufficient public transport infrastructure acts as a major driving factor for the India three-wheeler market. Apart from certain metropolitan cities, such as Delhi and Kolkata, public transportation is not widely available in India. The residents are thus dependent on three-wheeler auto-rickshaws for their transportation needs, which drives the demand for three-wheelers in India. Market growth is also being driven by overcrowding in various cities such as Mumbai. The city has about 460k auto-rickshaws.

  4. Restraints  Increasing Penetration of Cab Services The increasing popularity of ride-hailing services such as Ola and Uber may act as a huge restraining factor for the market growth. Owners and drivers of three-wheelers primarily come from the underprivileged sections of the country and often migrate to densely populated areas and cities to earn a living. However, as consumers shift towards ride-hailing services, these migrants will have to take on other jobs to get by. Though India's cab services offer auto-rickshaw options, the younger demographic is more inclined to ride a four-wheeler, which could hamper the market growth for three-wheelers.

  5. Impact of COVID-19 on India Three-Wheeler Market The India three-wheeler market was one of the most badly affected sectors in the country due to the sudden outbreak of the COVID-19 pandemic. With India’s rapidly increasing COVID-19 cases, the government imposed strict lockdown, resulting in complete mobility and transportation restrictions. As a result, the demand for three-wheelers witnessed a sharp decline, incurring huge losses to the market. Moreover, the market is estimated to show slow growth after COVID-19 due to a growing work-from-home culture that hinders mobility. Sample Copy:https://www.blueweaveconsulting.com/report/india-three-wheeler-market/report-sample

  6. Regional Insights Geographically, the India three-wheeler market is segmented into North India, South India, East India, and West India. North India accounts for the largest market share because of the inadequate public transport facilities. Establishing a public transportation system in mountainous regions is almost impossible due to uneven terrain, frequent landslides, and earthquakes. Therefore, the residing population is dependent on auto-rickshaws for transportation. On the other hand, South India also covers a substantial share in the market because of the high concentration of auto-rickshaws in cities like Mumbai and Pune.

  7. Competitive Landscape The leading players in the India three-wheeler market are Bajaj Auto Limited, Piaggio Vehicles Pvt. Ltd., Mahindra & Mahindra Ltd., Atul Auto Limited, TVS Motor Company Limited, Saera Electric Auto Pvt. Ltd., Lohia Auto Industries, Scooters India Limited, JS Auto, Force Motors Ltd., and other prominent players. The India three-wheeler market is dominated by automobile giants such as Bajaj Auto Ltd. M&M, Force Motors, etc. Among these leading players, Bajaj rules over the market as the world’s largest auto rickshaw manufacturer.

  8. Recent Development In October 2021, Euler Motors, a leading electric commercial vehicle company, announced the launch of Euler Hiload, its first electric cargo three-wheeler at the introductory price of Rs. 3,49,999 (approx 4664).

  9. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  10. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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