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.
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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.
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