Two is much better Three in terms of market competition / dynamics.
Visa and Mastercard is are two giants in payment network.
WeChat and AliPay are two leading mobile payment providers in China.
Global PD-1 market has two leading drugs – Keytruda and Opdivo
Differentiated “two” is also good.
Android and iOS are two mobile operating systems with differentiated business models.
CATL and BYD are two leading Chinese battery makers with differentiated business models.
Three is a different picture.
US has three big automakers, Stellantis, GM, and Ford.
China has three SOE automakers, 一汽, 上汽 and 广汽. There were three private automakers, Great Wall, Geely and BYD. Three are three US-listed new energy vehicle startups, Nio, Li Auto and XPEV. [3 x 3…]
Three are three major airlines with alliances, Star Alliance (United), Oneworld (American), SkyTeam (Delta). There are three low-cost carriers (although nowadays the line is blurry) SouthWest, Alaska, and JetBlue. There are three ULCC, Allegiant, Frontier and Spirit. [3 x 3…]
China has three SOE airlines, 国航, 东航 and 南航. Each joined one of the three alliances.
One is rare.
Two is good; differentiated two is even better.
Three is hard; three times three is very hard.
Growing out of three is amazing.
BYD is an example.