Market Size of Asia Three Wheeler Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 9.00 % |
| Fastest Growing Market | South Asia |
| Largest Market | South Asia |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Three Wheeler Market Analysis
The Asian three-wheeler market was valued at around USD 38.7 billion in 2021 and is expected to reach USD 65.17 billion by 2027, registering a CAGR of 9.07% during the forecast period.
In 2020, during the COVID-19 outbreak, people restricted themselves from public transport, and muted industrial and trade activities plunged three-wheeler sales across Asia-Pacific. A shortfall of around -20% was registered in 2020, hindering the demand trajectory and flattening the value graph of the market. Although 2021 was the year of transition, several macro and micro indicators are positive for the market's growth, which is expected to drive the demand over the coming years.
In many Asian countries, three-wheelers are a last-mile connectivity option to transport passengers and goods over short-to-medium distances. Inadequate accessibility or low frequency of public transport, especially in rural areas, unorganized logistic infrastructure, and increasing unemployment in certain countries are long-term drivers for this market.
The introduction of alternate fuel engines for three-wheelers such as LPG and CNG has rejuvenated the market in some countries by cutting down the fuel and maintenance costs. The rising adoption of electric powertrains and e-rickshaws is also expected to increase the demand for three-wheelers across the region. Companies like Mahindra, Piaggio, and KSL Cleantech are investing considerably in the production of electrical products.
The market for the passenger transportation segment is expected to be larger than the goods carrier segment. The electric three-wheelers segment is expected to be the fastest growing by fuel type. India is expected to be the largest market among all the Asian countries.
Asia Three Wheeler Industry Segmentation
A three-wheeler is a vehicle with three wheels, usually one at the front and two at the rear axle. It is primarily used for passenger transportation and freight loading for small distances.
The Asia Three-Wheeler Market is segmented by vehicle type, fuel type, and country. By vehicle type market is segmented into passenger carriers and goods carriers. By fuel type market is segmented into petrol, CNG/LPG, diesel, and electric. The report also covers the market size and forecast for the Asia three-wheeler market in 5 major countries, including China, India, Indonesia, Bangladesh, Srilanka, and the Rest of Asia.
For each segment, market sizing and forecast have been done based on volume (million units) and Value (USD billion).
| Vehicle Type | |
| Passenger Carrier | |
| Goods Carrier |
| Fuel Type | |
| Petrol | |
| CNG/LPG | |
| Diesel | |
| Electric |
| Geography | |
| China | |
| India | |
| Indonesia | |
| Bangladesh | |
| Sri Lanka | |
| Rest of Asia |
Asia Three Wheeler Market Size Summary
The Asian three-wheeler market is poised for significant growth, driven by a combination of factors including the need for last-mile connectivity, inadequate public transport in rural areas, and the adoption of alternative fuel sources. The market, which faced a downturn during the COVID-19 pandemic, is now on a recovery path with positive macro and microeconomic indicators. The introduction of LPG and CNG engines has helped reduce fuel and maintenance costs, while the rising adoption of electric powertrains and e-rickshaws is expected to further boost demand. Major players like Mahindra, Piaggio, and KSL Cleantech are investing heavily in electric vehicle production, aligning with the region's shift towards sustainable transportation solutions.
India is anticipated to be the largest market for electric three-wheelers, supported by government initiatives such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme, which aims to enhance e-mobility. The abolition of permit regimes in key markets and the focus on electric vehicle policies in states like Karnataka and Maharashtra are expected to drive growth. The market is characterized by strong export activity, with India being a major exporter to Asian and African markets. Key industry players, including Bajaj, Piaggio, and TVS Motors, are expanding their presence both domestically and internationally, leveraging their established bases to drive revenue growth.
Asia Three Wheeler Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Vehicle Type
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2.1.1 Passenger Carrier
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2.1.2 Goods Carrier
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2.2 Fuel Type
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2.2.1 Petrol
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2.2.2 CNG/LPG
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2.2.3 Diesel
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2.2.4 Electric
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2.3 Geography
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2.3.1 China
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2.3.2 India
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2.3.3 Indonesia
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2.3.4 Bangladesh
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2.3.5 Sri Lanka
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2.3.6 Rest of Asia
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Asia Three Wheeler Market Size FAQs
What is the current Asia Three Wheeler Market size?
The Asia Three Wheeler Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)
Who are the key players in Asia Three Wheeler Market?
Bajaj Auto Limited, Mahindra and Mahindra Ltd, Piaggio & C. SpA, TVS Motor Company and Lohia Auto are the major companies operating in the Asia Three Wheeler Market.
