Asia Three Wheeler Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Asia Three-Wheeler Market is segmented by vehicle type (passenger carrier and goods carrier), by fuel type (petrol, CNG/LPG, diesel, and electric), and by country (China, India, Indonesia, Bangladesh, Sri Lanka, and the Rest of Asia).

Asia Three Wheeler Market Size

Summary Graph
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

Asia Three Wheeler Market

*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 Market Trends

This section covers the major market trends shaping the Asia Three Wheeler Market according to our research experts:

Industry’s Shift Toward the Adoption of Electric Three Wheelers

The three-wheeler industry across the Asian geography is experiencing a shift towards adopting electric vehicles. Countries like India, China, and Thailand are at the forefront of this transition. Government regulations and incentives are paving the way for market development in this region. New firms are coming up, and both new and old companies are developing products to compete and thrive in the evolving market space.

India is poised to be the largest market for electric three-wheelers. As part of the country's initiative to push for e-mobility in a big way, the government has marked around INR 10,000 crores under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme. Recently, the government has also proposed doubling the subsidy for electric three-wheelers to INR 20,000 per kWh to bring down the initial prices of electric three-wheelers on a par with IC Engine three-wheelers. This trend has shown a positive effect on the market, and in the past two years, sales of electric three-wheelers have overtaken the IC Engine ones.

The Electric Vehicle Association of Thailand (EVAT) is in talks with the Land Transport Department to revise the related laws to enable new registration of three-wheelers, especially focusing on electrified ones.

Asia Three Wheeler Market_trend1

India poised to be the largest market for three wheelers in Asia

The three-wheelers market in India is expected to grow at 9% over the next five years. According to the Society of Indian Automotive Manufacturers, more than 700,000 three-wheelers are produced in the country.

The abolition of the permit regime in major three-wheeler markets like Gujarat and Maharashtra, along with the issuance of fresh permits in states like Karnataka, Delhi, Telangana, and Andhra Pradesh, has extended the much-needed impetus for the growth of the domestic three-wheeler market.

Among the different regions, the Western and Central regions are the largest three-wheeler markets, followed by South and East. With many states working aggressively on the electric vehicle policy and states like Karnataka proposing a complete phase-out of two-stroke engine three-wheelers and a ban on diesel vehicles, the Southern region market is expected to witness significant growth over the forecast period.

India is also a major exporter of three-wheelers, and over the past years, the share of exports has expanded, driven by increasing penetration in Asian and African markets. Over the past decade, three-wheeler exports have grown at 14% and currently account for nearly 40% of total production.

Asia Three Wheeler Market_trend2

Asia Three Wheeler Industry Overview

The market for Asian three-wheelers is characterized by major players mostly from India. Bajaj, Piaggio, TVS Motors, Mahindra, etc., are some of the major players in the market. Bajaj is expected to be the largest player in the market and exports its products to nearly 35 countries. Companies also focus on export destinations and a strong, established base that can drive revenue bars.

Asia Three Wheeler Market Leaders

  1. Bajaj Auto Limited

  2. Mahindra and Mahindra Ltd

  3. Piaggio & C. SpA

  4. TVS Motor Company

  5. Lohia Auto

*Disclaimer: Major Players sorted in no particular order

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Asia Three Wheeler Market News

In June 2021, Omega Seiki Mobility launched its first electric passenger three-wheeler "Stream." The vehicle offers a power of 13.4 hp and maximum torque of 535 Nm, powered by IP65 rated lithium-ion battery.

In May 2022, Uno Minda took stakes in Friwo, a Germany-based power solution technology company. Under this joint venture, both companies will leverage their technology and manufacturing capabilities. The company aims to develop a drive train for a three-wheeler for the Indian market under this joint venture.

In January 2022, Mahindra Electric mobility launched its first electric cargo three-wheeler, "e-Alfa Cargo." With this launch company is aiming to tap the growing last-mile delivery segment.

In October 2021, Delhi, India-based start-up Euler Motors showcased an electric cargo three-wheeler "HiLoad Ev" in India with a payload capacity of 688 kg. In contrast, the industry standard is only 550 Kg. The company claims a range of 151 K.M in a single charge powered by a 12.5 KWh liquid-cooled battery pack. The company claims that this vehicle will be India's most powerful cargo electric rickshaw.

In August 2021, Amper vehicle announced a stake acquisition of 26% in MLR Auto, a manufacturer of the electric three-wheeler. With this acquisition, Ampere aims to expand its customer bandwidth across B2B and retail and enlarge its product portfolio.

Asia Three Wheeler Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Vehicle Type

      1. 5.1.1 Passenger Carrier

      2. 5.1.2 Goods Carrier

    2. 5.2 Fuel Type

      1. 5.2.1 Petrol

      2. 5.2.2 CNG/LPG

      3. 5.2.3 Diesel

      4. 5.2.4 Electric

    3. 5.3 Geography

      1. 5.3.1 China

      2. 5.3.2 India

      3. 5.3.3 Indonesia

      4. 5.3.4 Bangladesh

      5. 5.3.5 Sri Lanka

      6. 5.3.6 Rest of Asia


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Bajaj Auto Limited

      2. 6.2.2 Mahindra and Mahindra Ltd

      3. 6.2.3 Lohia Auto Industries

      4. 6.2.4 TVS Motor Company

      5. 6.2.5 Piaggio & C. SpA

      6. 6.2.6 ChongQing Zongshen Tricycle Manufacturing Co., Ltd.

      7. 6.2.7 Atul Auto Limited

      8. 6.2.8 Scooters India Ltd.

      9. 6.2.9 Ningbo Dowedo International Trade Co., Ltd.

      10. 6.2.10 ElecTrike Japan


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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
Sri Lanka
Rest of Asia
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Asia Three Wheeler Market Research FAQs

The Asia Three Wheeler Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)

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.

South Asia is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the South Asia accounts for the largest market share in Asia Three Wheeler Market.

The report covers the Asia Three Wheeler Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia Three Wheeler Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Asia Three Wheeler Industry Report

Statistics for the 2024 Asia Three Wheeler market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Three Wheeler analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Asia Three Wheeler Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)