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.
