Asia-Pacific and Africa Three-wheeler Market to Worth $5.58 billion by 2031, with CAGR of 7.7%

The Asia-Pacific and Africa Three-wheeler Market report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market. The Asia-Pacific and Africa three-wheeler market was valued at $3.05 billion in 2021, and is projected to reach $5.58 billion by 2031, registering a CAGR of 6.5% from 2022 to 2031.

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Asia-Pacific dominated the three-wheeler market in 2021. The automotive industry in the region accounts for a large number of vehicle sales worldwide and contributes to the penetration of the product in the market. Moreover, the settlement of new electric three wheeler vehicle production companies in the region further accelerates the growth of the Asia-Pacific and Africa three-wheeler market. In addition, industry participants are launching CNG three wheel electric vehicle in these region, which is expected to boost the growth of the market during the forecast period.

The research provides detailed segmentation of the Asia-Pacific and Africa three-wheeler market based on type, vehicle type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

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On the basis of type, the Asia-Pacific and Africa three-wheeler market has been segmented into petrol/ CNG, diesel, and electric. The petrol/ CNG segment is expected to have significant share during the forecast period. Petrol/CNG three-wheelers are propelled by internal combustion spark ignition engines using petrol or compressed natural gas (CNG) as fuel. Petrol/CNG three-wheelers have been in the market for quite a long period. As petrol/CNG offers adequate power output with decent efficiency, they are being used for passenger carriers mostly. Due to easy customizability, the lower manufacturing cost of petrol/CNG as compared to diesel engines, and the ability to rebuild with CNG kits for older vehicles are some of the factors that boost the growth of the petrol/CNG segment for a three-wheeler market. For instance, in July 2022, Piaggio's Indian subsidiary Piaggio Vehicles launched an all-new new passenger three-wheeler Ape NXT+ in CNG, LPG, and petrol fuel variants.

Based on type, the diesel segment held the highest share in 2021, accounting for more than two-fifths of the Asia-Pacific and Africa three-wheeler market, and is expected to continue its leadership status during the forecast period. However, the electric segment is expected to register the highest CAGR of 11.5% from 2022 to 2031.

The key players profiled in this report include

Leading market players of the Asia-Pacific and Africa three-wheeler market analyzed in the research include Bajaj Auto Ltd, Piaggio & C. SpA, Atul Auto Limited, Chongqing Zongshen Tricycle Manufacture Co. Ltd, J.S. Auto Pvt Ltd, Kinetic Green Energy & Power Solutions Ltd, Mahindra & Mahindra Ltd, Saera Electric Auto Pvt. Ltd, Terra Motors Corporation and TVS Motor Company.

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Significant factors that impact growth of the Asia-Pacific and Africa three-wheeler market rise in demand for affordable commercial vehicle specially in mid- and low-income countries. Moreover, the rise in expenditure on commercial vehicles in developed and developing countries of Asia-Pacific and Africa region is creating the need for affordable commercial vehicles. For instance, in January 2021, Tata Motors increased the prices across its commercial vehicle range, which is paving the way for affordable three-wheeler for commercial use. Furthermore, three-wheeler mobility depends on affordability, maneuverability, and door-to-door accessibility. In many middle- and low-income countries such as India, Africa, Nigeria, and others, three-wheelers offer significantly cheaper and faster travel options along with better route flexibilities as compared to other means of transport. In many low- and mid-income countries, three-wheelers can also be linked to enhanced employment opportunities, which further bolster the demand for three-wheelers in the Asia-Pacific & African market

Based on vehicle type, the passenger carrier segment accounted for the highest share in 2021, contributing to more than half of the Asia-Pacific and Africa three-wheeler market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the load carrier segment is expected to manifest the highest CAGR of 7.6% from 2022 to 2031.

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Furthermore, partnership of three wheeler manufacturers to fulfill the market demand is one of the major factors that are expected to rise the growth of the market. For instance, in April 2022, Terra Motors Corporation entered into partnership with Sun Mobility, a leading provider of universal energy infrastructure and services to electric vehicle, to integrate Sun Mobility's swappable battery technology with its three-wheeler vehicles. This accelerated the ecosystem for the promotion of its electric three-wheeler vehicles. Such factors are anticipated to propel the growth of the market across the region.

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