Summary

Market Overview India Three-Wheeler Market was valued at USD 4.33 Billion in 2025 and is projected to reach USD 7.12 Billion by 2031, growing at a CAGR of 8.63% during the forecast period. The market is experiencing strong momentum driven by the rapid transition to electric models, fueled by high fuel costs and the need for cost-efficient last-mile mobility solutions. Electric three-wheelers are becoming the preferred option for both passenger transport and cargo delivery, especially in congested urban centers. As per VAHAN Dashboard (Ministry of Road Transport & Highways), electric three-wheeler registrations in FY25 rose 11% year-on-year, nearing 700,000 units. This shift is reinforced by the fact that EVs now account for over 57% of all three-wheeler registrations, reflecting a notable pivot toward cleaner and more sustainable transportation solutions. Key Market Drivers Urbanization and Last-Mile Connectivity India’s expanding urban footprint, particularly in Tier 1 and Tier 2 cities, is driving demand for compact, cost-effective last-mile transport options. Three-wheelers serve as an essential link for intra-city travel due to their maneuverability, affordability, and efficiency over short distances. Their ability to access narrow lanes and restricted areas makes them indispensable for both passenger and freight services. As cities integrate multimodal transport networks, three-wheelers are increasingly being leveraged for last-mile connectivity and micro-logistics. Their adaptability also positions them well in government-led efforts to promote inclusive and sustainable urban mobility, helping bridge the gap between public transport hubs and final destinations. Key Market Challenges Limited Charging and Swapping Infrastructure Despite the growing adoption of electric three-wheelers, the lack of robust charging and battery-swapping infrastructure remains a key obstacle. Many urban areas still do not offer sufficient fast-charging stations, while battery-swapping networks are in early stages of deployment. This leads to longer downtimes for commercial drivers and limits operational efficiency. The problem is more acute in semi-urban and rural regions, where charging infrastructure development is slower. Without widespread, reliable access to energy refueling options, drivers face ongoing range anxiety, delaying broader electrification in the three-wheeler segment. Key Market Trends Growth of Battery Swapping Ecosystems Battery swapping is gaining traction as a scalable solution to reduce vehicle downtime and mitigate range concerns, particularly for commercial fleets. This model allows drivers to quickly exchange depleted batteries at dedicated stations, supporting uninterrupted operations. Several startups and OEMs are piloting battery subscription and pay-per-use services to enhance affordability and convenience. As the industry works toward standardizing battery specifications, battery swapping is poised to become a mainstream alternative for urban logistics, ride-hailing, and shared mobility providers—unlocking new efficiencies in the electric three-wheeler ecosystem. Key Market Players • Bajaj Auto Limited • Piaggio Vehicles Pvt. Ltd • Atul Auto Limited • Mahindra & Mahindra Limited • TVS Motor Company • Scooters India Limited • Zuperia Auto Private Limited • Terra Motors India Pvt. Ltd. • Kinetic Green Energy & Power Solutions Ltd. • Speego Vehicles Co. Pvt. Ltd. Report Scope: In this report, the India Three-Wheeler Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below: • India Three-Wheeler Market, By Vehicle: o Passenger Carrier o Load Carrier • India Three-Wheeler Market, By Fuel: o Petrol/CNG o Diesel o Electric • India Three-Wheeler Market, By Power: o <100cc o 100–200cc o >200cc • India Three-Wheeler Market, By Region: o East India o West India o North India o South India Competitive Landscape Company Profiles: Detailed analysis of the major companies presents in the India Three-Wheeler Market. Available Customizations: India Three-Wheeler Market report with the given market data, TechSci Research, offers customizations according to the company’s specific needs. The following customization options are available for the report: Company Information • Detailed analysis and profiling of additional market players (up to five).

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Table of Contents

1. Introduction 1.1. Product Overview 1.2. Key Highlights of the Report 1.3. Market Coverage 1.4. Market Segments Covered 1.5. Research Tenure Considered 2. Research Methodology 2.1. Methodology Landscape 2.2. Objective of the Study 2.3. Baseline Methodology 2.4. Formulation of the Scope 2.5. Assumptions and Limitations 2.6. Sources of Research 2.7. Approach for the Market Study 2.8. Methodology Followed for Calculation of Market Size & Market Shares 2.9. Forecasting Methodology 3. Executive Summary 3.1. Overview of the Market 3.2. Overview of Key Market Segmentations 3.3. Overview of Key Market Players 3.4. Overview of Key Regions 3.5. Overview of Market Drivers, Challenges, and Trends 4. India Three-Wheeler Market Outlook 4.1. Market Size & Forecast 4.1.1. By Value 4.2. Market Share & Forecast 4.2.1. By Vehicle Market Share Analysis (Passenger Carrier Vs. Load Carrier), 4.2.2. By Power Market Share Analysis (<100cc, 100–200cc, >200cc) 4.2.3. By Fuel Market Share Analysis (Petrol/CNG, Diesel & Electric) 4.2.4. By Region Market Share Analysis 4.2.5. By Top 5 Companies Market Share Analysis, Others (2025) 4.3. India Three-Wheeler Market Mapping & Opportunity Assessment 5. North India Three-Wheeler Market Outlook 5.1. Market Size & Forecast 5.1.1. By Value 5.2. Market Share & Forecast 5.2.1. By Vehicle Market Share Analysis 5.2.2. By Power Market Share Analysis 5.2.3. By Fuel Market Share Analysis 6. West India Three-Wheeler Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value 6.2. Market Share & Forecast 6.2.1. By Vehicle Market Share Analysis 6.2.2. By Power Market Share Analysis 6.2.3. By Fuel Market Share Analysis 7. East India Three-Wheeler Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value 7.2. Market Share & Forecast 7.2.1. By Vehicle Market Share Analysis 7.2.2. By Power Market Share Analysis 7.2.3. By Fuel Market Share Analysis 8. South India Three-Wheeler Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value 8.2. Market Share & Forecast 8.2.1. By Vehicle Market Share Analysis 8.2.2. By Power Market Share Analysis 8.2.3. By Fuel Market Share Analysis 9. Market Dynamics 9.1. Drivers 9.2. Challenges 10. Market Trends & Developments 11. Porters Five Forces Analysis 12. Policy & Regulatory Landscape 13. India Economic Profile 14. Disruptions: Conflicts, Pandemics and Trade Barriers 15. Competitive Landscape 15.1. Company Profiles 15.1.1. Bajaj Auto Limited 15.1.1.1. Business Overview 15.1.1.2. Company Snapshot 15.1.1.3. Products & Services 15.1.1.4. Financials (As Per Availability) 15.1.1.5. Key Market Focus & Geographical Presence 15.1.1.6. Recent Developments 15.1.1.7. Key Management Personnel 15.1.2. Piaggio Vehicles Pvt. Ltd 15.1.3. Atul Auto Limited 15.1.4. Mahindra & Mahindra Limited 15.1.5. TVS Motor Company 15.1.6. SCOOTERS INDIA LIMITED 15.1.7. ZUPERIA AUTO PRIVATE LIMITED 15.1.8. Terra Motors India Pvt. Ltd. 15.1.9. Kinetic Green Energy & Power Solutions Ltd. 15.1.10. Speego Vehicles Co. Pvt. Ltd. 16. Strategic Recommendations 17. About Us & Disclaimer