Increasing demand for last mile connectivity in emerging markets of Africa and southeast Asia fuelled India's three-wheeler (3W) exports growth, a report released by ICRA has said.
Country’s three-wheeler exports grew at a compound annual growth rate (CAGR) of 20 percent over the past decade with export sales of over 4.1 lakh units in 2014-15, Investment Information and Credit Rating Agency report said.
Report credited strong demand from international markets on back of rising demand for last-mile connectivity owing to lack of well-developed public transport system in emerging markets in Africa and southeast Asia.
"As per industry estimates, while countries such as Sri Lanka, Bangladesh followed by Middle East and Africa account for majority (90 percent) of exports from India," the study said.
Indian original equipment manufacturers have also ventured into the relatively developed markets in the Asean and Latin American region over the past few years.
India is the largest manufacturer for three-wheelers worldwide.