The global electric rickshaw market is expected to register a CAGR of
NEWARK, Del, Nov. 14, 2022 (GLOBE NEWSWIRE) — According to recent market analysis by Future Market Insights (IMF), the global electric rickshaw market is currently worth US$1.7 billion and is expected to reach US$27.5 billion by 2032 at an impressive CAGR of 31.8% between 2022 and 2032.
Electric rickshaws have less risk of accidents than bicycle rickshaws and traditional rickshaws; because fuel or peddling are not needed for travel. Manufacturers are also making sure to offer more energy-efficient and cost-effective rickshaws. In addition, governments around the world have adopted regulatory policies indicating that electric vehicles are even more preferable than gasoline and diesel vehicles.
The basic benefit offered by e-rickshaw is that it reduces the level of carbon emission and helps keep the environment green. The electric rickshaw helps bridge the gaps in public transportation service among commuters. Above all, the cost/person/kilometer is quite low compared to public transport.
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Nowadays, there is an increase in the number of partnerships between EV manufacturers and public authorities regarding the promotion of e-rickshaws. Various local players who are into electric vehicles import various vehicle components such as battery management systems, axles and motors, thus assembling them locally. This factor is expected to strengthen the electric rickshaw market over the forecast period. OEMs are emphasizing the development of electric rickshaws due to the exorbitant demand for electric rickshaws.
Governments facilitate incentives for those who manufacture electric vehicles and/or components to improve the production and use of electric vehicles. As for India, the MoRTH (Ministry of Road Transport and Highways), NITI Aayog (under the National Mission on Transformative Mobility and Battery Storage), has formulated a plan to promote electric vehicles in the section 3 and 2 wheels. and also planned to ban IC motors.
6 economies across Europe have come up with additional green stimulus incentives to promote electric vehicles. Future Market Insights has etched these findings in its latest market research titled “E-Rickshaw Market” through its team of analysts and consultants.
At the same time, the electric rickshaw market is also here for challenges. First, the quality of EV batteries and the costs involved in building a charging station could not be compromised in any way. Also, the fact that e-rickshaws cannot be used when the battery is draining cannot be ignored. Overcharging can also lead to many problems, including lack of water in the battery, rusting of the grid, deterioration of the battery material. The vehicle could also stop working at this time.
Top E-Rickshaw Market Takeaways
- Asia-Pacific holds the largest market share. The Philippines, Vietnam and Thailand rule the roost. India is also emerging as a hub for the electric rickshaw market. China is also expected to follow suit in the coming period.
- North America is a bit slow when it comes to e-rickshaws; mainly due to the United States placing greater emphasis on modernized public transportation systems such as electric buses, taxis, and subways.
- Piaggio Ape, in December 2019, launched the Ape E-City Electric Rickshaw across India. The company is focusing on expanding the product portfolio by incorporating interchangeable battery technology into the electric rickshaw.
- Treasure Vase Ventures Pvt. Ltd. in July 2019 secured INR 100 Cr as a Series B investment from Japanese company Mitsui & Co.
“With growing awareness of air pollution, the electric rickshaw market is expected to grow at an astonishing rate over the forecast period,” says an analyst from Future Market Insights.
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Key segments For electric rickshaw market
By type of vehicle:
- passenger carrier
- load carrier
Per Battery Capacity:
By engine power:
- Up to 1000W
- Over 1500W
Per end user:
- Original Equipment Manufacturer
- Secondary market
- North America (USA, Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, UK, France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East and Africa (GCC countries, Turkey, North Africa, South Africa)
What is the report about?
- The research study is based on vehicle type (passenger and cargo carrier), battery capacity (>101 Ah and
- With rickshaw being accepted as one of the leading alternatives to CNG, diesel and gasoline powered auto rickshaws, the electric rickshaw market is expected to grow on an overly satiating note during the period of forecast.
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market context
3.1. Market dynamics
3.2. Scenario forecast
Full TOC with Report Overview @ https://www.futuremarketinsights.com/reports/e-rickshaw-market
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About Future Market Insights, Inc.
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