E-Rickshaw is the new growing trend across all the regions, owing to its various advantages over the traditional auto rickshaw. Driver of omnipresent conventional three-wheelers through smoggy, crowded streets discovered that e-rickshaws are faster, quieter, cleaner and cheaper to maintain than the conventional auto rickshaw. E-rickshaws are less arduous than cycle rickshaws, which required all-day peddling. So with more rides possible in a day, the e-rickshaws are proving more productive or we can say more lucrative with the demand of e-rickshaw are growing exponentially all across the globe.
The e-rickshaw market is projected to register a CAGR of 31.8% during the forecast period, up from US$ 1.3 Bn in 2021 to reach a valuation of US$ 27.5 Bn by 2032.
E-rickshaws are widely accepted as an alternative to diesel, petrol, CNG auto rickshaws. Increasing awareness about the air pollution and other environmental issues which can be reduced by using the e-rickshaws. In the e-rickshaw the main electronic components that make the drive are controller, motor, batteries, harness and throttle. The mismatch between any of these components is nasty and may reduce performance.
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E-Rickshaw Market: Dynamics
Considerably low investment than an auto-rickshaw, pleasing daily earning than cycle rickshaws and growing end-user affordability are some significant factors which driving the growth of e-rickshaw market. The advantages of e-rickshaw over traditional auto rickshaw and cycle rickshaw leads the e-rickshaw market. Rising environmental awareness, implementation of stringent regulations to curb environmental degradation and government incentives are some other factors which pushes the global e-rickshaw market growth
E-Rickshaw Market: Regional Outlook
Based on regions, the e-rickshaw market is anticipated to be led by the Asia Pacific region, especially by India and ASEAN countries such as Thailand, Vietnam and Philippines. India captures a significant amount of market shares in terms of revenue and sales, owing to an increasing number of demand and production of e-rickshaws. Followed by India, China and ASEAN countries has the second and third most prominent market share of e-rickshaws in terms of production as well as sales respectively. Middle East and Africa region is expected to witness moderate growth in the coming years. European region is expected to witness a stable growth in the e-rickshaw market. The market share of e-rickshaw in North America is at the lower side, as most of the countries in this regions are developed and acquired with modern public transport systems, such as metros, cabs, electric buses and others, hence the demand for e-rickshaws is declining in this regions and hence the market share is also going down.
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E-rickshaw Market: Market Participant
Some of the key players involved in the global E-rickshaw market include Hhw Care Products Pvt. Ltd., Charuvikram Automobiles Pvt. Ltd., A G International Pvt. Ltd., Saera Electric Auto Pvt. Ltd., Gauri Auto India Pvt. Ltd., Yuva E Rickshaw, Xuzhou Hongsengmeng group Co., Ltd., Wuxi Weiyun Motor Co. Ltd., Wuxi Berang International Trading Co., Ltd., Udaan E Rickshaw, Goenka Electric Motor Vehicles Pvt. Ltd., Mini Metro EV LLP, Aditya Automobile, Dilli Electric Auto Pvt. Ltd. among others.
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Russia)
- South Asia (India, ASEAN)
- East Asia (China, Japan, South Korea)
- Oceania (Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
E-Rickshaw Market: Segmentation
Based on the Vehicle Type, the e-rickshaw market can be segmented into,
- Passenger carrier
- Load carrier
Based on the Battery capacity, the e-rickshaw market can be segmented into,
- >101 Ah
- <101 Ah
Based on Motor power, the E-Rickshaw market can be segmented into,
- Upto 1,000 W
- 1,000-1,500 W
- More than 1,500 W
Based on End user, the e-rickshaw market can be segmented into,
- Original equipment manufacturer
- Aftermarket
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Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected E-rickshaw market size in terms of value and volume
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on E-rickshaw market performance
- Must-have information for E-rickshaw market players to sustain and enhance their market footprint
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