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E-Rickshaw Market

Market Insights on E-Rickshaw covering sales outlook, demand forecast & up-to-date key trends

E-Rickshaw Market By Vehicle Type (Passenger Carrier, Load Carrier), Battery Capacity (>101 Ah, <101 Ah), Motor Power (Upto 1,000 W, 1,000-1,500 W, More Than 1,500 W), End Users (Original equipment manufacturer, Aftermarket) & Region - Forecast 2022-2032

E-Rickshaw Market Overview

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.

The e-rickshaw market is anticipated to show promising growth prospects during the forecast period as a result of growing competition. New competitors are offering a variety of options at reasonable pricing to fulfill the demand for e-rickshaw, making it more accessible to customers in the global e-rickshaw market.

E-rickshaws are widely acknowledged as a viable alternative to diesel, gasoline, and compressed natural gas auto rickshaws. Raising awareness of air pollution and other environmental concerns that may be mitigated by the use of e-rickshaws. The controller, motor, batteries, harness, and throttle are the primary electronic components that power the e-rickshaw. Any mismatch between these components is undesirable and may result in performance degradation.

Report Attribute

Details

Estimated Base Year Value (2021)

US$ 1.3 Billion

Expected Market Value (2022)

US$ 1.7 Billion

Anticipated Forecast Value (2032)

US$ 27.5 Billion

Projected Growth Rate (2022-2032)

31.8 % CAGR

Sales of e-rickshaw are expected to rise significantly. In addition to this, demand for e-rickshaw is rising on account of US$ 5.24 Bn by 2026. Increasing sales of e-rickshaw are also projected to contribute to the growth of the e-rickshaw market share.

Manufacturers in the e-rickshaw market get a big platform from which to serve the whole demand for e-rickshaw. The worldwide sales of e-rickshaw are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for e-rickshaw more accessible to customers. 

Rushing sales of e-rickshaw are the newest and fastest trend in all regions, owing to their numerous benefits over regular auto rickshaws. Drivers of ubiquitous traditional three-wheelers realized that e-rickshaws are quicker, quieter, cleaner, and less expensive to maintain than conventional auto rickshaws.

Demand for e-rickshaw is spiking over traditional cycle rickshaws, which needed all-day peddling. Thus, with more rides conceivable every day, sales of e-rickshaw are proven to be more potential investment or perhaps more lucrative, as demand for e-rickshaw continues to expand dramatically across the world.

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What are the Key Contributors to the E-Rickshaw Market Share?

Significantly lower investment than auto-rickshaw, higher daily earnings than cycle rickshaws, and increasing end-user affordability are some of the key elements driving the sales of e-rickshaw exponentially. The demand for e-rickshaw over traditional auto rickshaws and cycle rickshaws have fueled the sales of e-rickshaw

Additionally, growing environmental consciousness, the implementation of tough rules aimed at halting environmental damage, and government incentives all contribute to the worldwide e-rickshaw market growth.

However, the demand for e-rickshaw business has identified many key difficulties, including the cost of batteries, charging stations, and battery quality. Overcharging batteries is a secondary issue that results in some major difficulties such as rust on the positive grid, a lack of water, spoilage of the positive material, and oxidation in the separator, all of which diminish the battery's life.

The e-rickshaw market’s leading manufacturers are concentrating their efforts on the introduction of fiber-reinforced plastic (FRP) technology, which is a composite material composed of a polymer matrix reinforced with glass fibers. FRP enables plastic fibers to be shaped to fit specific designs, and the orientation of the fibers increases strength and resistance to deformation.

Which is the Leading Region in the E-Rickshaw Market?

According to geographies, the Asia Pacific area, particularly India and ASEAN nations such as Thailand, Vietnam, and the Philippines, is expected to lead the sales of e-rickshaw industry. India has a sizable e-rickshaw market share in terms of revenue and sales, owing to the growing manufacturing to fulfill the demand for e-rickshaw

Following India, China and ASEAN nations account for the second and third largest e-rickshaw market shares, respectively, in terms of production and sales. In the future years, the Middle East and Africa area is predicted to have moderate development. The European region's sales of e-rickshaw industry are predicted to increase steadily. 

North America's sales of e-rickshaw industry are low, as the majority of countries in this region have developed and acquired modern public transportation systems, such as metros, taxis, and electric buses, among others. As a result, demand for e-rickshaw is declining in this region, and thus the e-rickshaw market share is decreasing as well.

Nikhil Kaitwade
Principal Consultant
LinkedIn
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Who are the Key Players in the E-Rickshaw Market?

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. are some of the leading participants in the e-rickshaw market.

Recent Developments in the E-Rickshaw Market:

  • Piaggio Ape unveiled the Ape E-City electric rickshaw in India in December 2019. The firm is focusing on expanding its product line by powering the electric rickshaw with swappable battery technology.
  • In July 2019, Treasure Vase Ventures Pvt. Ltd., the parent company of SmartE, one of India's major suppliers of electric mobility services, secured Rs. 100 crore in series B investment from Japan's Mitsui & Co.

Scope of Report

Report Attribute

Details

Growth rate

CAGR of 31.8% from 2022 to 2032

Base year for estimation

2021

Historical data

2014 - 2020

Forecast period

2022 - 2032

Quantitative units

Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis,

Segments covered

Vehicle type, battery capacity, motor power, end users, region

Regional scope

North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa

Key companies profiled

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

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail of customized purchase options to meet your exact research needs.

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Key Segments For E-Rickshaw Market

By Vehicle Type:

  • Passenger carrier
  • Load carrier

By Battery capacity:

  • >101 Ah
  • <101 Ah

By Motor power:

  • Upto 1,000 W
  • 1,000-1,500 W
  • More than 1,500 W

By End User:

  • Original equipment manufacturer
  • Aftermarket

By Region:

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil)
  • Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
  • East Asia (China, Japan, South Korea)
  • South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
  • Oceania (Australia, New Zealand)
  • Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)

Frequently Asked Questions

The e-rickshaw market is forecasted to register a CAGR of 31.8% during the forecast period.

Key players holding substantial e-rickshaw market share 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., and many more

As per the analysis, the e-rickshaw market share is likely to be US$ 5.24 Bn by 2026.

Demand for e-rickshaw is likely to rise due to growing environmental consciousness, the implementation of tough rules aimed at halting environmental damage, and government incentives all contribute to the worldwide e-rickshaw market growth.

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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