India and China are projected to dominate the electric rickshaw sector from 2024 to 2034. Spain, France, and Italy are also expected to experience significant growth in this market, with anticipated growth rates of 23.9%, 22.3%, and 20.7%, respectively.
NEWARK, Del., June 26, 2024 /PRNewswire/ — The projected market size for global e-rickshaws is expected to reach USD 2425.1 million by 2024 and is predicted to grow at a CAGR of 31.8% from 2024 to 2034. It is estimated that the worldwide sales of e-rickshaws will total USD 38360.8 million by 2034, driven by increasing demand for sustainable transportation solutions.
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 them more accessible to customers in the global e-rickshaw market.
In 2024, passenger carrier e-rickshaws are anticipated to dominate the market with a 64.4% share, making it the leading vehicle type in the electric rickshaw industry. Additionally, the segment of 1,000 to 1,500 motor power is expected to hold a 57.4% value share in 2024.
The entry of various automotive manufacturers into the e-rickshaw industry, along with the introduction of new models, is contributing to the growth of the market. Opportunities are arising from smart city projects that prioritize urban mobility solutions and create a conducive environment for the integration of e-rickshaws in public transport networks. Localized production of lithium-ion-battery-based e-rickshaws is also encouraging high adoption rates.
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Challenges in the electric rickshaw sector include the lack of standardization in terms of quality, safety, and performance, which may lead to an influx of low-quality e-rickshaws. Furthermore, the reliance on imported key components for e-rickshaw production poses a significant challenge for manufacturers.
Key players in the industry are focusing on introducing cost-effective 3W EVs with advanced technology, aiming to offer consumers the benefits of both affordability and advanced features. These companies are presenting a compelling value proposition in the rapidly evolving industry.
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.
Key Takeaways from the Market Report:
The e-rickshaw market is set to reach USD 38360.8 million by 2034 with a CAGR of 31.8%.By vehicle type, passenger carriers are leading the e-rickshaw market with a value share of 64.4% in 2024.Based on motor power, 1000 to 1500 W accounted for a market share of 57.4% in 2024.India is estimated to record a CAGR of 47.4% between 2024 and 2034.China will hold its dominant position in the e-rickshaw market and show steady growth at a CAGR of 35.6% by 2034.
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 the 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 in the e-rickshaw industry are predicted to increase steadily.
North America’s sales in the 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.
“Asia Pacific is emerging as the dominant region for the electric automotive industry. Leading countries in the region are poised for substantial growth in the coming decade,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Who’s winning?
The electric rickshaw industry is poised for growth, leading to growing competition among manufacturers. Key players, such as How 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, and Xuzhou Hongsengmeng Group Co., Ltd., will need to prioritize offering affordable models to meet the needs of price-conscious consumers in developing countries.
The introduction of new technological advancements will provide a competitive advantage. Manufacturers who provide improved battery range and efficiency, e-rickshaw battery swapping facilities, and features like GPS tracking, entertainment systems, or digital payment options are expected to experience increased sales.
Competitive factors in the e-rickshaw market include pricing pressures and industry consolidation, which will drive the development of new innovations aimed at enhancing the efficiency, user-friendliness, and features of electric rickshaws. With intense competition, the e-rickshaw sector is anticipated to undergo consolidation, with only the leading players dominating the industry.
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Leading E-rickshaw Brands:
How 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 RickshawXuzhou Hongsengmeng Group Co., Ltd.Wuxi Weiyun Motor Co. Ltd.Wuxi Berang International Trading Co., Ltd.Udaan E RickshawGoenka Electric Motor Vehicles Pvt. Ltd.Mini Metro EV LLPAditya AutomobileDilli Electric Auto Pvt. Ltd
Industry Updates
Rajiv Bajaj, the managing director of Bajaj Auto, headquartered in Pune, India, in an interview with CNBC TV18 in May 2024, announced the company’s plans to launch an affordable electric 3W vehicle.Piaggio, headquartered in Pontedera, Italy, in May 2024, launched the new Battery Subscription Model, making 3W EV ownership affordable and attractive by eliminating battery costs.
Get More Insights into the E-rickshaw Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the e-rickshaw market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the industry potential, growth, and scope, the industry is segmented based on vehicle type (passenger carrier and load carrier), battery capacity (>101 Ah and <101 Ah), motor power (up to 1000 W, 1000 to 1500 W, and more than 1500 W), end-user (original equipment and aftermarket), and regions.
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About the Automotive Division at Future Market Insights
The Automotive Division of FMI offers extensive coverage and valuable insights about the automation industry, including areas such as robotics, artificial intelligence, machine learning, and process automation. Our market research findings and competitive intelligence help various industry stakeholders, including manufacturers, technology providers, distributors, and service providers, make informed decisions and stay updated with the latest market trends and developments.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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