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E-rickshaw Market Set to Total USD 38360.8 Million by 2034 Amid Rising Need for Last-mile Travel Options | Future Market Insights Inc.

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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.

Preview Report: https://www.futuremarketinsights.com/reports/e-rickshaw-market

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.

Explore FMI’s Extensive Coverage in the Automotive Domain:

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The global freight car market size is estimated to reach USD 162 billion in 2024. The industry is further anticipated to rise at a CAGR of 5.6% in the evaluation period. The sector is projected to attain a value of USD 279 billion by 2034.

The global track laying equipment market size is anticipated to reach USD 26,220.5 million in 2024. The industry is anticipated to attain a value of USD 1,01,553.7 million in 2034. It is projected to showcase a CAGR of about 14.5% in the assessment period 2024 to 2034.

The market size for transport management systems is estimated to be USD 6.7 billion by 2024. The market for transport management systems is expected to expand at a CAGR of 18.8%. Industry estimates predict that the market will reach USD 92.7 billion by 2034.

The global connected car market is projected to reach USD 118,352 million by 2034 from an estimated valuation of USD 37,223 million in 2024, expanding at a CAGR of 12.3%. With remarkable progression in the past few years, the automotive sector has made big bets in the advancement and adoption of AI and advanced connectivity features.

The global electric vehicle maintenance market is estimated to be worth USD 17,150 million in 2024. Displaying a CAGR of 15.4% through 2034, the electric vehicle maintenance market will be worth USD 71,640 million by the end of the forecast period.

The global vehicle-to-grid (V2G) market is set to reach a value of USD 34702.8 million in 2034 from USD 4486.6 million in 2024. The industry is estimated to showcase a CAGR of around 22.7% in the assessment period 2024 to 2034.

The global electric bicycle market is positioned for remarkable growth in the coming years, presenting vast opportunities. Projections suggest that the market will attain a value of US$ 4.0 billion by 2024, with further substantial growth expected to propel it to US$ 6.6 billion by 2034.

The potential of the global motorcycle headlight bracket market growth through 2034 will be estimated at a moderate CAGR of 6.5%. With the help of multiple uplifting forces, the global motorcycle headlight bracket market size will likely reach USD 271.4 million by 2034, whereas 2024 will ensure the ecosystem attains USD 145.2 million.

The global electric bus industry size has an estimated valuation of USD 21.3 billion in 2024. The electric bus market forecast will be USD 68.5 billion by 2034, projected at a CAGR of 12.4%.

About Future Market Insights Inc. (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:
Future Market Insights Inc.
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Ineffable Intelligence Selects Google Cloud To Power Its Superintelligence Mission

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June 16, 2026

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Following a rigorous evaluation of the infrastructure market and a historic $1.1 billion seed round, Ineffable Intelligence enters agreement with Google Cloud to develop the world’s first “superlearner”

LONDON, June 16, 2026 /PRNewswire/ — Google Cloud Summit London ’26 — Google Cloud and Ineffable Intelligence today announced a strategic partnership in which Google will provide the specialized infrastructure for Ineffable’s new frontier AI lab. Under the agreement, Ineffable Intelligence, the London-based startup founded by AlphaGo visionary David Silver, has selected Google Cloud as its preferred cloud partner, utilizing Google’s world-class AI-optimized technology to advance the next frontier of artificial intelligence: systems that learn continuously from their own experience.

The partnership follows Ineffable Intelligence’s historic $1.1 billion seed round, the largest of its kind in European history. Ineffable Intelligence will utilize Google Cloud’s high-performance computing capabilities to accelerate its mission of developing a “superlearner.” This partnership will also see Ineffable Intelligence deploy one of the largest clusters of A5X, powered by NVIDIA Vera Rubin NVL72 GPUs on Google Cloud, delivering massive computational scale.

Experience-based learning places fundamentally different demands on computing infrastructure than training on static datasets. Rather than learning from static datasets, these systems generate, evaluate, and learn from vast amounts of experience in real time, requiring enormous computational scale, high-performance networking, and tightly integrated training and inference systems. Google Cloud’s infrastructure will provide the foundation for this next generation of AI development.

Powering frontier AI with Google Cloud’s AI stack

While the industry has seen a surge in simple GPU-renting agreements, Ineffable Intelligence chose Google Cloud for its integrated AI Hypercomputer architecture. Unlike a standard “box of chips” approach, Google Cloud provides a systems-level optimization that combines performance-engineered GPUs with high-efficiency AI networking and storage.

“Training frontier models requires more than just raw compute; it requires a sophisticated orchestration of hardware and software,” said David Silver, CEO and Founder of Ineffable Intelligence. “We evaluated the space and chose Google Cloud as the best fit for our reinforcement learning infrastructure. We aren’t just looking for processors; we are building a resilient and scalable environment to make ‘first contact’ with superintelligence, AI that transcends human limitations in science, mathematics, and technology.”

Europe’s new frontier in AI

The collaboration signals a shift in the global AI landscape, positioning Ineffable Intelligence as a cornerstone of Europe’s growing AI ecosystem. By basing operations in London and leveraging Google Cloud’s secure infrastructure, Ineffable is poised to attract the continent’s premier engineering talent to solve the world’s most complex technical challenges.

“We are honored that the Ineffable Intelligence team has chosen Google Cloud to power its mission,” said Thomas Kurian, CEO of Google Cloud. “Ineffable is leveraging our full-stack AI Hypercomputer, from Jupiter networking to our optimized storage, to ensure its researchers can focus on breakthroughs, not bottlenecks. This partnership reflects how leading AI innovators are choosing Google Cloud to move faster and focus on revolutionary research and real-world impact.”

About Ineffable Intelligence
Ineffable Intelligence is the frontier AI company on a mission to make first contact with superintelligence. Founded by David Silver in London, it aims to create a superlearner that discovers all knowledge from its own experience, from elementary motor skills through to profound intellectual breakthroughs. This superlearning capability – the ability to endlessly discover knowledge and skills, without relying on human data – will be driven by the world’s most powerful reinforcement learning algorithms. The superlearner is expected to rediscover and then transcend the greatest inventions in human history, such as language, science, mathematics and technology – a scientific breakthrough of comparable magnitude to Darwin.

About Google Cloud
Google Cloud offers a powerful, optimized AI stack — including AI infrastructure, leading models like Gemini, data management capabilities, multicloud security solutions, developer tools and platform, as well as agents and applications — that enables organizations to transform their business for the Agentic Era. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

 

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Univers Unveils Next Generation Platform for Physical AI at VivaTech 2026

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June 16, 2026

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One Univers. One Intelligence Fabric. One Platform for the Physical World.

PARIS, June 16, 2026 /PRNewswire/ — At VivaTech 2026, Univers unveiled the next generation of its industry-leading platform suite: a Platform for Physical AI that enables enterprises to transform energy, infrastructure and industrial operations into a source of enduring competitive advantage.

As Europe seeks to strengthen industrial competitiveness, energy resilience and technological leadership, organizations face a growing challenge: applying AI reliably across the physical systems that power economies. While generative AI is transforming information work, the next frontier is enabling assets, facilities, energy systems and operations to sense, decide and act in real time.

Built on years of experience managing complex physical infrastructure, the Univers Platform for Physical AI brings together AI, energy and operational intelligence through a unified Intelligence Fabric. The platform continuously learns from operational outcomes, creating what Univers calls Compounding Intelligence—a growing intelligence advantage that enables organizations to deploy generative, agentic and autonomous AI in mission-critical environments with confidence.

Today, Univers connects over 400 million devices and manages more than 1,000 GW of energy assets and globally, orchestrating complex operational workflows across energy, building, transportation, logistics and industrial sectors.

“Europe’s next competitive advantage will be built not only on AI, but on the ability to apply AI to the physical world,” said Valerio Dilda, Senior Vice President, Europe, Univers. “The organizations that move first to build compounding intelligence across their operations will create a lasting advantage in productivity, resilience and innovation. Our Platform for Physical AI provides the foundation to make that possible.”

With four Centers of Excellence focused on Solar, Wind, Mobility and Energy and Resources across Europe alone, Univers helps enterprises unlock greater value from existing infrastructure while accelerating the transition from digital intelligence to autonomous operations.

About Univers

Univers operates one of the world’s largest real-time intelligence platforms for physical infrastructure, managing more than 1,000 GW of energy assets and connecting over 400 million devices globally. Through its Platform for Physical AI, Univers helps organizations orchestrate complex energy, infrastructure and operational systems with intelligence that continuously learns and improves over time.

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DXC Expands Relationship with Norske Skog to Modernize Network and Technology Operations

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53 minutes ago

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June 16, 2026

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Multi-year partnership delivers a modern, secure network solution while broadening DXC’s role across Norske Skog’s technology environment

OSLO, Norway, June 16, 2026 /PRNewswire/ — DXC Technology (NYSE: DXC), a leading enterprise technology and innovation partner today announced an expansion of its long-standing relationship with Norske Skog, a leading producer of publication paper and recycled containerboard in Norway. DXC will design, implement and operate a new software-defined wide area network (SD-WAN)—a modern, software-driven network that securely connects sites and —over the next four years, while also serving as its primary technology partner and trusted advisor across its broader technology estate.

Norske Skog’s network is the critical backbone connecting the company’s physical locations including offices and mills. Because the infrastructure plays a central role in ensuring availability and security, reliable service delivery is paramount. In selecting DXC to support the transformation of its network services, Norske Skog sought a more robust and responsive solution to improve service quality. DXC’s new network solution is designed to deliver stronger security, improved performance, greater scalability, and simplified management across Norske Skog’s locations.

“We are pleased to expand our long-standing partnership with DXC Technology as we modernize our network infrastructure. With a new software-defined wide area network, we will benefit from secure, scalable connectivity across our sites, improving performance and supporting our continued digital development. We also value DXC as a trusted advisor across our broader technology landscape.” Says Børge Teigland, CIO Norske Skog

“Expanding our relationship with Norske Skog reflects the trust we’ve built over time and DXC’s ability to deliver in critical environments,” said Espen Olsen, Managing Director DXC Norway. “By modernizing Norske Skog’s network infrastructure and taking on a broader role across their technology operations, we’re helping build a stronger, more secure foundation that supports the business today and as it evolves.”

DXC Technology is a long-standing partner to Norske Skog with more than 20 years of experience delivering end-to-end business and IT services. Today, DXC manages a significant part of Norske Skog’s IT estate, reflecting a deep and strategic partnership built on trust, reliability, and consistent delivery. As a trusted advisor, DXC continues to support Norske Skog across infrastructure, applications, and operational services, helping to modernize and optimize its technology landscape.

About DXC Technology
DXC Technology (NYSE: DXC) is a leading enterprise technology and innovation partner delivering software, services, and solutions to global enterprises and public sector organizations — helping them harness AI to drive outcomes at a time of exponential change with speed. With deep expertise in Managed Infrastructure Services, Application Modernization, and Industry-Specific Software Solutions, DXC modernizes, secures, and operates some of the world’s most complex technology estates. Learn more on dxc.com.

About Norske Skog
Norske Skog is a producer of packaging paper and publication paper across four mills in Europe. Packaging paper includes testliner and fluting and publication paper includes newsprint and magazine paper. The annual production capacity of packaging paper is 0.8 million tonnes, and the annual production capacity of publication paper is 1.2 million tonnes. Packaging paper and publication paper are sold through sales offices and agents. Norske Skog has approximately 1 650 employees and the parent company, Norske Skog ASA, a public limited liability company, is incorporated in Norway and has its head office in Oslo. The company is listed on Oslo Stock Exchange with the ticker NSKOG.

MEDIA CONTACT: Ashley Houk-Temple, Media Relations, ashley.houktemple@dxc.com 

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