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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.

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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.

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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.

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Technology

MATSON ANNOUNCES ADDITION OF 3 MILLION SHARES TO EXISTING SHARE REPURCHASE PROGRAM AND QUARTERLY DIVIDEND OF $0.36 PER SHARE

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April 23, 2026

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HONOLULU, April 23, 2026 /PRNewswire/ — The Board of Directors of Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific, approved adding three million shares to its existing share repurchase program and extending the program to December 31, 2029.  As of April 23, 2026, the existing share repurchase program had approximately 0.7 million shares remaining.  The Board also declared a second quarter dividend of $0.36 per common share.  The dividend will be paid on June 4, 2026 to all shareholders of record as of the close of business on May 7, 2026.

“We are pleased to announce an additional three million shares to our existing share repurchase program,” said Matt Cox, Matson’s Chairman and Chief Executive Officer.  “Since we commenced our share repurchase program in August 2021, we have repurchased approximately 14.3 million shares, or approximately 33% of the then outstanding shares, for a total cost of $1.3 billion.  Going forward, we will continue to be both disciplined and opportunistic in our capital allocation, and we remain committed to returning excess cash to shareholders to create additional shareholder value over the long-term.” 

Shares will be repurchased in the open market from time to time at the Company’s discretion, based on ongoing assessments of the capital needs of the business, the market price of its common shares and general market conditions.  The Company may enter into Rule 10b5-1 plans to facilitate purchases under the program.  The repurchase program may be suspended or discontinued at any time.

About the Company

Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services.  Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia.  Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia.  The Company’s fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges.  Matson Logistics, established in 1987, extends the geographic reach of Matson’s transportation network throughout North America and Asia.  Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska.  Additional information about the Company is available at www.matson.com.

Forward Looking Statements

Statements in this news release that are not historical facts are “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to, statements about capital allocation plans, the timing, manner and volume of repurchases of common shares pursuant to the repurchase program, and use of excess cash.  These forward-looking statements are not guarantees of future performance.  This release should be read in conjunction with our Annual Report on Form 10-K and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release.  We do not undertake any obligation to update our forward-looking statements.

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SOURCE Matson, Inc.

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Accord Specialty Pharmacy Named Finalist in MMIT’s 11th Annual Retail Specialty Pharmacy Patient Choice Awards

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2 hours ago

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April 23, 2026

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ORLANDO, Fla., April 23, 2026 /PRNewswire/ — Accord Specialty Pharmacy, an independent specialty pharmacy serving patients across multiple states, has been named a finalist in the MMIT Patient Choice Awards, a recognition based on patient-reported satisfaction and experience.

Accord was selected as the only independent pharmacy among finalists in its category, alongside national pharmacy organizations such as Walgreens Specialty Pharmacy and Walmart Specialty Pharmacy. This distinction highlights the company’s commitment to delivering personalized, high-touch care for patients managing complex and chronic conditions.

The MMIT Patient Choice Awards recognize specialty pharmacies that demonstrate excellence in patient satisfaction, service quality, and overall care experience. Finalists are determined based on direct patient feedback, making the recognition a meaningful reflection of the trust patients place in their pharmacy providers.

“Being recognized alongside national organizations and as the only independent finalist validates our belief that personalized, patient-centered care drives better outcomes. We are building a model that combines clinical depth, national reach, and operational flexibility to better serve patients, providers, and partners.” said AJ Patel, Founder and Pharmacy Manager of Accord Specialty Pharmacy.

Accord Specialty Pharmacy supports patients across complex specialty categories, including oncology, rare disease, and infusion, through a clinically driven, high-touch care model designed to improve access, adherence, and outcomes. The company’s approach emphasizes personalized support, responsive care coordination, and strong clinical engagement to help patients navigate complex therapies more effectively. With a growing national footprint and multi-state licensure, Accord is positioned to support patients, providers, and partners across diverse markets.

For more information, visit MMIT Announces Finalists of the 11th Specialty Pharmacy Patient Choice Awards – MMITNetwork.

About Accord Specialty Pharmacy:

Accord Specialty Pharmacy is an ACHC-accredited, multi-state licensed independent specialty pharmacy located in Central Florida, dedicated to delivering high-quality, patient-centered care for individuals managing complex and chronic conditions. Through personalized support, clinical expertise, and a high-touch approach, Accord helps patients navigate every step of their treatment journey. Learn more at www.accordspecialty.com.

CONTACT: contact@accordspecialty.com

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SOURCE Accord Specialty

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HAIVISION ANNOUNCES VOTING RESULTS FROM 2026 ANNUAL MEETING OF SHAREHOLDERS

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2 hours ago

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April 23, 2026

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MONTRÉAL, April 23, 2026 /CNW/ – Haivision Systems Inc. (“Haivision” or the “Company”) (TSX: HAI) is pleased to announce the voting results from its annual meeting of shareholders held today in a virtual format.

A total of approximately 45.97 % of the issued and outstanding common shares of Haivision were represented at the meeting.

Election of Directors

Each of the six nominated directors of Haivision was elected as director of the Company with the following results:

Director

Votes
For

% Votes
For

Votes
Against

% Votes
Against

Miroslav Wicha

11,110,245

99.26 %

82,583

0.74 %

Harvey Bienenstock

11,155,137

99.66 %

37,691

0.34 %

Robin M. Rush

11,121,855

99.37 %

70,973

0.63 %

Neil Hindle

10,794,005

96.44 %

398,823

3.56 %

Julie Tremblay

10,941,969

97.76 %

250,859

2.24 %

Lee K. Levy II

9,084,418

81.16 %

2,108,410

18.84 %

2.   Appointment of Auditors

Deloitte LLP were reappointed auditors of the Company for the ensuing year with 12,492,582 (98.84%) votes cast in favour and 146,406 (1.16%) votes withheld.

3.   Approval of the Unallocated Awards under the Company’s Equity Incentive Plan

The Company’s unallocated awards were approved with 8,710,347 (77.82%) votes cast in favour and 2,482,481 (22.18%) votes cast against.

4.   Reapproval of Company’s Shareholder Rights Plan

The Company’s shareholder rights plan was approved with 10,572,490 (94.46%) votes cast in favour and 620,338 (5.54%) votes cast against.

Final voting results on all matters voted on at the meeting will be filed under Haivision’s profile on SEDAR+ at www.sedarplus.ca.

About Haivision

Haivision is a leading global provider of mission-critical, real-time video streaming and visual collaboration solutions. Our connected cloud and intelligent edge technologies enable organizations globally to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded four Emmys® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. Learn more at haivision.com.

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SOURCE Haivision Systems Inc.

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