Global E-Rickshaw Market is Projected to Register a CAGR of 31.8%, up from US$ 1.3 Bn in 2021 to Reach a Stupendous Revenue of US$ 27.5 Bn During Forecast Period 2022-32 | Future Market Insights, Inc.

Increase in sales and production of electric vehicles as an alternative for fuel-based mobility, owing to several government initiatives and environmental regulations on the electric vehicle industry, is projected to drive the e-rickshaw market

NEWARK, Del, Nov. 14, 2022 (GLOBE NEWSWIRE) — As per a recent market analysis by Future Market Insights (FMI), the global E-Rickshaw market is worth US$ 1.7 Bn as of now and is expected to reach US$ 27.5 Bn by the year 2032 at a smashing CAGR of 31.8% between 2022 and 2032.

E-rickshaws are at a lower risk of mishaps in comparison with cycle rickshaws and traditional rickshaws; as fuel or peddling is not needed for commuting. The manufacturers are also paying heed to table more energy-efficient and cost-effective rickshaws. Besides, governments across the globe have enacted regulatory policies stating that electric vehicles are all the more preferable than petrol and diesel vehicles.

The basic benefit offered by e-rickshaw is that it lessens carbon emission’s level and does aid in keeping the environment green. The e-rickshaw does help in bridging gaps related to public transport service amongst the commuters. Above all, cost/person /kilometre is pretty low with respect to public transport.

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These days, there is an increase in number of partnerships between manufacturers of EVs and public authorities regarding promotion of e-rickshaws. Various local players who are into electric vehicles do import diverse components of vehicles like battery management systems, axles, and motors, thereby assembling them at the local level. This factor is likely to bolster the e-rickshaws market in the forecast period. The OEMs are emphasizing on developing e-rickshaws owing to exorbitant demand for e-rickshaws.

The governments are facilitating incentives to those manufacturing electric vehicles and/or components for enhancing production and utilization of electric vehicles. As far as India is concerned, the MoRTH (Ministry of Road Transport and Highways), NITI Aayog (under the National Mission on Transformative Mobility and Battery Storage), did formulate a plan to promote electric vehicles in 3-wheeler and 2-wheeler section and also planned banning the IC engines.

6 economies all over the Europe have come up with extra green recovery incentives for promoting EVs. Future Market Insights has etched these findings with insights in its latest market study entitled ‘E-Rickshaw Market’ through its team of analysts and consultants.

At the same time, the e-rickshaw market is there to face challenges as well. Firstly, the EV batteries’ quality and costs involved in building a charging station could, by no means, compromised. Also, the fact that e-rickshaws can’t be used when the battery is getting discharged can’t be ignored. Overcharging may also result in numerous issues, including water shortage in battery, grid rusting, spoilage on the part of battery material. The vehicle could also stop functioning then.

Key Takeaways from E-Rickshaw Market

• The Asia-Pacific holds the largest market share. Philippines, Vietnam, and Thailand rule the roost. India is also emerging as a hub of e-rickshaw market. China is also expected to follow suit in the upcoming period.
• North America is aa bit sluggish as far as e-rickshaws are concerned; mainly due to the fact that the US is more into modernized public transportation systems like electric buses, taxis, and metros.

Competitive Analysis

• Piaggio Ape, in December 2019, did unleash the Ape E-City electric rickshaw all across India. The company is emphasizing on expansion of the product portfolio by incorporating swappable battery technology into the electric rickshaw.
• Treasure Vase Ventures Pvt. Ltd., in July 2019, did secure 100 Cr INR as series B investment from Japan-based Mitsui & Co.

“With growing awareness regarding air pollution, the e-rickshaw market is expected to grow at an astonishing rate in the forecast period”, says an analyst from Future Market Insights.

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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)

What’s the Report more about?

• The research study is based on vehicle type (passenger carrier and load carrier), battery capacity (>101 Ah and <101 Ah), by motor power (upto 1 kW, 1 – 1.5 KW, and more than 1.5 kW, and by end-user (OEMs (original equipment manufacturers) and aftermarket).
• With e-rickshaw being accepted as one of the key alternatives to CNG-run, diesel-run, and petrol-run auto rickshaws, the e-rickshaw market is expected to grow on an over-satiating note in the forecast period.

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Table of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Market Background

    3.1. Market Dynamics

        3.1.1. Drivers

        3.1.2. Restraints

        3.1.3. Opportunity 

        3.1.4. Trends

    3.2. Scenario Forecast

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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