E-rickshaw Market Report 2024

The e-rickshaw market size has grown rapidly in recent years. It will grow from $1.06 billion in 2023 to $1.19 billion in 2024 at a compound annual growth rate (CAGR) of 12%. The growth in the historic period can be attributed to several factors, including government initiatives and subsidies promoting electric vehicles and sustainable transport options, fluctuating and rising fuel prices prompting a shift towards more economical alternatives, increased demand for affordable public transport solutions, heightened investment from private companies in the electric vehicle sector, and growing public awareness about health and environmental impacts associated with traditional fuel-powered vehicles.

The e-rickshaw market size is expected to see rapid growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period for electric rickshaws can be attributed to several factors, the expansion of charging infrastructure, urbanization and smart city initiatives promoting sustainable transport options, economic growth in developing countries driving demand for affordable transportation solutions, ongoing cost reduction of electric vehicle components making them more accessible, and increasing consumer preferences for environmentally friendly transportation alternatives. Major trends expected in this period include the increased adoption of lithium-ion batteries for improved performance and range, expansion of shared mobility services offering convenient transportation options, development of battery swapping infrastructure to address charging challenges, customization and versatility in e-rickshaw designs to meet diverse consumer needs, and a heightened focus on integrating safety features to enhance passenger and driver security.

The e-rickshaw market is experiencing growth driven by increasing demand for fuel-efficient vehicles. These vehicles consume less fuel per mile, appealing to environmentally conscious consumers embracing sustainable living. E-rickshaws specifically contribute to fuel efficiency by reducing reliance on fossil fuels and lowering emissions. For instance, electric vehicles accounted for 18% of total car sales in 2023, up from 14% in 2022, reflecting a significant shift towards sustainable transportation.

Leading companies in the e-rickshaw sector are focusing on innovation to maintain market position. One notable advancement is the integration of double-stroke front suspension systems, enhancing ride comfort and stability by allowing independent movement of the front wheels. For example, Voltrider Private Limited launched the Volton Rick in June 2023, featuring a three-seater design with a 750-watt/48-volt BLDC motor, double-stroke front suspension, and drum brakes. This model offers versatility with pedal and motor operation, achieving speeds up to 25 km/hr and a range of 50-60 km in throttle mode.

In October 2021, Greaves Electric Mobility bolstered its market presence by acquiring Bestway Agencies Pvt. Ltd. (BAPL), a move that solidified its position in India's e-rickshaw market, where it now serves approximately 85% of the last-mile mobility segment.

Major companies operating in the E-rickshaw market are Hero Electric, Mahindra Electric Mobility Limited, Terra Motors, YC ELECTRIC VEHICLE LLP, Atul Auto Limited, Jezza Motors, Tomberlin Automotive Group, Piaggio Vehicles Pvt. Ltd., Goenka Electric Motor Vehicles Pvt. Ltd., Columbia Vehicle Group, Kinetic Green Vehicles, Indo Wagen Electric Vehicles, Altigreen Propulsion Labs, Lohia Auto Private Limited, Victory Electric International, Speego Vehicles Co. Pvt. Ltd., Clean Motion, Saera Electric Auto Pvt. Ltd., Pace Agro Pvt. Ltd., Adapt Motors Pvt. Ltd., Green Shuttle Technology Pvt. Ltd., Omega Seiki Mobility Pvt. Ltd., Thukral Electric Bikes, Gayam Motor Works.

Asia Pacific was the largest region in the E-rickshaw market in 2023. The regions covered in the E-rickshaw market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the E-rickshaw market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An electric rickshaw (E-rickshaw) is a three-wheeled vehicle powered by an electric motor and rechargeable batteries, designed primarily for short-distance transportation of passengers or goods. E-rickshaws are favored in urban and semi-urban areas due to their eco-friendliness, cost-effectiveness, and lower maintenance compared to traditional fuel-powered rickshaws.

The main types of e-rickshaws include passenger carriers and load carriers. Passenger carrier e-rickshaws are designed specifically for transporting people. They come in various motor power ratings such as below 1,000 watts (W), 1,000-1,500 watts (W), and above 1,500 watts (W), and utilize batteries such as lead acid, lithium-ion, and others. These vehicles are available in seating capacities ranging from 2-seaters to larger configurations such as 4-seaters, 6-seaters, 8-seaters, and more.

The e-rickshaw market research report is one of a series of new reports that provides e-rickshaw market statistics, including e-rickshaw industry global market size, regional shares, competitors with a e-rickshaw market share, detailed e-rickshaw market segments, market trends and opportunities, and any further data you may need to thrive in the e-rickshaw industry. This e-rickshaw market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The e-rickshaw market consists of sales of electric motors, chassis and frames, suspension systems, and braking systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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