E-rickshaw Market Statistics, Overview And Forecast 2024 – 2033

The e-rickshaw global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

E-rickshaw Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
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 12.0%.  The growth in the historic period can be attributed to government initiatives and subsidies, fluctuating, and rising fuel prices, demand for affordable public transport,  increased investment from private companies, and rising health awareness.

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 can be attributed to the expansion of charging infrastructure, urbanization and smart city initiatives, economic growth in developing countries, cost reduction of electric vehicle components, and consumer preferences for sustainable transport. Major trends in the forecast period include increased adoption of lithium-ion batteries, expansion of shared mobility services, development of battery swapping infrastructure, customization and versatility, and focus on safety features.

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Scope Of E-rickshaw Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

E-rickshaw Market Overview

Market Drivers –
Rising demand for fuel-efficient vehicles is expected to propel the growth of the e-rickshaw market going forward. Fuel-efficient vehicles are vehicles that consume less fuel per mile traveled compared to typical vehicles. The demand for fuel-efficient vehicles is growing due to increasing environmental awareness and the push for sustainable living. E-rickshaws contribute to fuel efficiency by offering an eco-friendly alternative that reduces reliance on fossil fuels and lowers emissions. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, electric vehicles represented approximately 18% of total car sales in 2023, a notable rise from 14% in 2022, reflecting a significant shift towards sustainable transportation choices. Therefore, the rising demand for fuel-efficient vehicles is driving the growth of the e-rickshaw market.

Market Trends –
Major companies operating in the e-rickshaw market are focused on developing innovative features such as double-stroke front suspension to sustain their position in the market. A double-stroke front suspension in an e-rickshaw is a type of suspension system designed to provide improved ride comfort and stability by allowing the front wheels to move up and down independently over two strokes or phases. For instance, in June 2023, Voltrider Private Limited, an India-based e-mobility startup, launched a new variant of the electric rickshaw called Volton Rick. The Volton Rick is a three-seater rickshaw with a maximum load capacity of 250 kg, including the rider’s weight. It is powered by a 750-watt/48-volt BLDC motor and comes with a double-stroke front suspension and drum brakes. The Rick can be operated using the pedal, motor, or both simultaneously, and it can reach a maximum speed of 25 km/hr with a full load. It is equipped with a 36 Ah/48 Volt LiFePo4 battery pack, offering a range of 50–60 km in throttle mode alone.

The E-rickshaw market covered in this report is segmented –
1) By Vehicle Type: Passenger Carrier, Load Carrier
2) By Motor Power: Below 1,000 Watt (W), 1,000–1,500 Watt (W), Above 1,500 Watt (W)
3) By Battery Type: Lead Acid, Lithium Ion, Other Battery Types
4) By Seating Capacity: 2 Seater, 4 Seater, 6 Seater, 8 Seater, Others Seating Capacities

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Regional Insights –
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.

Key Companies –
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

Table of Contents

1. Executive Summary
2. E-rickshaw Market Report Structure
3. E-rickshaw Market Trends And Strategies
4. E-rickshaw Market – Macro Economic Scenario
5. E-rickshaw Market Size And Growth
…..

32. Global E-Rickshaw Market Competitive Benchmarking
33. Global E-Rickshaw Market Competitive Dashboard
34. Key Mergers And Acquisitions In The E-Rickshaw Market
35. E-Rickshaw Market Future Outlook and Potential Analysis
36. Appendix

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