Press release
Electric Tuk-tuks Market by 2030 Product Development Strategies by Prominent Players: Lohia Auto, Kinetic Green Energy and Power Solutions Ltd., Mahindra Electric, Saera Electric Auto Pvt. Ltd, Bajaj Auto Limited & More
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COVID-19 scenario analysis:
• The transportation sector has been one of the primary victims of COVID-19.
• Due to lockdown in many countries, the demand for passenger transport has been adversely hit.
• Even though the fall in passenger transport demand is pushed by social distancing restrictions, COVID-19 may have a long-term effect on people's travel behavior. The tuk-tuks have permission to accommodate one person at a time during the pandemic.
• Besides, during the lockdown period, due to no transport modes, people have been exposed to walking on roads with neither pollution nor congestion. Hence, authorities may expect better results in future policies aimed at pushing short trips into pedestrianized modes.
• Additionally, to curb the environmental effects, the electric tuk-tuk would be widely promoted by governments across the world.
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Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Lower procuring cost of electric tuk-tuks is driving the market growth. Additionally, the lower cost of transport is attracting passengers to opt for electric tuk-tuk over other modes of public transport. Besides, electric tuk-tuk has higher maneuverability in congested urban areas. Moreover, the rising level of emission and supportive government schemes is favoring the market of electric tuk-tuk. However, underdeveloped public charging infrastructure is hindering the market growth. Furthermore, rising fuel prices are proliferating the electric tuk-tuk market growth.
The electric Tuk-tuks market trends are as follows:
Solar-powered electric tuk-tuks to bolster the market
With rise in concerns for environmental degradation due to harmful emissions from vehicles, the automakers and governments are promoting the use of electric tuk-tuks. Electric tuk-tuks stores electricity in a battery pack which is charged at public or private charging stations. Moreover, due to the lesser availability of public charging stations, the demand for solar-powered electric tuk-tuks market have increased. The solar tuk-tuk collects solar energy and converts it into electric energy to power the tuk-tuk. In 2016, Urja Global Ltd launched a solar-powered electric tuk-tuk in India.
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Increase in adoption of electric tuk-tuk for ridesharing
In recent years, ridesharing services have become an increasingly popular method of transportation. Moreover, ridesharing allows individuals in need of transportation to access a pool of drivers through a mobile app. However, rising pollution from ridesharing vehicles was a concern for players operating in this field. With the launch of electric vehicles, the ridesharing companies are heavily adopting electric tuk-tuks. For instance, Amazon announced to deploy 10,000 electric tuk-tuks across India. Besides, Ola and SmartE also offer electric tuk-tuk for ridesharing.
Key benefits of the report:
• This study presents the analytical depiction of the electric tuk-tuks industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed electric tuk-tuks market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the electric tuk-tuks market research report:
• What are the leading market players active in the electric tuk-tuks market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?
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