Press release
Fuel-Efficient Vehicles Driving Growth In The E-Rickshaw Market: A Key Factor Shaping the Future of the E-rickshaw Market in 2025
E-Rickshaw Market Research
The market size for E-rickshaws has seen a rapid expansion in the past few years. It is projected to rise from $1.19 billion in 2024 to $1.34 billion in 2025, showcasing a compound annual growth rate (CAGR) of 12.4%. The steep growth during the historic timeframe can be ascribed to governmental policies and subsidies, fluctuating and escalating fuel costs, the need for cost-effective public transport, amplified funding from private organizations, and heightened awareness about health.
The market for E-rickshaws is forecasted to experience exponential growth in the upcoming years, with a predicted valuation of $2.11 billion by 2029, reflecting a compound annual growth rate (CAGR) of 12.0%. The projected growth in this period can be linked to factors like the enhancement of charging infrastructures, urban growth and smart city projects, economic advancements in emerging nations, decreasing costs of electric vehicle constituents, and the consumer inclination towards eco-friendly transportation. Key trends expected in the forecast period include the rising use of lithium-ion batteries, the proliferation of shared mobility solutions, the evolution of battery swapping infrastructure, customizability and adaptability, and an emphasis on safety characteristics.
What Is Contributing to the Growth of the E-rickshaw Market?
The escalating need for vehicles with better fuel efficiency is predicted to drive the expansion of the e-rickshaw market. Better fuel-efficient vehicles are those that utilise less fuel per mile journeyed in comparison to conventional vehicles. Amplified environmental consciousness and a commitment towards sustainable living are generating an increased demand for fuel-efficient vehicles. E-rickshaws cater to this trend by providing an environmentally friendly solution that minimises dependence on fossil fuels and lessens emissions. For example, in April 2024, as reported by the International Energy Agency, a French intergovernmental organization, electric vehicles accounted for about 18% of total car sales in 2023, a significant upturn from 14% in 2022, mirroring a major shift towards eco-friendly transportation options. Therefore, the burgeoning demand for fuel-efficient vehicles is propelling the advancement of the e-rickshaw market.
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Which Businesses Are at the Forefront of E-rickshaw Market Development?
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
What Are the Latest Innovations in the E-rickshaw Market?
Leading corporations in the e-rickshaw industry are concentrating on the creation of innovative characteristics like the double-stroke front suspension to stay competitive in the market. This type of suspension system in an e-rickshaw enhances ride comfort and stability by allowing the front wheels to move independently over two motions or stages. Take for instance, in June 2023, Voltrider Private Limited, an e-mobility startup from India, introduced a brand new model of the electric rickshaw named Volton Rick. This three seater rickshaw can carry a maximum load of 250 kg, inclusive of the passenger's weight, and is powered by a 750-watt/48-volt BLDC motor. It features a double-stroke front suspension and drum brakes, and can be driven using the pedal, motor, or a combination of both, reaching top speeds of 25 km/hr when fully loaded. It comes with a 36 Ah/48 Volt LiFePo4 battery pack, providing a distance coverage of 50-60 km when used solely in throttle mode.
How Is the E-rickshaw Market Segmented?
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
Subsegments:
1) By Passenger Carrier: Electric Auto Rickshaw, Electric Rickshaw Van, Electric Cycle Rickshaw, Luxury E-rickshaw
2) By Load Carrier: Electric Cargo Rickshaw, Electric Delivery Van, Utility E-rickshaw, Heavy-duty Load Carrier E-rickshaw
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Where Is the E-rickshaw Market Growth Most Prominent?
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.
What Is Covered In The E-rickshaw Global Market Report?
- Market Size Analysis: Analyze the E-rickshaw Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the E-rickshaw Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall E-rickshaw Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the E-rickshaw Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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