India and China are projected to dominate the electric
rickshaw sector from 2024 to 2034. Spain, France, and Italy are also expected to experience
significant growth in this market, with anticipated growth rates of
23.9%, 22.3%, and 20.7%, respectively.
NEWARK, Del., June 26, 2024
/PRNewswire/ -- The projected market size for global e-rickshaws is
expected to reach USD 2425.1
million by 2024 and is predicted to grow at a CAGR of
31.8% from 2024 to 2034. It is estimated that the worldwide
sales of e-rickshaws will total USD
38360.8 million by 2034, driven by increasing demand for
sustainable transportation solutions.
The e-rickshaw market is anticipated to show promising growth
prospects during the forecast period as a result of growing
competition. New competitors are offering a variety of options at
reasonable pricing to fulfill the demand for e-rickshaw, making
them more accessible to customers in the global e-rickshaw
market.
In 2024, passenger carrier e-rickshaws are anticipated to
dominate the market with a 64.4% share, making it the
leading vehicle type in the electric rickshaw industry.
Additionally, the segment of 1,000 to 1,500 motor power is expected
to hold a 57.4% value share in 2024.
The entry of various automotive manufacturers into the
e-rickshaw industry, along with the introduction of new models, is
contributing to the growth of the market. Opportunities are arising
from smart city projects that prioritize urban mobility solutions
and create a conducive environment for the integration of
e-rickshaws in public transport networks. Localized production of
lithium-ion-battery-based e-rickshaws is also encouraging high
adoption rates.
Request Your Sample Report Now!
https://www.futuremarketinsights.com/reports/sample/rep-gb-9918
Challenges in the electric rickshaw sector include the lack of
standardization in terms of quality, safety, and performance, which
may lead to an influx of low-quality e-rickshaws. Furthermore, the
reliance on imported key components for e-rickshaw production poses
a significant challenge for manufacturers.
Key players in the industry are focusing on introducing
cost-effective 3W EVs with advanced technology, aiming to offer
consumers the benefits of both affordability and advanced features.
These companies are presenting a compelling value proposition in
the rapidly evolving industry.
The e-rickshaw market's leading manufacturers are concentrating
their efforts on the introduction of fiber-reinforced plastic (FRP)
technology, which is a composite material composed of a polymer
matrix reinforced with glass fibers. FRP enables plastic fibers to
be shaped to fit specific designs, and the orientation of the
fibers increases strength and resistance to deformation.
Key Takeaways from the Market Report:
- The e-rickshaw market is set to reach USD 38360.8 million by 2034 with a CAGR of
31.8%.
- By vehicle type, passenger carriers are leading the e-rickshaw
market with a value share of 64.4% in 2024.
- Based on motor power, 1000 to 1500 W accounted for a market
share of 57.4% in 2024.
- India is estimated to record a
CAGR of 47.4% between 2024 and 2034.
- China will hold its dominant
position in the e-rickshaw market and show steady growth at a CAGR
of 35.6% by 2034.
Which is the Leading Region in the E-Rickshaw Market?
According to geographies, the Asia
Pacific area, particularly India and ASEAN nations such as Thailand, Vietnam, and the
Philippines, is expected to lead the sales of the e-rickshaw
industry. India has a sizable
e-rickshaw market share in terms of revenue and sales, owing to the
growing manufacturing to fulfill the demand for e-rickshaw.
Following India, China, and ASEAN nations account for the
second and third largest e-rickshaw market shares, respectively, in
terms of production and sales. In the future years, the
Middle East and Africa area is predicted to have moderate
development. The European region's sales in the e-rickshaw industry
are predicted to increase steadily.
North America's sales in the
e-rickshaw industry are low, as the majority of countries in this
region have developed and acquired modern public transportation
systems, such as metros, taxis, and electric buses, among others.
As a result, demand for e-rickshaw is declining in this region, and
thus the e-rickshaw market share is decreasing as well.
"Asia Pacific is emerging
as the dominant region for the electric automotive industry.
Leading countries in the region are poised for substantial growth
in the coming decade," says Nikhil
Kaitwade (Associate Vice President at Future Market Insights,
Inc.).
Who's winning?
The electric rickshaw industry is poised for growth, leading to
growing competition among manufacturers. Key players, such as How
Care Products Pvt. Ltd., Charuvikram Automobiles Pvt. Ltd., A G
International Pvt. Ltd., Saera Electric Auto Pvt. Ltd., Gauri Auto
India Pvt. Ltd., Yuva E Rickshaw, and Xuzhou Hongsengmeng Group
Co., Ltd., will need to prioritize offering affordable models to
meet the needs of price-conscious consumers in developing
countries.
The introduction of new technological advancements will
provide a competitive advantage. Manufacturers who provide improved
battery range and efficiency, e-rickshaw battery swapping
facilities, and features like GPS tracking, entertainment systems,
or digital payment options are expected to experience increased
sales.
Competitive factors in the e-rickshaw market include pricing
pressures and industry consolidation, which will drive the
development of new innovations aimed at enhancing the efficiency,
user-friendliness, and features of electric rickshaws. With intense
competition, the e-rickshaw sector is anticipated to undergo
consolidation, with only the leading players dominating the
industry.
Get in Touch with Our Sales Team to Secure Your Copy of the
Report Now!
https://www.futuremarketinsights.com/checkout/9918
Leading E-rickshaw Brands:
- How Care Products Pvt. Ltd.
- Charuvikram Automobiles Pvt. Ltd.
- A G International Pvt. Ltd.
- Saera Electric Auto Pvt. Ltd.
- Gauri Auto India Pvt. Ltd.
- Yuva E Rickshaw
- Xuzhou Hongsengmeng Group Co., Ltd.
- Wuxi Weiyun Motor Co. Ltd.
- Wuxi Berang International Trading Co., Ltd.
- Udaan E Rickshaw
- Goenka Electric Motor Vehicles Pvt. Ltd.
- Mini Metro EV LLP
- Aditya Automobile
- Dilli Electric Auto Pvt. Ltd
Industry Updates
- Rajiv Bajaj, the managing
director of Bajaj Auto, headquartered in Pune, India, in an interview with CNBC
TV18 in May 2024, announced the
company's plans to launch an affordable electric 3W vehicle.
- Piaggio, headquartered in Pontedera, Italy, in May
2024, launched the new Battery Subscription Model,
making 3W EV ownership affordable and attractive by eliminating
battery costs.
Get More Insights into the E-rickshaw Market Report
In its latest report, Future Market Insights (FMI) offers an
unbiased analysis of the e-rickshaw market, providing historical
data from 2019 to 2023 and forecast statistics for the period 2024
to 2034. To understand the industry potential, growth, and scope,
the industry is segmented based on vehicle type (passenger carrier
and load carrier), battery capacity (>101 Ah and <101 Ah),
motor power (up to 1000 W, 1000 to 1500 W, and more than 1500 W),
end-user (original equipment and aftermarket), and regions.
Preview Report:
https://www.futuremarketinsights.com/reports/e-rickshaw-market
About the Automotive Division at Future Market
Insights
The Automotive Division of FMI offers extensive coverage and
valuable insights about the automation industry, including areas
such as robotics, artificial intelligence, machine learning, and
process automation. Our market research findings and competitive
intelligence help various industry stakeholders, including
manufacturers, technology providers, distributors, and service
providers, make informed decisions and stay updated with the latest
market trends and developments.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
Explore FMI's Extensive Coverage in the Automotive
Domain:
The global demand for the electric garbage vans market is poised
to grow at an impressive rate of 13.5% during the period covering
2023 to 2033. The total valuation of the electric garbage van
market is estimated to reach US$ 2,630.1
million by 2033 expanding from US$
741.3 million in 2023.
The global freight car market size is estimated to reach
USD 162 billion in 2024. The industry
is further anticipated to rise at a CAGR of 5.6% in the evaluation
period. The sector is projected to attain a value of USD 279 billion by 2034.
The global track laying equipment market size is anticipated to
reach USD 26,220.5 million in 2024.
The industry is anticipated to attain a value of USD 1,01,553.7 million in 2034. It is projected
to showcase a CAGR of about 14.5% in the assessment period 2024 to
2034.
The market size for transport management systems is estimated to
be USD 6.7 billion by 2024. The
market for transport management systems is expected to expand at a
CAGR of 18.8%. Industry estimates predict that the market will
reach USD 92.7 billion by 2034.
The global connected car market is projected to reach
USD 118,352 million by 2034 from an
estimated valuation of USD 37,223
million in 2024, expanding at a CAGR of 12.3%. With
remarkable progression in the past few years, the automotive sector
has made big bets in the advancement and adoption of AI and
advanced connectivity features.
The global electric vehicle maintenance market is estimated to
be worth USD 17,150 million in 2024.
Displaying a CAGR of 15.4% through 2034, the electric vehicle
maintenance market will be worth USD 71,640
million by the end of the forecast period.
The global vehicle-to-grid (V2G) market is set to reach a value
of USD 34702.8 million in 2034 from
USD 4486.6 million in 2024. The
industry is estimated to showcase a CAGR of around 22.7% in the
assessment period 2024 to 2034.
The global electric bicycle market is positioned for remarkable
growth in the coming years, presenting vast opportunities.
Projections suggest that the market will attain a value of
US$ 4.0 billion by 2024, with further
substantial growth expected to propel it to US$ 6.6 billion by 2034.
The potential of the global motorcycle headlight bracket market
growth through 2034 will be estimated at a moderate CAGR of 6.5%.
With the help of multiple uplifting forces, the global motorcycle
headlight bracket market size will likely reach USD 271.4 million by 2034, whereas 2024 will
ensure the ecosystem attains USD 145.2
million.
The global electric bus industry size has an estimated valuation
of USD 21.3 billion in 2024. The
electric bus market forecast will be USD
68.5 billion by 2034, projected at a CAGR of 12.4%.
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and
Chemicals markets. With a vast team of over 400 analysts worldwide,
FMI provides global, regional, and local expertise on diverse
domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware -
19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
Logo:
https://mma.prnewswire.com/media/1197648/3531122/FMI_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/e-rickshaw-market-set-to-total-usd-38360-8-million-by-2034-amid-rising-need-for-last-mile-travel-options--future-market-insights-inc-302183019.html