E-Rickshaw Market: Opportunity Analysis and Industry Forecast upto 2018 - 2026

E-Rickshaw is an electric powered, three-wheeled vehicle primarily utilized for commercial purposes in order to transport passengers and goods. E-rickshaw is also known as electric tuk-tuk and toto. It utilizes a battery, traction motor, and electric powertrain in order to propel the vehicle.

The global e-rickshaw market is primarily restrained by the underdeveloped charging infrastructure across several countries. Moreover, lack of regulations is also restraining the global e-rickshaw market.

The global e-rickshaw market can be segmented based on rickshaw type, battery capacity, power rating, components, application, and region. In terms of rickshaw type, the global e-rickshaw market can be classified into two segments. Considering the low weight requirement for higher efficiency, the rate of adoption of open type e-rickshaws is rising among consumers.

Based on battery capacity, the global e-rickshaw market can be bifurcated into two segments. Higher the battery capacity, longer the range of e-rickshaw; hence, owners are preferring high capacity e-rickshaws. However, for higher capacity batteries, the weight increases in proportion. In terms of power rating, the global e-rickshaw market can be segregated into three segments. Demand for e-rickshaws having motor power between 1000 and 1500 Watt is rising, which is primarily attributed to their cost effectiveness coupled with considerable torque delivery.

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In terms of components, the global e-rickshaw market can be classified into five segments. Battery is a pivotal and expensive component of the e-rickshaw. Batteries require frequent maintenance and require replacement after a specific time period, in order to ensure smooth and efficient performance of the vehicle. Chassis is another vital component of the e-rickshaw and hence, accounts for a major share of the market, in terms of revenue. Based on application, the global e-rickshaw market can be bifurcated into passenger transportation and goods transportation. The passenger transportation segment held a prominent share of the market, in terms of revenue, in 2018, which is attributed to the increased use of rickshaws for passenger commutation. Moreover, incorporation of e-rickshaws by on-demand transportation companies is likely to propel the passenger transportation segment of the market.

In terms of region, the global e-rickshaw market can be segmented into five prominent regions. Asia Pacific accounted for a major share of the market, in terms of revenue, in 2018, which is primarily attributed to the rising demand from consumers, government incentives and supportive policies, ban over fuel-powered rickshaws, and increasing fuel prices. Moreover, rickshaws are a prominent mode of transportation across urban areas of several countries in Asia, such as China and India. Moreover, presence of globally leading e-rickshaw manufacturers is another prominent driver of the e-rickshaw market in Asia Pacific.