E-Rickshaw Market: Size Estimated To Observe Significant Growth By 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.
Rickshaws are a prominent mode of commercial passenger transportation, especially across India, China, ASEAN, and several countries in Africa. Lower cost of transport, lower cost of rickshaws, and their maneuverability across congested urban roads are some advantages of rickshaws, which are driving their demand across the globe. Moreover, stringent emission norms, rising fuel prices, incentives over e-rickshaws, and increased range of e-rickshaws are shifting consumer preference toward e-rickshaws. Furthermore, the expected ban over fuel powered vehicles is likely to propel the demand for e-rickshaws.
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.
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.
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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.
Key players operating in the global e-rickshaw market are Mahindra Electric Mobility Limited, MICROTEK, Nezonegroup, Arna Electric Auto Private Limited, GREEN VALLEY MOTORS, GEM E Rickshaw, SuperEco, Bajaj Auto Limited, Xianghe Qiangsheng Electric Tricycle Factory, Hitek Electric Auto Co., YUVA E RICKSHAW, J.S. AUTO (P) LTD., and Pace Agro Pvt. Ltd.
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