As per the report published by FMI, the global e-rickshaw market is projected to have a rapid-paced CAGR of 31.8% during the forecast period. The current valuation of the market is US$ 1.71 Billion in 2022. The market value of e-rickshaw is anticipated to reach a high of US$ 27.5 Billion by 2032.
E-rickshaws are widely acknowledged as a viable alternative to gasoline, diesel, and compressed natural gas auto rickshaws. It is anticipated while analysing the market in depth that growing end-user affordability, better daily earnings than cycle rickshaws, the attainment of cost-advantage over auto-rickshaws, and increased investment made by the manufacturers for the development and design of more affordable and efficient rickshaws are expected to boost and benefit the e-rickshaw market during the forecast period.
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According to the findings of Future Market Insights, the demand for electric rickshaws is on the rise as they are causing zero tailpipe emissions and are widely used for first/last-mile connectivity in cities across the country. These three-wheeled electric-powered vehicles are also helping in bridging the public transport service gaps for commuters. Therefore, e-rickshaws can be viewed as the best low-cost shared mode of public transport for last-mile connectivity in the country.
However, the cost of charging stations and the quality of EV batteries are considered the primary challenge in adopting e-rickshaws. These vehicles cannot be utilized while being charged due to their need to be connected to a single place. The experts of FMI have also revealed the fact that overcharging of EV batteries can cause severe issues to the vehicle like rusting of the grid, shortage of water in the battery, spoilage of battery material, and others, and is expected to pose a considerable threat to the expansion of the market.
FMI has analyzed that the government is likely to support the electrification of auto-rickshaws as a proactive policy toward sustainable mobility in urban areas. It has also been identified that adopting this mode of commute is likely to reduce the level of carbon emission and help keep the environment green. Hence, a consistent rise in sales of e-vehicles across the world is projected to boost the market further.
Key Takeaways from the E-rickshaw Market
- The market share of organized manufacturers in the e-rickshaw market grew to 48.8% during the base year (2021).
- The initial cost of electric variants is between US$ 811.6 and US$1,487.9, while that of an ICE-based autorickshaw is between US$2,029.05 and US$4,058.1.
- Lithium-ion-based battery type upheld the largest share in the market, accounting for 51.9% in the year 2021.
- The Asia Pacific region is likely to dominate the global e-rickshaw market. After India, China, and ASEAN nations account for the second and third largest e-rickshaw market shares in production and sales.
“Popularity of electric vehicles is increasing rapidly across the globe, owing to the decline of production costs of EV, increasing installation of charging infrastructure, and rising incentives by governments to reduce carbon emissions from vehicles” – Says an FMI Analyst
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Competition Landscape in the E-rickshaw Market
The electric rickshaw market is primarily dominated by a large number of small, unorganized local players, accounting for a major market share. However, established players in the market are introducing their new models and product launches to gain a competitive edge over other players.
Hhw 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. are some key players in the e-rickshaw market.
Key Segments for E-Rickshaw Market
By Vehicle Type:
- Passenger carrier
- Load carrier
By Battery capacity:
- >101 Ah
- <101 Ah
By Motor power:
- Upto 1,000 W
- 1,000-1,500 W
- More than 1,500 W
By End User:
- Original equipment manufacturer
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.
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About Future Market Insights (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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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