The E-rickshaw Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s E-rickshaw Global Market Report 2024, The E-rickshaw market size is expected to see rapid growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to the expansion of charging infrastructure, urbanization and smart city initiatives, economic growth in developing countries, cost reduction of electric vehicle components, and consumer preferences for sustainable transport. Major trends in the forecast period include increased adoption of lithium-ion batteries, expansion of shared mobility services, development of battery swapping infrastructure, customization and versatility, and focus on safety features.
Rising demand for fuel-efficient vehicles is expected to propel the growth of the e-rickshaw market going forward. Fuel-efficient vehicles are vehicles that consume less fuel per mile traveled compared to typical vehicles. The demand for fuel-efficient vehicles is growing due to increasing environmental awareness and the push for sustainable living. E-rickshaws contribute to fuel efficiency by offering an eco-friendly alternative that reduces reliance on fossil fuels and lowers emissions. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, electric vehicles represented approximately 18% of total car sales in 2023, a notable rise from 14% in 2022, reflecting a significant shift towards sustainable transportation choices. Therefore, the rising demand for fuel-efficient vehicles is driving the growth of the e-rickshaw market.
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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
Major companies operating in the e-rickshaw market are focused on developing innovative features such as double-stroke front suspension to sustain their position in the market. A double-stroke front suspension in an e-rickshaw is a type of suspension system designed to provide improved ride comfort and stability by allowing the front wheels to move up and down independently over two strokes or phases. For instance, in June 2023, Voltrider Private Limited, an India-based e-mobility startup, launched a new variant of the electric rickshaw called Volton Rick. The Volton Rick is a three-seater rickshaw with a maximum load capacity of 250 kg, including the rider’s weight. It is powered by a 750-watt/48-volt BLDC motor and comes with a double-stroke front suspension and drum brakes. The Rick can be operated using the pedal, motor, or both simultaneously, and it can reach a maximum speed of 25 km/hr with a full load. It is equipped with a 36 Ah/48 Volt LiFePo4 battery pack, offering a range of 50–60 km in throttle mode alone.
The e-rickshaw market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
……….
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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