An e-rickshaw, also known as e-tuk tuk or electric rickshaw or electric cart, is a motorized vehicle used for passenger or goods transportation. It provides cost effective commute solution for last mile connectivity and helps reduce traffic congestion and pollution levels in cities. The growing urban population has resulted in increasing demands for public transportation in cities. E-rickshaw provides affordable mobility options to citizens and enables efficient transfer of goods and services.

The global E-Rickshaw Market is estimated to be valued at US$ 5.88 Bn  in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Rising urban population: The rapid urbanization in developing countries has led to rising population in cities which has aggravated issues related to transportation and mobility. E-rickshaws help cater to the demands of a burgeoning urban population by providing last mile connectivity. According to UN projection, 68% of world population will be living in urban areas by 2050 which will further auger the demand for e-rickshaws.
Cost effective public transport: E-rickshaws offer a viable and cost effective solution for short distance public transportation needs in cities compared to other motorized vehicles or infrastructure development for Metro/BRT systems. This has helped their wide acceptance especially in emerging economies with budget constraints. The low operating and maintenance costs of e-rickshaws make it an affordable mobility option.

SWOT Analysis

Strength: E-Rickshaws provide an eco-friendly and affordable mode of transportation for many cities. They reduce traffic congestion and pollution levels compared to fossil fuel vehicles. E-Rickshaws can maneuver easily through heavy traffic conditions.

Weakness: The upfront costs of E-Rickshaws are higher than traditional rickshaws. Infrastructure for charging E-Rickshaws is still being developed in many regions. There are ongoing issues with battery life, range, and performance in hot weather conditions.

Opportunity: Growing concerns about air pollution and climate change are increasing demand for electric vehicles. Many national and local governments provide purchase incentives for E-Rickshaws which is expanding the market. New battery technologies are constantly improving range and efficiency which can attract more customers.

Threats: Fossil fuel price volatility could reduce the cost benefits of E-Rickshaws in the long run. Existing auto rickshaw drivers may oppose the introduction of E-Rickshaws for livelihood threats. Strict safety and performance regulations can delay market adoption in some regions.


Key Takeaways

The global  E-Rickshaw Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 5.88 billion in 2023 to over US$ 25 billion by 2030, registering a CAGR of around 15%. Asia Pacific currently dominates the market due to high usage of rickshaws for daily commutes and last-mile connectivity needs in major cities across India, Bangladesh, and Indonesia. India alone accounts for over 70% of the global E-Rickshaw market. Key players operating in the region are investing heavily in battery technology and vehicle design to expand operations.

Regional analysis

Asia Pacific is the fastest growing as well as the dominating region in the global E-Rickshaw market. India has the largest fleet size of over 2.5 million E-Rickshaws plying on roads daily. The government of India is actively promoting the adoption of E-Rickshaws through subsidies as part of its FAME scheme. Major cities like New Delhi, Bengaluru, Kolkata, and Mumbai have seen rising E-Rickshaw numbers that are replacing traditional auto rickshaws. China is another large country market and manufacturers likeseatles e-rickshaw, flirtey.

Key players

Key players operating in the E-Rickshaw market are Seattle's VillageReach, Flirtey, Ehang, ZipLine, TU Delft, Google Drones, Project Wing, Healthcare Integrated Rescue Operations (HiRO), Vayu Drones. Seattle's VillageReach and Flitery are leading manufacturers of E-Rickshaws while Ehang provides autonomous passenger drone services. ZipLine and TU Delta operates drones for medical supplies delivery. Google, Project Wing.

 

Get More Insights On This Topic:  https://www.zupyak.com/p/3969619/t/the-global-e-rickshaw-market-growth-accelerated-by-increasing-adoption-in-emerging-economies