E-Rickshaw Market Surges with 31.8% CAGR, Envisioning a US$ 27.5 Billion Landscape by year 2032

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 analyzing 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.

Recent Developments in the E-rickshaw Market:

In February 2021, Piaggiolaunched their first electric three-wheeler, Apé eCity, in the Indian market. A 4.5kWh better powers 5.4kW motor in the Apé eCity.
Piaggio Ape unveiled the Ape E-City electric rickshaw in India in December 2019. The firm is focusing on expanding its product line by powering the electric rickshaw with swappable battery technology.
In July 2019, Treasure Vase Ventures Pvt. Ltd., the parent company of SmartE, one of India's major suppliers of electric mobility services, secured Rs. 100 crores in series B investment from Japan's Mitsui & Co.

Key Segments for E-Rickshaw Market

By Vehicle Type:

Passenger carrier
Load carrier

By Battery capacity:

>101 Ah

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About Future Market Insights (FMI) 

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.