E-rickshaw Market Outlook 2021-2027
The E-rickshaw is an electric-powered three-wheeler or four-wheeler vehicle primarily used for commercial purpose to transport passengers and goods from one place to another. It is becoming an alternative to auto rickshaws, as they have low fuel costs comparatively and have low fare. E-rickshaw does not require any human effort to propel the rickshaw, and hence many rickshaw pullers are switching to E-rickshaw. E-rickshaws utilizEes a battery, traction motor, and electric powertrain to propel the vehicle.
Market scope and structure analysis:
Market size available for years
Base year considered
End Users, Motor Power, and Battery Capacity
North America (US and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM), and Middle East and Africa
Kinetic Green Energy & Power Solutions Ltd., Lohia Auto, SAERA ELECTRIC AUTO PVT. LTD, Terra Motors India Pvt. Ltd., Adapt Motors Pvt. Ltd (AMPL), Power Solutions Ltd., Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation, Clean Motion India, and Saera Electric Auto Pvt. Ltd.
COVID-19 scenario analysis:
- The global market for E-rickshaws is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of E-rickshaws, which negatively impact the market growth.
- However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Upgrading of batteries in E-rickshaw has created a positive impact on the market and therefore driving the growth of the market. Moreover, underdeveloped charging infrastructure across several countries LEDs is predicted to restrain the electric rickshaw market growth. Furthermore, the dearth of charging and battery-swap stations is anticipated to supply an interesting growth opportunity for the players operating within the market.
The electric rickshaw trends are as follows:
Government’s implementation of incentives
The government’s implementation of incentives by providing vehicles on less taxation policy plus and on lease basis which is a special type of loan that is one of the major factors for the growth of the electric rickshaw market. The government is increasingly focusing on providing incentives in the form of subsidies and tax refunds to make high-priced electric rickshaws affordable and replace their conventional counterparts. This will lead to more buyers in the market which will eventually show growth in the electric rickshaw market.
Upgrading the batteries in E-rickshaws
Most of the batteries used were of lead-acid batteries. Lead-acid battery-powered rickshaws are less priced as compared to lithium-ion battery engines. They have categorized rickshaws with a battery capacity of less than 101 Ah and rickshaws with a battery capacity of more than 101 Ah. However, in the coming years, the share of lithium-ion batteries, which currently cover 10% of the market as per Kinetic Green a government base E-rickshaw manufacturer, is likely to increase among organized players.
Key segments covered:
Key benefits of the report:
- This study presents the analytical depiction of the electric rickshaw market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the electric rickshaw market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the electric rickshaw market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed electric rickshaw market analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the electric rickshaw market research report:
- Which are the leading players active in the electric rickshaw market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Electric Rickshaw Market Report Highlights
By Motor Power
By Battery Capacity
Key Market Players
Adapt Motors Pvt. Ltd (AMPL), SAERA ELECTRIC AUTO PVT. LTD, Kinetic Green Energy & Power Solutions Ltd., Terra Motors India Pvt. Ltd., Power Solutions Ltd., Saera Electric Auto Pvt. Ltd., Clean Motion Indi, Terra Motors Corporation, Hero Electric Vehicles Pvt. Ltd., Lohia Auto