The Global E-Rickshaw Market Growth Accelerated By Environmental Concerns
E-Rickshaws have gained huge popularity as an eco-friendly mode of transportation for short commutes. E-Rickshaws are battery operated three-wheeled vehicles used for public transport, especially in dense urban areas. They provide green, low-cost mobility while reducing traffic congestion and pollution. The rising awareness about environmental protection and sustainable development has boosted the demand for e-rickshaws.
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 2.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Government initiatives towards promoting eco-friendly electric vehicles have accelerated the adoption of e-rickshaws across nations. Several state governments in India offer subsidies to boost e-rickshaw sales. They have also extended tax exemptions and finance schemes to encourage commercial use of e-rickshaws. This is a major factor fueling the e-rickshaw market growth. Rapid urbanization and growing traffic congestion issues have compelled many cities to invest in developing e-rickshaw infrastructure including designated lanes and parking spaces. These supportive policy measures have helped e-rickshaws emerge as a viable green mobility option.
Segment Analysis
The global E-Rickshaw market is dominated by the passenger segment. E-Rickshaws are primarily used for public transportation in congested areas and urban cities across Asia. They provide an affordable and eco-friendly mobility solution for short-distance commutes. The passenger segment accounts for over 70% of sales since e-rickshaws are a popular means of shared and public transport. The goods carrier segment is expected to witness rising demand for last-mile delivery of goods in cities.
Key Takeaways
The Global E-Rickshaw Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 owing to rapid urbanization and rising focus on environment-friendly mobility solutions across developing nations. 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 2.9% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific currently dominates the global E-Rickshaw market with a share of over 85% in 2024. India and China are the leading markets owing to the widespread use of e-rickshaws for transportation needs in tier 2 and tier 3 cities. The Asia Pacific market is projected to expand at a CAGR of 3.2% during the forecast period driven by initiatives to promote electric vehicles for sustainable urban transportation.
Key players: Key players operating in the E-Rickshaw market are Global Calcium, Liaoyang Fuqiang Food Chemical, Shandong Xinhong Pharmaceutical, and Triveni Chemicals. These players are focusing on expanding their production capacities and geographical reach through collaborations with local e-rickshaw manufacturers across Asia and Africa to tap the growing demand.
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