Rickshaws are battery-powered three-wheeled vehicles used for passenger transport and cargo services in several countries. E-Rickshaws offer an eco-friendly and affordable transportation solution. These vehicles reduce traffic congestion and emissions in crowded cities. With rising fuel prices and concerns about environmental pollution, the demand for E-Rickshaws is growing in Asia and Africa.
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 key trends:
The increasing adoption of e-rickshaws in emerging economies is expected to accelerate market growth over the forecast period. Countries like India, Bangladesh, and several African nations are facing challenges in public transportation. The rising levels of traffic and pollution in major cities have boosted the demand for affordable and environment-friendly transportation solutions. E-Rickshaws have emerged as a popular alternative to petrol or diesel three-wheelers. With supportive government policies promoting electric vehicles, product innovation, and extensive rural electrification programs, the adoption of e-rickshaws is anticipated to rise substantially in developing regions. This will facilitate the continued expansion of the global e-rickshaw market between 2023 and 2030.
Segment Analysis
The global E-Rickshaw market is dominated by the lithium-ion battery segment. Lithium-ion batteries have a higher power density and longer life cycles compared to lead-acid batteries that are commonly used. As a result, E-rickshaws powered by lithium-ion batteries can run longer on a single charge. This reduces operating costs for E-rickshaw drivers and owners. The higher power density also allows for better performance. Hence the lithium-ion battery segment accounts for over 60% of the E-Rickshaw market currently.
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 rise from US$ 5.88 Bn in 2023 to over US$ XX Bn by 2030, registering a CAGR of 15% .
Regional analysis: Asia Pacific currently dominates the global E-Rickshaw market with a share of more than 80%. Countries like India and China have seen rising adoption of E-Rickshaws for public transportation in small cities and towns. India in particular is a major market where E-Rickshaws are replacing traditional manually pulled rickshaws. The government's push for electric mobility is also encouraging market growth. Asia Pacific is expected to remain the dominant as well as the fastest growing regional market.
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 has partnered with Indian startups to develop affordable E-Rickshaws customized for local needs. Ehang and ZipLine are working on autonomous passenger drone technology for intra-city transportation which could disrupt the E-Rickshaw market if successful.
