E-Rickshaw Market Revenue, Company Profile, Key Trend Analysis & Forecast, 2034

The global E-Rickshaw market is estimated to be worth of USD 2,425.1 million as of 2024 and is expected to reach USD 38,360.8 million by the year 2034 at a smashing CAGR of 31.8% between 2024 and 2034.

E-rickshaws are at a lower risk of mishaps in comparison with cycle rickshaws and traditional rickshaws; as fuel or peddling is not needed for commuting. The manufacturers are also paying heed to table more energy-efficient and cost-effective rickshaws. Besides, governments across the globe have enacted regulatory policies stating that electric vehicles are all the more preferable than petrol and diesel vehicles.

The basic benefit offered by e-rickshaw is that it lessens carbon emission’s level and does aid in keeping the environment green. The e-rickshaw does help in bridging gaps related to public transport service amongst the commuters. Above all, cost/person /kilometre is pretty low with respect to public transport.

These days, there is an increase in number of partnerships between manufacturers of EVs and public authorities regarding promotion of e-rickshaws. Various local players who are into electric vehicles do import diverse components of vehicles like battery management systems, axles, and motors, thereby assembling them at the local level. This factor is likely to bolster the e-rickshaws market in the forecast period. The OEMs are emphasizing on developing e-rickshaws owing to exorbitant demand for e-rickshaws.

The governments are facilitating incentives to those manufacturing electric vehicles and/or components for enhancing production and utilization of electric vehicles. As far as India is concerned, the MoRTH (Ministry of Road Transport and Highways), NITI Aayog (under the National Mission on Transformative Mobility and Battery Storage), did formulate a plan to promote electric vehicles in 3-wheeler and 2-wheeler section and also planned banning the IC engines.

6 economies all over the Europe have come up with extra green recovery incentives for promoting EVs. Future Market Insights has etched these findings with insights in its latest market study entitled ‘E-Rickshaw Market’ through its team of analysts and consultants.

At the same time, the e-rickshaw market is there to face challenges as well. Firstly, the EV batteries’ quality and costs involved in building a charging station could, by no means, compromised. Also, the fact that e-rickshaws can’t be used when the battery is getting discharged can’t be ignored. Overcharging may also result in numerous issues, including water shortage in battery, grid rusting, spoilage on the part of battery material. The vehicle could also stop functioning then.

Key Takeaways from E-Rickshaw Market Report:

The Asia-Pacific holds the largest market share. Philippines, Vietnam, and Thailand rule the roost. India is also emerging as a hub of e-rickshaw market. China is also expected to follow suit in the upcoming period.
North America is aa bit sluggish as far as e-rickshaws are concerned; mainly due to the fact that the US is more into modernized public transportation systems like electric buses, taxis, and metros.

Competitive Analysis:

Piaggio Ape, in December 2019, did unleash the Ape E-City electric rickshaw all across India. The company is emphasizing on expansion of the product portfolio by incorporating swappable battery technology into the electric rickshaw.
Treasure Vase Ventures Pvt. Ltd., in July 2019, did secure 100 Cr INR as series B investment from Japan-based Mitsui & Co.

Leading Key Players: