According to a new report published by Allied Market Research, titled, “Electric Loader Rickshaw Market,” The electric loader rickshaw market was valued at $310.8 million in 2021, and is estimated to reach $614.8 million by 2031, growing at a CAGR of 7% from 2022 to 2031.
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Drivers, restraints, and opportunities
Increase in trend of last mile connectivity, surge in demand for affordable commercial vehicle, and inclination toward use of electric loader rickshaw as eco-friendly & efficient solution for commute have propelled the growth of the global electric loader rickshaw market. However, high cost of batteries and dearth of standardization of EV charging hinder the market growth. On the contrary, greater availability of credit and financing options and surge in fuel prices along with rapid launches of new products have opened new opportunities in the future.
Covid-19 scenario:
- The Covid-19 pandemic negatively affected the automotive industry. The lack of workforce and strict restrictions on production and manufacturing facilities regarding social distancing hampered the market.
- However, the demand for electric vehicles is expected to increase post-pandemic as the world gets back on track.
The above 1500W segment to showcase the highest CAGR through 2031
By power type, the above 1500W segment is expected to register the highest CAGR of 9.4% during the forecast period, as it is used in numerous applications such as passenger transportation as well as cargo transportation from one place to another. However, the 1000W to 1500W segment held the largest share in 2021, accounting for more than three-fifths of the global electric loader rickshaw market, since this range of vehicles offers greater power as well as efficiency when operating. Moreover, they can be used to commute at a much longer distance of more than 50km in a single charge, as well as can be used to carry passengers as well as cargo from one place to another.
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The lithium-ion segment held the lion’s share
By battery type, the lithium-ion segment held the largest share in 2021, accounting for nearly 90% of the global electric loader rickshaw market. In addition, the segment is expected to register the highest CAGR of 7.4% during the forecast period, owing to the fact that they are durable and have a longer life as compared to other types of batteries. Moreover, they offer numerous advantages such as Lithium-ion batteries are lighter in weight, have more usable capacity offers constant power, and are not affected by temperature changes.
Major market players
- Adapt Motors
- AG International Pvt. Ltd.
- Arna Electric Auto Private Limited
- BABA E-Rickshaw
- E-TUK Factory
- Gayatri Electric Vehicles
- Goenka Electric Motor Vehicles Private Limited
- J.S. Auto Pvt. Ltd.
- Kinetic Green Vehicles
- Mahindra Electric Mobility Limited
- Mini Metro EV LLP
- Singham (U.P. Telelinks Limited)
- SN Solar Energy
- Terra Motors India
- Victory Electric Vehicles International Limited
- Xuzhou Hongsengmeng Group Co., Ltd.
- Zuperia Auto Pvt. Ltd.
Asia-Pacific held the largest share
By region, the market across Asia-Pacific held the largest share in 2021, accounting for more than three-fourths of the market, due to increased demand for affordable commercial vehicles with low production costs, a rise in production capacity, and a surge in demand for simple light vehicles. Furthermore, the preference for electric three-wheeler has increased in Asia-Pacific as compared to conventional three-wheelers, owing to their lightweight, eco-friendly nature, the requirement for less power, and cost-effectiveness. However, the global electric loader rickshaw market across LAMEA is projected to manifest the highest CAGR of 11.0% during the forecast period, due to economic development and the developing automobile industry in the developing countries of this region. The electric loader/carrier rickshaw also employs in low to mid-income countries, further strengthening the market. Furthermore, an increase in the acceptance of electric vehicles, such as steps for building convenient charging stations, is expected to contribute to the growth of the electric loader rickshaw demand in LAMEA.
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