by E-Rickshaws or battery-operated tricycles provide an affordable and eco-friendly means of transportation in dense urban and semi-urban areas. Lightweight vehicles with minimal operating costs, e-rickshaws help reduce traffic congestion in cities while providing first and last-mile connectivity at an accessible price point.
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 rising popularity of affordable mobility solutions is a key trend driving the growth of the global e-rickshaw market. Growing urbanization and traffic congestion problems have increased demand for inexpensive transportation options. E-rickshaws have emerged as a convenient alternative to auto-rickshaws and traditional cycle rickshaws, providing economically priced intra-city commute while reducing carbon emissions. Their use is expected to grow further in developing nations with expanding urban centers seeking greener local transit solutions.
SWOT Analysis
Strength: E-Rickshaws have low cost of ownership and zero emissions which make it an environment friendly option. They require low maintenance and have lower operating costs compared to automobiles.
Weakness: E-Rickshaws have limited pickup and power which restricts its use for long distance transportation. The driving range is also limited due to reliance on batteries for power.
Opportunity: Expanding shared mobility market for last mile connectivity presents an opportunity for growth of e-rickshaw sector. Rising environmental awareness among consumers is increasing demand for green vehicles.
Threats: Availability of cheaper alternatives such as bikes, auto rickshaws and buses pose competition for e-rickshaws. Stringent safety and performance regulations can increase compliance cost for operators.
Key Takeaways
The global E-Rickshaw Market Size is expected to witness high growth over the forecast period of 2023 to 2030. India accounts for over 80% share of the global e-rickshaw market currently led by states like Maharashtra, Uttar Pradesh and Bihar. The shared mobility segment is growing fast with companies offering rental e-rickshaw services for last-mile connectivity.
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. These companies are investing in technology development to optimize route operations, power train performance and safety features of e-rickshaws. The market is consolidating with leading players expanding through partnerships with local fleet operators.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
