An e-rickshaw, also known as e-tuk-tuk, is a battery-powered, motorized version of the traditional manually pulled rickshaw. It is an environment-friendly mode of transportation offering last-mile connectivity with zero-emissions. E-rickshaws have gained popularity in congested urban areas due to their maneuverability and ability to navigate narrow lanes. These vehicles provide an economical transportation option for passengers and offer sustainable livelihood opportunities for drivers.
The global e-rickshaw market is estimated to be valued at US$ 5.03 Bn in 2024 and is expected to exhibit a CAGR of 14.9% over the forecast period 2024 To 2031 Key Takeaways Key players operating in the e-rickshaw market are Amgen Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Pfizer Inc., Sanofi, Eli Lilly and Company, AbbVie Inc., Novo Nordisk A/S, Bristol-Myers Squibb Company, NanoString, QIAGEN, Affimed GmbH, GSK plc., Merck KgaA, and Teva Pharmaceutical Industries Ltd. The compact, affordable, and eco-friendly transportation modes in urban congested areas is driving the sales of E-Rickshaw Market Growth. Moreover, rising health awareness and air pollution levels are encouraging people to switch from conventional fuel-run vehicles to electric vehicles. The global e-rickshaw market is also witnessing strong growth opportunities across international markets led by countries such as India, China, Bangladesh, Vietnam, and Philippines. Leading e-rickshaw manufacturers are actively focusing on expanding their global footprint through exports and partnerships with local assembling units. Market Key Trends Burgeoning concerns around climate change and carbon emissions are prompting governments worldwide to promote E-Rickshaw Market Size and Trends. Countries are offering purchase incentives and subsidies for e-rickshaws to boost adoption. For instance, the Indian government provides a subsidy of 40% on e-rickshaws to encourage transition from fossil fuels to electric mobility. Moreover, continuous improvements in battery technology are increasing the driving range of e-rickshaws, making them a more viable clean transportation alternative.
Porter's Analysis Threat of new entrants: Low capital requirement and technology needed to enter the market make threat of new entrants moderate. However, established players have benefit of existing dealerships network and service support. Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes like cycles, petrol/diesel autos. Buyers can easily switch to substitutes based on price changes. Bargaining power of suppliers: Suppliers of parts like batteries and chassis have moderate bargaining power due to low differentiation and availability of close substitutes. Established OEMs can switch suppliers in case of high price demands. Threat of new substitutes: Threat of new substitutes is high due to push for electric vehicles and focus on lowering emission levels. Technologies like electric cycles and autos pose competition. Competitive rivalry: Intense due to presence of established organised players and low product differentiation. The e-rickshaw market in India accounts for the largest share, in terms of value. India is the largest manufacturer and importer of e-rickshaws globally due to the widespread use of e-rickshaws for intra-city transport. China is expected to witness the fastest growth in the e-rickshaw market during the forecast period. This is due to the increasing adoption of electric vehicles and initiatives by the Chinese government to promote electric shared micro-mobility. Growing concerns regarding environmental pollution are also driving the demand for e-rickshaws in China.
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