Estimated Reading Time: 1 minutes
The Asia-Pacific electric rickshaw market is estimated to grow at a CAGR of more than 23.0% during the forecast period says the report of ResearchAndMarkets.com.
The rising need to address future energy requirements is one of the major factors to drive the growth of the market. China and India are the major countries to make a considerable contribution to the market growth of electric rickshaws in the Asia-Pacific region. In January 2020, Amazon India has pledged to add 10,000 electric rickshaws to its delivery fleet by 2025. In 2015, the government of India had adopted the faster adoption and manufacturing of hybrid and EV (FAME) scheme with an outlay of $130 million, to provide subsidies for electric rickshaws, electric 2- and 3-wheelers, hybrid and e-cars, and buses. The adoption of such a scheme by the Indian government is anticipated to promote the adoption of electric rickshaws in the region.
The market is segmented on the basis of carrier type and battery type. Based on the carrier type, the market is sub-segmented into the passenger carrier and the load carrier. Based on carrier type, the passenger carrier is anticipated to showcase a considerable growth rate during the forecast period. The increasing demand for electric vehicles for passengers to reduce vehicle emission and to offer low-cost mobility is a key factor contributing to the passenger carrier electric rickshaw. Based on the battery type, the market is sub-segmented into lead-acid and Li-Ion batteries. Based on the country, the market is segmented into China, Japan, India, and Rest of Asia-Pacific.
Mahindra & Mahindra, Lohia Auto Industries, Thakural electric bikes, Kinetic Green Energy & Power Solution Ltd., BABA E-Rickshaw, Jezza Motors, and so on are some of the key players operating in the Asia-Pacific electric rickshaw market. The market players are considerably contributing to the market growth by adopting various strategies including new product innovations, collaborations with government, funding to the start-ups, and technological advancements to stay competitive in the market.