Hero Electric Overview, Products and Services, Strategy and Financial Analysis
Mahindra Electric Mobility Limited Overview, Products and Services, Strategy and Financial Analysis
Terra Motors Overview, Products and Services, Strategy and Financial Analysis
YC Electric Vehicle LLP Overview, Products and Services, Strategy and Financial Analysis
Atul Auto Limited Overview, Products and Services, Strategy and Financial Analysis
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Tomberlin Automotive Group
Piaggio Vehicles Pvt. Ltd.
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Columbia Vehicle Group
Kinetic Green Vehicles
Indo Wagen Electric Vehicles
Altigreen Propulsion Labs
Lohia Auto Private Limited
Victory Electric International
Speego Vehicles Co. Pvt. Ltd.
Clean Motion
Saera Electric Auto Pvt. Ltd.
Pace Agro Pvt. Ltd.
Adapt Motors Pvt. Ltd.
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An electric rickshaw (E-rickshaw) is a three-wheeled vehicle powered by an electric motor and rechargeable batteries, designed primarily for short-distance transportation of passengers or goods. E-rickshaws are favored in urban and semi-urban areas due to their eco-friendliness, cost-effectiveness, and lower maintenance compared to traditional fuel-powered rickshaws.
The main types of e-rickshaws include passenger carriers and load carriers. Passenger carrier e-rickshaws are designed specifically for transporting people. They come in various motor power ratings such as below 1,000 watts (W), 1,000-1,500 watts (W), and above 1,500 watts (W), and utilize batteries such as lead acid, lithium-ion, and others. These vehicles are available in seating capacities ranging from 2-seaters to larger configurations such as 4-seaters, 6-seaters, 8-seaters, and more.
The e-rickshaw market research report is one of a series of new reports from The Business Research Company that provides e-rickshaw market statistics, including e-rickshaw industry global market size, regional shares, competitors with a e-rickshaw market share, detailed e-rickshaw market segments, market trends and opportunities, and any further data you may need to thrive in the e-rickshaw industry. This e-rickshaw market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The E-rickshaw market size has grown rapidly in recent years. It will grow from $1.19 billion in 2024 to $1.34 billion in 2025 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to government initiatives and subsidies, fluctuating, and rising fuel prices, demand for affordable public transport, increased investment from private companies, and rising health awareness.
The E-rickshaw market size is expected to see rapid growth in the next few years. It will grow to $2.11 billion in 2029 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to the expansion of charging infrastructure, urbanization and smart city initiatives, economic growth in developing countries, cost reduction of electric vehicle components, and consumer preferences for sustainable transport. Major trends in the forecast period include increased adoption of lithium-ion batteries, expansion of shared mobility services, development of battery swapping infrastructure, customization and versatility, and focus on safety features.
The growing demand for fuel-efficient vehicles is expected to drive the expansion of the e-rickshaw market. Fuel-efficient vehicles are those that use less fuel per mile compared to standard vehicles. This demand is increasing due to rising environmental awareness and the push for more sustainable lifestyles. E-rickshaws support fuel efficiency by providing an eco-friendly alternative that reduces dependence on fossil fuels and lowers emissions. For example, in April 2024, the International Energy Agency, a France-based intergovernmental organization, reported that electric vehicles accounted for around 18% of total car sales in 2023, up from 14% in 2022, showing a significant shift toward sustainable transportation. As a result, the growing demand for fuel-efficient vehicles is fueling the growth of the e-rickshaw market.
Leading companies in the e-rickshaw sector are focusing on innovation to maintain market position. One notable advancement is the integration of double-stroke front suspension systems, enhancing ride comfort and stability by allowing independent movement of the front wheels. For example, Voltrider Private Limited launched the Volton Rick in June 2023, featuring a three-seater design with a 750-watt/48-volt BLDC motor, double-stroke front suspension, and drum brakes. This model offers versatility with pedal and motor operation, achieving speeds up to 25 km/hr and a range of 50-60 km in throttle mode.
In February 2022, Oye Rickshaw, an India-based electric vehicle energy solutions provider, formed a partnership with RevFin Services Private Limited. The collaboration aims to improve financial accessibility for e-rickshaw operators by offering customized financing solutions for batteries, thereby supporting sustainable mobility and expanding the electric vehicle market in India. RevFin Services Private Limited is a financial technology (FinTech) company based in India.
Major companies operating in the E-rickshaw market are Hero Electric, Mahindra Electric Mobility Limited, Terra Motors, YC ELECTRIC VEHICLE LLP, Atul Auto Limited, Jezza Motors, Tomberlin Automotive Group, Piaggio Vehicles Pvt. Ltd., Goenka Electric Motor Vehicles Pvt. Ltd., Columbia Vehicle Group, Kinetic Green Vehicles, Indo Wagen Electric Vehicles, Altigreen Propulsion Labs, Lohia Auto Private Limited, Victory Electric International, Speego Vehicles Co. Pvt. Ltd., Clean Motion, Saera Electric Auto Pvt. Ltd., Pace Agro Pvt. Ltd., Adapt Motors Pvt. Ltd., Green Shuttle Technology Pvt. Ltd., Omega Seiki Mobility Pvt. Ltd., Thukral Electric Bikes, Gayam Motor Works
Asia Pacific was the largest region in the E-rickshaw market in 2024. The regions covered in the E-rickshaw market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the E-rickshaw market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The e-rickshaw market consists of sales of electric motors, chassis and frames, suspension systems, and braking systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
E-rickshaw Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on e-rickshaw market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Where is the largest and fastest growing market for e-rickshaw ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The e-rickshaw market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:1) By Vehicle Type: Passenger Carrier; Load Carrier
2) By Motor Power: Below 1,000 Watt (W); 1,000-1,500 Watt (W); Above 1,500 Watt (W)
3) By Battery Type: Lead Acid; Lithium Ion; Other Battery Types