E-RICKSHAW MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

E-Rickshaw Market Size and Trends

The global e-rickshaw market size was valued at US$ 1.55 Bn in 2023 and is expected to reach US$ 4.11 Bn by 2030, grow at a compound annual growth rate (CAGR) of 14.9% from 2023 to 2030.

E-Rickshaw Market Trends:

• Introduction of Connected and IoT-Enabled E-Rickshaws: Several original equipment manufacturers (OEMs) are launching IoT-enabled e-rickshaw models with smart features like Global Positioning System (GPS), remote tracking, sensors, data analytics, etc. These trends allow for monitoring driver behavior, geo-fencing, predictive maintenance, and fleet optimization. Market Players are also integrating payment systems and partner apps into vehicle dashboards.
• Product Development for Cargo Segment: Rising demand for last-mile logistics has led OEMs to develop specific e-rickshaw variants for cargo delivery with increased loading capacity and safety enhancements. Custom models are being designed for food delivery, e-commerce transportation, and garbage collection applications. Cargo segment contributed to a major chunk of industry sales.
• Rising Penetration in the Fleet Market: Large-scale adoption is seen in the fleet market as e-rickshaw manufacturers collaborate with fleet operators providing transportation and logistics services in Tier II and III cities. OEMs offer customized fleet solutions with financing support, training drivers and providing charging infrastructure.
• Launch of Premium and Luxury Models: Several launches of premium e-rickshaws targeted at tech-savvy consumers in urban markets cater to rising demand for comfort and stylized vehicles. Luxury models feature amenities like onboard navigation, entertainment systems, swivel seats, adjustable seats, CCTV cameras, etc. Premium models account for a considerable market share. In August 2023, Mahindra Last Mile Mobility (LMM), a branch of Mahindra & Mahindra, introduced its newest electric three-wheeler for passengers, named the Mahindra e-Alfa Super, priced at Rs 1.61 lakh (excluding showroom costs).