GLOBAL ELECTRIC TUK-TUKS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Higher upfront costs of electric vehicles as compared to traditional gasoline or diesel models can hamper the market growth. The battery packs required significantly increase pricing. There are also issues with lack of charging infrastructure in many areas. This limited range associated with most electric tuk-tuks hampers their adoption. Another barrier is lack of awareness among customers. Many are unfamiliar with the benefits of switching to eco-friendly electric modes of transport.

Market Opportunities: Harnessing Government Support to Drive the Electric Vehicle Transition

Government support through purchase subsidies and investments in public charging stations can accelerate the transition to electric. Many nations are offering incentives to switch commercial fleets to electric to reduce toxic emissions. As battery technology improves continually, range will increase and costs will decline gradually. This will make electric tuk-tuks a more commercially viable proposition.