The global electric loader rickshaw market revenue was around US$ 311.5 million in 2021 and is estimated to reach US$ 615.9 million by 2031, growing at a compound annual growth rate (CAGR) of 7% during the forecast period from 2022 to 2031.
An electric loader rickshaw is a battery-powered freight rickshaw that can be utilized to transport many sorts of loading tasks. It uses a rechargeable electric battery rather than a motor that runs on petrol which is more affordable in the long term. It may be a flatbed loader, water bottle loader, LPG gas cylinder loader, animal loader, or another type.
Factors Influencing Market Growth
With the rising popularity of electric cars, several electric-powered three-wheelers have been released by firms that manufacture loader rickshaws, which boosts the market growth.
With an increased inclination toward vehicles, electric loader rickshaw manufacturing companies have introduced numerous propelled three-wheelers, which creates a positive impact on the growth of the market.
Increased availability of finance and financing choices, rising fuel prices, and new product introductions create ample opportunities for the key players in the market.
High battery prices and a lack of EV charging standards are two things that are anticipated to impede market expansion.
Study of the COVID-19 Pandemic
The COVID-19 pandemic impacted various loader rickshaw drivers' sources of income, particularly in the passenger area, the number of people defaulting on their loans has significantly grown. This set off a series of events, with the sales of loader rickshaws being further impacted by the contraction of financial facilities.
Additionally, several governments have restricted the usage of public transport due to the lockdown, which results in less money for the owner and may prevent him from being able to pay the EMIs.
LAMEA is anticipated to exhibit the highest during the forecast period. Economic growth and the expanding automobile sector in this region's developing nations propels the market. Additionally, the electric loader/carrier rickshaw used in low- to middle-income nations, rise as electric vehicle adoption rates rise and initiatives are taken to provide practical charging stations. Thus, these factors drive the market growth in this region.
The leading competitors in the global electric loader rickshaw market are:
Kinetic Green Vehicles
Gayatri Electric Vehicles
Mahindra Electric Mobility Limited
AG International Pvt Ltd
Mini Metro EV LLP
Terra Motors India
Victory Electric Vehicles International Limited
Singham (U.P. Telelinks Limited)
Goenka Electric Motor Vehicles Private Limited
Arna Electric Auto Private Limited
SN Solar Energy
Zuperia Auto Pvt Ltd
Hongsengmeng Group Co., Ltd
J.S. Auto Pvt Ltd
The global electric loader rickshaw market segmentation focuses on Battery Type, Range, Price Range, Power Type, and Region.
Segmentation based on Battery Type
Segmentation based on Range
More Than 50KM
Segmentation based on Price Range
Low to Mid
Segmentation based on Power Type
Up to 1000W
1000W to 1500W
Segmentation based on Region
Rest of Western Europe
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America