The global electric loader rickshaw market was valued at $310.8 million in 2021, and is projected to reach $614.8 million by 2031, growing at a CAGR of 7% from 2022 to 2031.
Electric loader rickshaw is the battery-operated cargo rickshaw which can be used to carry various kinds of loading activity. It is powered by a rechargeable electric battery instead of a fuel-based motor, which makes it a more cost-effective option in the long run. It can be of various types such as flatbed loader, LPG gas cylinder loader, water bottle loader, animal loader, and others. Furthermore, most of the electric loader rikshaws have open sides and a cloth roof to protect the goods from the sun and rain.
Moreover, with the increased inclination toward electric vehicles, the electric loader rickshaw manufacturing companies have introduced numerous electric propelled three wheelers, which creates a positive impact on the growth of the global electric loader rickshaw market. For instance, in in October 2020, Mahindra Electric Mobility Limited launched the new Treo Zor electric 3-wheeler cargo vehicle. The vehicle was available at a starting price of $3,400 (INR 2.73 lacs) and was driven by an 8kW motor which allowed it to have a payload capacity of 550Kg.
The factors such as rise in trend of last mile connectivity, increase in demand for affordable commercial vehicle, and inclination toward use of electric loader rickshaw as an eco-friendly & efficient solution for commute supplement the growth of the electric loader rickshaw market. However, lack of standardization of EV charging and high cost of battery are the factors expected to hamper the growth of the electric loader rickshaw industry. In addition, greater availability of credit and financing options and rising fuel prices and new product launches creates market opportunities for the key players operating in the electric loader rickshaw market.
The electric loader rickshaw market is segmented into power type, battery type, range, price range, and region. By power type, the market is divided into up to 1000W, 1000W to 1500W, and above 1500W. By battery type, it is fragmented into lithium-ion, and lead acid. By range, it is categorized into upto 50km and more than 50km. By price range, it is further classified into low to mid and high. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The leading players operating in the electric loader rickshaw market are Adapt Motors, AG International Pvt. Ltd., Arna Electric Auto Private Limited, BABA E-Rickshaw, E-TUK Factory, Gayatri Electric Vehicles, Goenka Electric Motor Vehicles Private Limited, J.S. Auto Pvt. Ltd., Kinetic Green Vehicles, Mahindra Electric Mobility Limited, Mini Metro EV LLP, Singham (U.P. Telelinks Limited), SN Solar Energy, Terra Motors India, Victory Electric Vehicles International Limited, Xuzhou Hongsengmeng Group Co., Ltd., and Zuperia Auto Pvt. Ltd.
Rise in trend of last mile connectivity
Many companies in e-commerce, pharma, textiles, and retail, FMCG, and other utility segments such as dairy, poultry, and gas, prefer three-wheelers as a last mile connectivity solution as they offer excellent maneuverability at affordable price. For Instance, India-based company uses electric loader rickshaws to provide first and last-mile delivery services to e-commerce and foodtech players such as Amazon, Swiggy, and Bigbasket. Furthermore, governments of many countries are very keen to convert their last-mile delivery fleet to electric due to their added benefits. In addition, with effective integration of advance technology, design, and workflow, many leading players are trying to bring the upfront cost of electric loader rickshaws, which further foresee the preference for loader rickshaws as a last mile connectivity solution. For instance, in 2021, Amazon India partnered with Mahindra Electric to deploy EVs in its delivery fleet. Amazon India had announced that its fleet of delivery vehicles will include 10,000 electric vehicles by 2025, which is expected to bring down the overall transportation cost considerably.
By Price Range
High is projected as the most lucrative segment
Increase in demand for affordable commercial vehicle
Rise in expenditure on the commercial vehicle in developed and developing countries is creating the need for affordable commercial vehicles. For instance, in January 2022, Goenka Electric Motor Vehicles Private Limited partnered with Omega Seiki Mobility, manufacturer of electric mobility solutions for end-to-end deliveries to jointly set up over 500 dealerships across India in a phased manner by FY24. This increased their market presence across India. Furthermore, electric three-wheeler mobility (electric loader rickshaws) depends on the affordability, maneuverability, and door-to-door accessibility. In many middle and low-income countries such as India, Africa, Nigeria, and others, electric loader rickshaws offer significantly cheaper and faster travel option along with better route flexibilities as compared to other means of transports. In many low- and mid-income countries, the loader rickshaws can also be linked to enhanced employment opportunities, which further bolster the demand for electric loader rickshaw in the global electric loader rickshaw market.
Lack of standardization of EV charging
The electric vehicles battery source does not have any alternative source for charging. The shortage of charging points in most of the cities is a major challenging factor for growth of the global electric loader rickshaw market. Furthermore, thin & inconsistent infrastructure, and range anxiety can create a problem for electric vehicle and can put the traveler at risk. Moreover, the implementations of supportive infrastructure required for electric vehicle in developing countries are less. Furthermore, as the technology is not matured enough, apart from China, the sales of the electric vehicles are extremely less as compared to the internal combustion engine (ICE) vehicle sale. The automotive industry has standardized 120- and 240-volt plugs, which are primarily used in homes but have not yet set a standard on the plugs or ports that can charge vehicles in 30 minutes or less. Thus, all these factors coupled with the different prices at charging stations altogether are responsible for hindering the growth of the global electric loader rickshaw industry.
Rising fuel prices and new product launches
Increase in fuel prices is the result of surge in crude oil costs, which are majorly controlled by the Organization of the Petroleum Exporting (OPEC) countries. Moreover, prices are expected to increase with limited sources of crude oil in the future. Thus, the increase in fuel costs over the past decade has led to rise in adoption of electric loader rickshaws as a mode of daily commute for commercial businesses.
In addition, with rise in concerns for environmental degradation due to harmful emission from vehicles, the automakers and governments are promoting the use of electric loader rickshaw. Electric loader rickshaw stores electricity in a battery pack which is charged at public or private charging station. Moreover, the electric loader rikshaw requires better power as compared to passenger electric rikshaw to carry heavy loads. With heavy demand for electric loader rikshaws due to its advantages, the new product launch has proliferated. For instance, in October 2020, Mahindra Electric Mobility Limited launched the new Treo Zor electric 3-wheeler cargo vehicle. The vehicle was available at a starting price of $3,400 (INR 2.73 lacs) and was driven by an 8kW motor which allowed it to have a payload capacity of 550Kg.
Key Benefits For Stakeholders
- This study presents analytical depiction of the global electric loader rickshaw market analysis along with current trends and future estimations to depict imminent investment pockets.
- The overall electric loader rickshaw market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global electric loader rickshaw market with a detailed impact analysis.
- The current electric loader rickshaw market is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Electric Loader Rickshaw Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 614.8 million |
 Growth Rate | CAGR of 7% |
 Forecast period | 2021 - 2031 |
 Report Pages | 256 |
 By Battery Type |
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 By Range |
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 By Price Range |
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 By Power Type |
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 By Region |
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 Key Market Players | Gayatri Electric Vehicles, Hongsengmeng Group Co., Ltd., J.S. Auto Pvt. Ltd., AG International Pvt. Ltd., E-TUK Factory, Mini Metro EV LLP, BABA E-Rickshaw, Goenka Electric Motor Vehicles Private Limited, Zuperia Auto Pvt. Ltd., Adapt Motors, Arna Electric Auto Private Limited, Kinetic Green Vehicles, Terra Motors India, Mahindra Electric Mobility Limited, Singham (U.P. Telelinks Limited), SN Solar Energy, Victory Electric Vehicles International Limited |
Analyst Review
This section provides the opinions of various top-level CXOs in the global electric loader rickshaw market. The market is supplemented by numerous developments carried out by the top electric loader rickshaw manufacturers which has led to the growth of the market. Moreover, technological advancements in vehicles followed by the need for smart vehicles to commute within cities supplements the growth of the global electric loader rickshaw market.
Furthermore, rising industrialization and growing e-commerce segment has accelerated in recent years, which is propelling the electric loader rickshaw market. For Instance, India-based company uses electric loader rickshaws to provide first and last-mile delivery services to e-commerce and food-tech players such as Amazon, Swiggy, and Bigbasket. In 2021, Amazon India partnered with Mahindra Electric to deploy EVs in its delivery fleet. Amazon India had announced that its fleet of delivery vehicles will include 10,000 electric vehicles by 2025, which is expected to bring down the overall transportation cost considerably. Hence, increase in penetration of electric vehicles will also help in reducing environmental impact, which in turn is expected to create lucrative opportunity for market expansion.
The market growth is supplemented by factors such as rise in trend of last mile connectivity, increase in demand for affordable commercial vehicle, and inclination toward use of electric loader rickshaw as an eco-friendly & efficient solution for commute supplement the growth of the electric loader rickshaw market. However, lack of standardization of EV charging and high cost of battery are the factors expected to hamper the growth of the electric loader rickshaw market. In addition, greater availability of credit and financing options and rising fuel prices and new product launches creates market opportunities for the key players operating in the electric loader rickshaw market.
Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by Europe, LAMEA, and North America. On the basis of forecast analysis, LAMEA is expected to lead during the forecast period, due to rapid industrialization and rising level of emission and supportive government schemes for electric loader rickshaws.
The global electric loader rickshaw market was valued at $310.78 million in 2021, and is projected to reach $614.83 billion by 2031, registering a CAGR of 7.0% from 2022 to 2031
The leading players operating in the electric loader rickshaw market are Adapt Motors, AG International Pvt. Ltd., Arna Electric Auto Private Limited, BABA E-Rickshaw, E-TUK Factory, Gayatri Electric Vehicles, Goenka Electric Motor Vehicles Private Limited, J.S. Auto Pvt. Ltd., Kinetic Green Vehicles, Mahindra Electric Mobility Limited, Mini Metro EV LLP, Singham (U.P. Telelinks Limited), SN Solar Energy, Terra Motors India, Victory Electric Vehicles International Limited, Xuzhou Hongsengmeng Group Co., Ltd., and Zuperia Auto Pvt. Ltd.
Asia-Pacific is the largest regional market for Electric Loader Rickshaw
Introduction of Lithium-Ion batteries are the upcoming trends of Electric Loader Rickshaw Market in the world
Usage in cargo transportation are the leading application of Electric Loader Rickshaw Market
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