Portland, OR, Nov. 11, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric tuk-tuks market generated $461.1 million in 2021, and is projected to reach $843.5 million by 2031, growing at a CAGR of 6.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Electric Tuk-tuks Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $461.1 million |
| Market Size in 2031 | $843.5 million |
| CAGR | 6.2% |
| No. of Pages in Report | 251 |
| Segments Covered | Power type, battery type, range, price range, and region. |
| Drivers | Increase in the standard of living |
| Surge in the prices of fuel at the international level | |
| Opportunities | Growth in the trend of shared mobility |
| Rapid inclination towards electric tuk-tuks as an eco-friendly & efficient solution for commute | |
| Restrains | Lack of standardization of EV charging and the high cost of battery |
COVID-19 Scenario:
- The COVID-19 pandemic had a negative impact on the growth of the global electric tuk-tuks market, due to the presence of lockdowns as imposed by the governments of various countries across the globe.
- Lockdowns resulted in the closure of various manufacturing facilities including those of automobiles, both electric and conventional, due to the stringent social distancing restrictions from the government during the pandemic. This adversely impacted the growth of the market.
- In addition, shortage of workforce and lack of essential raw materials due to the prevalence of strict import and export restrictions during the pandemic further aggravated the impact on the market.
- However, the market is expected to recoup soon with increase in awareness about environment and electric vehicles.
The report offers detailed segmentation of the global electric tuk-tuks market based on power type, battery type, range, price range, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
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Based on power type, the 1000W to 1500W segment held the dominating market share in 2021, holding more than three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Above 1500W segment, on the other hand, is expected to cite the fastest CAGR of 11.4% during the forecast period.
Based on range, the upto 50KM segment held the dominating market share in 2021, holding more than three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The more than 50KM segment, on the other hand, is expected to cite the fastest CAGR of 7.1% during the forecast period.
Based on price range, the low to mid segment held the largest market share in 2021, holding about four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The high segment, on the other hand, is expected to cite the fastest CAGR of 7.2% during the forecast period.
Based on region, the market across Asia-Pacific region held the lion’s share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 9.3% during the forecast period.
The key players analyzed in the global electric tuk-tuks market report include Arna Electric Auto Private Limited, Bajaj Auto Ltd., E-Tuk Factory, Goenka Electric Motor Vehicles Pvt. Ltd., Green Valley Motors, Hero Electric, Jezza Motors, Kinetic Green Vehicles, KUKU Automotives, Mahindra Electric Mobility Limited, Saera Electric Auto Pvt Ltd, SN Solar Energy, Speego Vehicles Co Pvt Limited, SUPERECO, Udaan E Rickshaw, QSD, and Zuperia Auto Pvt. Ltd.
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The report analyzes these key players in the global electric tuk-tuks market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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