PUNE, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The Latest Electric Tuk-tuks Market Report by MMR offers insights into top business strategies, market segments, trends, and share analysis by region. The report also covers the growth analysis of leading key players in the Electric Tuk-tuks Market.
As per Maximize Market Research, Electric Tuk-tuks Market was valued at USD 461.1 Million in 2021, and is expected to reach USD 746.09 Million by 2029, exhibiting a CAGR of 6.2 % during the forecast period (2022-2029).
Electric Tuk-tuks Market Research Methodology:
"Electric Tuk-tuks Market" report presents a comprehensive market overview, market shares, and growth opportunities by Power Type, Battery Type, Range and regions. The global market size and share for a given segment are estimated by using qualitative & quantitative Analysis. Electric Tuk-tuks market research report and other insights are carefully reviewed & examined by the senior research team to ensure that the research methodology and all information provided is accurate, analyst assumptions are carefully documented & conclusions are well-supported.
A bottom-up analysis is done by estimating potential sales to determine a total sales figure. The analysis of key competitors, including market leaders, followers, and new entrants, covers each aspect of the market. The Electric Tuk-tuks Market size is estimated based on company revenues. Our analyst has also given profiling of some of the key players in the Electric Tuk-tuks Market. For companies, where revenue information is not easily available, their contribution to the total market size is considered relatively modest. Primary research was carried out through emails, telephonic conversations, referrals, professional networks, and formal interactions to get accurate information about the market size, share, growth, and forecasts.
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Global Electric Tuk-tuks Market Overview
Electric Tuk-tuks are small, three-wheeled vehicles that use electric power from batteries to run. With the help of the rechargeable batteries installed in the rickshaw body, they operate an electric motor as their engine. These battery-operated Tuk-tuks are perfect for short-distance transport. Due to their compact size, they are also ideal for running on narrow streets. Due to their low fuel & maintenance costs and ease of operation, electric Tuk-tuks are currently one of the most popular forms of transportation on the streets.
Global Electric Tuk-tuks Market Dynamics
A surge in the prices of oil at the global level, development in the trend of shared mobility, increased preference towards electric tuk-tuks as an eco-friendly and effective solution for commuting, and a rise in awareness about growing CO2 emissions around the world all push the growth of the global electric tuk-tuk market. Closure of production facilities, shortage of workforce, and lack of essential raw materials during the COVID-19 pandemic had a negative impact on the growth of the electric tuk-tuk market.
COVID-19 Scenario:
The automotive sector was adversely impacted by the pandemic. The market was constrained by a lack of labourers and stringent legislation imposing social distance requirements on factories and production lines. However, when the world gets back on track after the pandemic, the demand for electric vehicles is expected to increase.
Increasing fuel costs, a rise in pollution, and congestion, mainly in urban areas, have all contributed to a surge in the usage of electric 3-wheelers and electric Tuk-tuks. For example, Saera Electric Auto Pte. Ltd. increased its manufacturing capacity by opening up shop at its production plant in Bawal, Haryana. Growth in the "shared mobility" trend, a preference for using electric Tuk-tuks as an eco-friendly and cost-effective mode of transportation, and strict vehicle emission rules all contribute to the electric Tuk-tuks market's growth.
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Global Electric Tuk-tuks Market segment Insights
Based on battery type, the lithium-ion segment held the major share in 2021, accounting for almost 90 percent of the total electric tuk-tuk market. In addition, the sector is expected to register a maximum CAGR of 7.4 percent during the forecast period, due to the fact that they are robust and have a longer life as compared to other types of batteries. Furthermore, they have numerous advantages, such as being lighter in weight, having a higher usable capacity, providing constant power, and not being affected by temperature changes.
Based on power type, the above 1500W segment is estimated to register a maximum CAGR of 9.4 percent during the forecast period, as it is used in many applications like passenger transportation and cargo transportation. However, the 1000W to 1500W segment held the major share in 2021, accounting for more than 3/4 of the total electric tuk-tuk market, since this range of vehicles offers better power and efficiency.
Global Electric Tuk-tuks Market Regional Insights
The APAC region held the major share in the year 2021, accounting for more than 3/4 of the market, owing to increased demand for reasonable commercial vehicles with low manufacturing costs, an increase in manufacturing capacity, and a surge in demand for simple light vehicles. Also, the inclination for electric 3-wheelers has increased in APAC as compared to conventional 3-wheelers, due to their lightweight, eco-friendly nature, the need for less power, and their cost-effectiveness.
Global Electric Tuk-tuks Market Segmentation
By Power Type:
- Up to 1000W
- 1000W to 1500W
- Above 1500W
By Battery Type
- Lithium-ion
- Lead Acid
By Range
- Upto 50KM
- More Than 50KM
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Global Electric Tuk-tuks Market Key Competitors:
- 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
- Hongsengmeng Group Co., Ltd.
- 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
- Zuperia Auto Pvt. Ltd.
- Others.
Key questions answered in the Global Electric Tuk-tuks Market are:
- What are Global Electric Tuk-tuks?
- What is the growth rate of the Global Electric Tuk-tuks Market over the forecast period?
- What is the nature of competition in the Global Electric Tuk-tuks industry in developed economies and developing economies?
- Who are the key players in the Global Electric Tuk-tuks Market?
- Who are the market leaders in Global Electric Tuk-tuks in Europe?
- Who are the market leaders in Global Electric Tuk-tuks in USA and Canada?
- Who are the market leaders in Global Electric Tuk-tuks in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Global Electric Tuk-tuks Market?
- Who held the largest market share in the Global Electric Tuk-tuks Market?
- What are the factors for the growth of the Asia-Pacific region in the Global Electric Tuk-tuks Market?
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Key Offerings:
- Market Share, market size, its growth rates & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by product, Needle Length, Therapy, and regions.
- Competitive Landscape – Top Key players and Other Prominent Vendors
| Market Size in 2021 | USD 461.1 Mn. |
| Market Size in 2029 | USD 746.09 Mn. |
| CAGR | 6.2 % (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 213 |
| No. of Tables | 110 |
| No. of Charts and Figures | 112 |
| Segement Covered | Power Type, Battery Type, Range |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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