The growing trend of last mile connectivity, the growing demand for affordable commercial vehicles and the trend towards electric forklift rickshaws as an environmentally friendly and efficient commuting solution are driving the growth of the global electric forklift rickshaw market.
PORTLAND, OR, Nov. 9, 2022 /PRNewswire/ — Allied Market Research recently released a report titled Electric Rickshaw Market by Power Type (up to 1000W, 1000W to 1500W, 1500W and above) by Type battery (lithium-ion)”. , lead-acid), by range (up to 50km, over 50km), by price range (low to medium, high): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global electric rickshaw industry is valued at US$310.8 million in 2021 and is projected to reach US$614.8 million by 2031, growing at a CAGR of 7% between 2022 and 2031. The report provides a detailed analysis of changing market trends, leading segments, key investment areas, value chain, regional landscape and competitive scenario.
Increase in trend of last mile connectivity, surge in demand for affordable commercial vehicle, and inclination toward use of electric loader rickshaw as eco-friendly & efficient solution for commute have propelled the growth of the global electric loader rickshaw market. Increase in trend of last mile connectivity, surge in demand for affordable commercial vehicle, and inclination towards use of electric loader rickshaw as eco-friendly & efficient solution for commute have propelled the growth of the global electric loader rickshaw market. The rising trend of last mile connectivity, the rise in demand for affordable commercial vehicles, and the incubation of using the electric forklift rickshaw as an environmentally friendly and efficient commuting solution have spurred the growth of the global electric forklift rickshaw market. The growing trend of last mile connectivity, the growing demand for affordable commercial vehicles and the trend towards electric forklift rickshaws as an environmentally friendly and efficient commuting solution are driving the growth of the global electric forklift rickshaw market. However, the high cost of batteries and the lack of standardization of electric vehicle charging are holding back market growth. Instead, more credit and financing options, skyrocketing fuel prices and the rapid introduction of new products open up new opportunities for the future.
The Covid-19 pandemic has negatively impacted the automotive industry. Labor shortages and severe restrictions on production and production capacity in terms of social distancing are holding back the growth of the market.
However, demand for electric vehicles is expected to pick up post-pandemic as the world gets back on track.
By battery type, the lithium-ion segment will hold the largest share in 2021, accounting for nearly 90% of the global electric rickshaw market. In addition, due to their durability and longer life compared to other types of batteries, this segment is expected to register the highest CAGR of 7.4% during the forecast period. In addition, they have many advantages, such as lithium-ion batteries, they are lighter in weight, have a higher usable capacity, provide constant power and are not affected by temperature changes.
By power type, the aforementioned 1500W segment is expected to record the highest CAGR of 9.4% during the forecast period as it is used in many applications such as passenger transportation and transportation of goods from one place to another. However, the 1000W to 1500W segment will hold the largest share in 2021, accounting for more than three-fifths of the global electric forklift cycle rickshaw market as this vehicle range delivers more power and efficiency while on the job. In addition, they can be used for longer commutes of more than 50 kilometers on a single charge, as well as for transporting passengers and goods from one place to another.
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By region, the Asia-Pacific market will account for the largest share in 2021, accounting for more than three-quarters of the market, due to increased demand for fuel-efficient commercial vehicles with low production costs, increased production capacity, and growing demand for simple light vehicles. – service vehicles. In addition, in the Asia-Pacific region, electric three-wheelers are favored over conventional three-wheelers due to their light weight, environmental protection, low energy consumption, and cost efficiency. However, the global electric forklift rickshaw market in LAMEA is expected to record the highest CAGR of 11.0% during the forecast period, driven by economic development and the growing auto industry in the developing countries of the region. Electric delivery trucks/rickshaws are also being used in low- and middle-income countries, further strengthening the market. In addition, the growing acceptance of electric vehicles, such as moves to build convenient charging stations, is expected to boost demand for electric forklift rickshaws in Latin America.
The report analyzes these key players in the global Electric Rickshaw Market. These players have adopted various strategies such as expansion, new product launches, partnerships, etc. to increase market penetration and strengthen their position in the industry. The report helps to determine the performance of the business, operating segments, product portfolio and the development of each market participant.
Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unrivaled market research reports and business intelligence solutions to global corporations and small and medium enterprises. AMR provides targeted business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market segments.
We have established professional corporate relationships with various companies that help us collect market data, help us create accurate research data tables, and confirm our market forecasts with the highest accuracy. Pawan Kumar, CEO of Allied Market Research, has been instrumental in motivating and encouraging everyone associated with the company to maintain high quality data and help clients succeed in every way possible. Each piece of data presented in our published reports has been extracted from preliminary interviews with senior executives from leading companies in the respective field. Our approach to finding secondary data includes in-depth online and offline research and discussions with knowledgeable professionals and industry analysts.
Post time: Dec-12-2022
