The Electric Tuk-tuks Market delves into various aspects, enabling readers to gain a deep understanding of the market dynamics, trends, and potential opportunities.
Report Ocean recently released a research report on the Electric Tuk-tuks Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2030. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global electric tuk-tuks market revenue was around US$ 462.9 million in 2021 and is estimated to reach US$ 844.6 million by 2031, growing at a compound annual growth rate (CAGR) of 6.2% during the forecast period from 2022 to 2031.
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Electric tuk-tuks, sometimes referred to as e-rickshaws or toto, are small, three-wheeled vehicles that are powered by electricity stored in batteries. They have inserted rechargeable batteries in the rickshaw body, and they utilize those batteries to power an electric motor that serves as their engine. These battery-powered cars are ideal for short-distance transportation of both persons and freight.
Factors Influencing Market Growth
The usage of electric tuk-tuks as a green and effective commute option is growing in popularity, as is the shared mobility trend. Thus, these factors drive market growth.
Rising gasoline prices, increased credit and finance choices, and the introduction of new products all open up opportunities for the major competitors on the market.
The high cost of batteries and the absence of EV charging standards restrain market growth.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had an influence on the drivers of various electric tuk-tuks’ sources of income, particularly in the passenger area, which contributed to the rapid rise in loan defaulters. This set off a series of events, with the sales of electric tuk-tuks being negatively impacted by the contraction of loan facilities. In addition, many governments banned the use of public transport as a result of the lockdown, which had a negative impact on the global market
Regional Insights
The Asia-Pacific region dominated the market in terms of shares. Due to an increase in demand for affordable commercial vehicles with low manufacturing costs, an expansion in manufacturing capacity, and a surge in demand for straightforward light cars. Electric 3-wheelers have also gained popularity in APAC compared to traditional 3-wheelers due to their affordability, eco-friendliness, lightweight, and reduced power consumption. Such, these factors boost the market growth in this region.
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Leading Competitors
The leading competitors in the global electric tuk-tuks market are:
E-Tuk Factory
BABA E-Rickshaw
Arna Electric Auto Private Limited
AG International Pvt Ltd
Zuperia Auto Pvt Ltd
J.S. Auto Pvt Ltd
Goenka Electric Motor Vehicles Private Limited
Victory Electric Vehicles International Limited
Mahindra Electric Mobility Limited
SN Solar Energy
Terra Motors India
Hongsengmeng Group Co Ltd
Kinetic Green Vehicles
Gayatri Electric Vehicles
Singham (U.P. Telelinks Limited)
Adapt Motors
Mini Metro EV LLP
Others
Segmentation Analysis
The global electric tuk-tuks market segmentation focuses on Power Type, Battery Type, Range, Price Range, and Region.
Segmentation based on Power Type
Up to 1000W
1000W to 1500W
Above 1500W
Segmentation based on Battery Type
Lithium-ion
Lead Acid
Segmentation based on Range
Upto 50KM
More Than 50KM
Segmentation based on Price Range
Low to Mid
High
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
What is the goal of the report?
- The market report presents the estimated size of the India Refrigerators market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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