Electric Tuk-tuks Market : Global Industry Analysis, Trends, and Forecast (2023-2029).

Electric Tuk-tuks Market was valued at USD 489.68 Million in 2022, and is expected to reach USD 746.09 Million by 2029, exhibiting a CAGR of 6.2 % during the forecast period (2023-2029).

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.

Rising fuel costs, an increase in pollution, and traffic congestion, particularly in urban areas, have all contributed to an increase in the use of electric three-wheelers, including electric Tuk-tuks. For instance, Saera Electric Auto Pt. Ltd. increased its production capacity by opening up shop at its manufacturing facility in Bawal, Haryana, in June 2022. The plant, which covered 20,000 square metres, is equipped with cutting-edge engineering tools and machinery for producing electric vehicles, which aided in the development of electric Tuk-tuks in the Indian market. 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 and laws all contribute to the electric Tuk-tuks market's growth.

The electric Tuk-tuks market's growth is expected to be hampered by the high cost of batteries & the lack of EV charging standards. The leading players in the electric Tuk-tuks market will also benefit from increased credit and financing choices, rising gasoline prices, and new product launches.
Electric Tuk-tuks Market Dynamics:
Growth in the trend of shared mobility

Shared mobility services decrease traffic in urban areas and cut down on overall car emissions. As a result, automated car sharing and ride hailing manage travel requirements in a better way and offer a hassle-free alternative to private car ownership. A single mobile app can manage this sharing and ride-hailing activity, which covers the complete process from journey planning to payments. Ride-hailing services, which eliminate manual labour and save time and money, are expected to play a significant role in this area during the forecast period. Due to this trend, the market for electric Tuk-tuks is expected to grow in the north.

To create awareness and endorse new facilities, the key companies offer discounts, free rides, and coupon services to consumers. Additionally, the California-based company Lyft Inc. is offering free rides to patients. Also, Lyft has invested in many partnerships, mostly in healthcare transport, which offers new mobility choices for non-drivers, including older people, younger people, individuals with disabilities, and individuals without access to a vehicle. Shared transport is taking a back seat amid the pandemic. However, the advantages of shared mobility, such as reduced congestion, lower emissions, and low cost, are expected to boost demand for electric Tuk-tuks during the forecast period.To know about the Research Methodology :- Request Free Sample Report

There is a trend toward using electric Tuk-tuks as an environmentally friendly and efficient mode of transportation.

Governments and environmentalists have been increasingly concerned about the world's increasing carbon emissions caused by the combustion of fuel over the last several years, which has boosted demand for electric Tuk-tuks around the world for passenger transportation and boosted the electric Tuk-tuk market's growth. Additionally, the adoption of electric three-wheelers, including electric Tuk-tuks, has widely grown due to rising global fuel prices, an increase in pollution, and traffic congestion, particularly in urban areas. The MMR study report estimates that there are over 1.5 million motorcycles, usually used as taxis, and the number is likely to hit 5 million by the end of 2030. The number of Tuk-tuks is also high, with the majority using fossil fuel engines.

In Uganda, Sokowatch, a B2B e-commerce start-up, has partnered with Gayam Motor Works, an Indian electric Tuk-tuks manufacturer, to produce electric Tuk-tuks. The company runs numerous shops within Kampala and will be using these electric Tuk-tuks to provide goods to customers, decreasing the price as well as confirming a green output. When the Tuk-tuks were launched in Uganda, they noted that the roll-out would support Kampala’s air quality, which has been measured as poor.

Arc Ride, which has a presence in Rwanda and Kenya, has been leading research on how to convert existing fossil-fuel-powered Tuk-tuks into electric ones with the same goal of reducing air pollution and noise. By converting all 3,000,000 cabs in East Africa to EVs, the company hopes to reduce emissions and pollution in African cities and save some 12,540,000 tonnes of carbon dioxide annually.

Taxi-hailing app Bolt also declared that it will be rolling out electric Tuk-tuks to be used on its Bolt-Food segment for home delivery. The firm is also seeing use for them later as taxis. The MMR report study estimates that the volume of delivery vehicles in the top hundred cities in the world will increase by 36 percent by 2030, and for this to work flawlessly, there will be a requirement to increase the number of electric delivery cars.

Lack of standardization of Electric Vehicle charging

The EVs' battery source does not have any extra sources for charging. The shortage of charging stations in most major cities is a key challenge for the growth of the global electric Tuk-tuks market. Also, thin and unpredictable infrastructure and range anxiety can pose a problem for EVs and put travellers at risk. Furthermore, the implementation of the necessary infrastructure for EVs in developing countries is less. Also, as the technology is not yet established enough, aside from China, the sales of EVs are extremely low compared to those of internal combustion engine (ICE) vehicles.

The automotive sector has consistent 120- and 240-volt plugs, which are mainly used in homes, but has not yet set a standard for the plugs or ports that can charge vehicles in thirty minutes or less. Therefore, all these reasons, coupled with the changed prices at charging stations altogether, are responsible for hampering the growth of the global electric Tuk-tuks market.

Major Electric 3W Retail Sales February 2022



Bigger availability of credit & financing choices

Governments of many nations are supporting the acceptance of electric Tuk-tuks, an effective solution for daily travel for passengers, by presenting many incentive strategies in terms of tax credits and incentives. For instance, in the year 2019, the Indian Government announced a strategy to lower the goods and services tax (GST) on EVs from 12% to 5% to reinforce the adoption rate of electric 3W. The government is even waiving the registration charges and road tax under the electric vehicle policy. The grants further bring down the total cost of ownership, which permits the owner to save a major amount of capital each year. All these factors are estimated to generate lucrative opportunities for the electric Tuk-tuks market.
Electric Tuk-tuks Market Segment Analysis:
The Electric Tuk-tuks Market is divided into three sub-segments based on power type: Up to 1000W, 1000W to 1500W, and Above 1500W. The 1000W to 1500W segment held the leading market share in the year 2022, accounting for more than three-fifths of the total market, and is expected to maintain its dominance throughout the forecast period. The Above 1500W segment, on the other hand, is estimated to exhibit the fastest CAGR of 11.4 percent during the forecast period.

The electric Tuk-tuks market is divided into two categories based on range: up to 50 km and more than 50 km. The segment up to 50 KM held the dominant market share in the year 2022, capturing more than 35% of the global market, and is estimated to maintain its control status during the forecast period.
Electric Tuk-tuks Market Regional Analysis:
Based on region, the Electric Tuk-tuks market across the APACregion held the major share in the year 2022, holding nearly 3/4 of the global market, and is expected to maintain its leadership status during the forecast period. During the forecast period, the MEA & Africa region is expected to have the fastest CAGR of 9.3 percent.
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Electric Tuk-tuks Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US 489.68 Mn.


Forecast Period 2023 to 2029 CAGR:
6.2  %
Market Size in 2029:
US 746.09 Mn.


 Segments Covered:
by Power Type
1. Up to 1000W
2. 1000W to 1500W
3. Above 1500W


by Battery Type
1. Lithium-ion
2. Lead Acid


by Range
1. Upto 50KM
2. More Than 50KM.



Electric Tuk-tuks Market, by Region
 North America (United States, Canada and Mexico)
 Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
 Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
 Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
 South America (Brazil, Argentina Rest of South America)
Electric Tuk-tuks Market, Key Players are
1. Adapt Motors
2. AG International Pvt. Ltd.
3. Arna Electric Auto Private Limited
4. BABA E-Rickshaw
5. E-TUK Factory
6. Gayatri Electric Vehicles
7. Goenka Electric Motor Vehicles Private Limited
8. Hongsengmeng Group Co., Ltd.
9. J.S. Auto Pvt. Ltd
10. Kinetic Green Vehicles
11. Mahindra Electric Mobility Limited
12. Mini Metro EV LLP
13. Singham (U.P. Telelinks Limited)
14. SN Solar Energy
15. Terra Motors India
16. Victory Electric Vehicles International Limited
17. Zuperia Auto Pvt. Ltd.
18. Others.

Frequently Asked Questions:

1] What is the growth rate of the Global Electric Tuk-tuks Market?
Ans. The Global Electric Tuk-tuks Market is growing at a significant rate of 6.2 % during the forecast period.

2] Which region is expected to have the highest growth rate in the Global Electric Tuk-tuks Market?
Ans. The North America region is expected to hold the highest growth rate in the Electric Tuk-tuks Market during the forecast period.

3] What is the market size of the Global Electric Tuk-tuks Market by 2029?
Ans. The market size of the Electric Tuk-tuks Market by 2029 is expected to reach USD 746.09 Mn.

4] What are the major key players of the Global Electric Tuk-tuks Market?
Ans. The major key players of the Global Electric Tuk-tuks 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, Hongsengmeng Group Co., Ltd.

5] What is the study period of this market?
Ans. The Global Electric Tuk-tuks Market is studied from 2023 to 2029.