May 22, 2024
Global Electric Tuk-Tuks Market

Global Electric Tuk-tuks Market is Estimated to Witness High Growth Owing to Increasing Demand for Low-cost Transportation

Global Electric Tuk-tuks Market is used as an intra-city transportation service in several countries of Asia and Africa. Electric Tuk-tuks, also known as E-Rickshaws or E-Tuk tuks, provide emission-free transportation and serve short-distance commuting needs in crowded urban areas. The rising demand for low-cost and eco-friendly transportation solutions is expected to drive the demand for electric tuk-tuks.

The global electric tuk-tuks market is estimated to be valued at US$ 844.71 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Global Electric Tuk-Tuks Market Growth 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., 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.

The key opportunities in the global electric tuk-tuks market include rising investments in developing charging infrastructure and production of high-performance electric tuk-tuks. Governments across several countries are promoting the adoption of electric vehicles to reduce emission levels. This is expected to drive the demand for electric tuk-tuks for intra-city cargo transportation.

The global market for electric tuk-tuks is expected to witness high growth in Asia Pacific and African regions due to the rising need for low-cost transportation in densely populated urban areas. Several developing nations are promoting indigenous manufacturing of electric tuk-tuks to boost their domestic auto industries.

Market drivers

The key driver for the global electric tuk-tuks market is the increasing demand for low-cost transportation solutions, especially in emerging economies. Electric tuk-tuks have lower operating and maintenance costs compared to their fossil fuel-powered counterparts. Additionally, the rising prices of fossil fuels and strict emission norms are encouraging commuters and cargo operators to switch to electric tuk-tuks. Governments across several nations are offering purchase incentives and subsidies to boost the adoption of electric commercial vehicles like tuk-tuks. This is expected to further propel the demand for electric tuk-tuks over the forecast period.

PEST Analysis

Political: The government regulations regarding emission norms and promotion of adoption of electric vehicles will impact the electric tuk-tuk market. Some governments provide subsidies for purchasing electric vehicles.

Economic: The electric tuk-tuk market is dependent on the economic condition of the regions. Strong economic growth promotes more passenger transportation activities fueling the demand.

Social: Growing environmental concerns in society is driving the adoption of electric vehicles. People are shifting towards electric tuk-tuks for daily commuting as they are affordable and cause less noise and air pollution.

Technological: Advancements in battery technology is enabling higher vehicle range in electric tuk-tuks. New motors and controllers are improving the performance. Connected features are being added for safety and fleet management.

The global electric tuk-tuk market in terms of value is concentrated highly in Asia Pacific region, led by countries like India and China. India has large number of small electric vehicles plying in cities and towns for last mile connectivity. China also has sizable urban mobility needs in smaller towns.

The fastest growing region for global electric tuk-tuk market is expected to be Latin America over the forecast period. Countries like Brazil, Colombia and Ecuador are witnessing increased vehicle sales as people prefer electric alternatives for daily commutes within cities. Affordability of electric tuk-tuks is driving their adoption in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it