Electric Loader Rickshaw Market Outlook – 2027
With rising industrialization and growing e-commerce segment, the need for logistics services has accelerated in recent years. Electric loader rikshaw is a motorized version of pulled rikshaw or cycle rikshaw, which gets power from electric battery packs. The usual construction ofelectric loader rickshawconsists of three wheels and have load carrying capacity.Most of the electric loader rikshaws have open sides and a cloth roof to protect the goods from the sun and rain. Moreover, the electric loader rickshawispreferred to transport goods in cities and towns for short distances as they are less suited to long distances transportation.
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The key players analyzed in the report include Kinetic Green Energy & Power Solutions Ltd., Victory Electric Vehicles International Pvt. Ltd., Lohia Auto Industries, Terra Motors Corp., Hero Electric Vehicles Pvt. Ltd., Mahindra and Mahindra, Goenka electric, SN solar, Arna Electric Auto Private Limited, GEV India.
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Top impacting factors: market scenario analysis, trends, drivers and impact analysis
The lower cost of transportation of goods is propelling the electric loader rikshaw market. Additionally, rapid industrialization is fueling the growth of electric loader rikshaw market. Besides,higher maneuverability offered by electric loader rikshaw in congested urban areas is driving the market growth. Moreover, rising level of emission and supportive government schemes is favoring the market of electric loader rikshaw. However, underdeveloped public charging infrastructure is restraining the market growth. Furthermore, rising fuel prices and expansion of production capacities are proliferating the electric loader rikshaw market growth.
The Electric Loader Rickshawmarkettrends are as follows:
New product launch to bolster the market
With rise in concerns for environmental degradation due to harmful emission from vehicles, the automakers and governments are promoting the use of electric loader rickshaw.Electric Loader Rickshaw stores electricity in a battery pack which is charged at public or private charging station.Moreover, the electric loader rikshaw requires better power as compared to passenger electric rikshaw to carry heavy loads. With heavy demand for electric loader rikshaws due to its advantages, the new product launch has proliferated. For instance, Mahindra and Mahindra has unveiled electric loader, Mahindra Treo. The company is planning to showcase the new product at Auto Expo 2020.
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E-commerce segment to drive the growth
While e-commerce has grown significantly globally in recent years, there is a huge potential for penetration of online sales in near future. Factors like growth of rural consumption, growing income level, increased online spending and rising use of internet and smartphones are fueling the e-commerce platforms. However, commercial delivery vehicle which run on fossil fuels aren’t cost-effective as frequent stops and idling waste lots of petrol. To resolve this problem, many companies are focusing towards electric loader rikshaws for delivering products. For instance, in 2020, Amazon announced that the company will buy electric delivery rikshaws from small manufacturers to deliver the products in India.
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