E-Rickshaw Market Will Reflect Significant Growth Prospects during 2019-2029

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E-Rickshaw is the new growing trend across all the regions, owing to its various advantages over the traditional auto rickshaw. Driver of omnipresent conventional three-wheelers through smoggy, crowded streets discovered that e-rickshaws are faster, quieter, cleaner and cheaper to maintain than the conventional auto rickshaw. E-rickshaws are less arduous than cycle rickshaws, which required all-day peddling. So with more rides possible in a day, the e-rickshaws are proving more productive or we can say more lucrative with the demand of e-rickshaw are growing exponentially all across the globe.

E-rickshaws are widely accepted as an alternative to diesel, petrol, CNG auto rickshaws. Increasing awareness about the air pollution and other environmental issues which can be reduced by using the e-rickshaws. In the e-rickshaw the main electronic components that make the drive are controller, motor, batteries, harness and throttle. The mismatch between any of these components is nasty and may reduce performance.

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E-Rickshaw Market: Dynamics

Considerably low investment than an auto-rickshaw, pleasing daily earning than cycle rickshaws and growing end-user affordability are some significant factors which driving the growth of e-rickshaw market. The advantages of e-rickshaw over traditional auto rickshaw and cycle rickshaw leads the e-rickshaw market. Rising environmental awareness, implementation of stringent regulations to curb environmental degradation and government incentives are some other factors which pushes the global e-rickshaw market growth

However, cost of batteries, charging stations, quality of batteries are found to be some primary challenges in the global e-rickshaw market. Overcharging of batteries is the secondary issue which causes some serious problems such as rusting on the positive grid, shortage of water, the spoiling of the material of positive and oxidation in the separator will arise as a result of which the life of battery will be reduced.

Key manufacturers involved in the e-rickshaw production are focusing on the introduction of fiber-reinforced plastic (FRP) technology, which is composite material, made of a polymer matrix reinforced with glass fibers. FRP allows fibers of plastic to suit specific designs and its specific orientation can increase the strength and resists deformation.

E-Rickshaw Market: Regional Outlook

Based on regions, the e-rickshaw market is anticipated to be led by the Asia Pacific region, especially by India and ASEAN countries such as Thailand, Vietnam and Philippines. India captures a significant amount of market shares in terms of revenue and sales, owing to an increasing number of demand and production of e-rickshaws. Followed by India, China and ASEAN countries has the second and third most prominent market share of e-rickshaws in terms of production as well as sales respectively. Middle East and Africa region is expected to witness moderate growth in the coming years. European region is expected to witness a stable growth in the e-rickshaw market. The market share of e-rickshaw in North America is at the lower side, as most of the countries in this regions are developed and acquired with modern public transport systems, such as metros, cabs, electric buses and others, hence the demand for e-rickshaws is declining in this regions and hence the market share is also going down.

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E-rickshaw Market: Market Participant

Some of the key players involved in the global E-rickshaw market include Hhw Care Products Pvt. Ltd., Charuvikram Automobiles Pvt. Ltd., A G International Pvt. Ltd., Saera Electric Auto Pvt. Ltd., Gauri Auto India Pvt. Ltd., Yuva E Rickshaw, Xuzhou Hongsengmeng group Co., Ltd., Wuxi Weiyun Motor Co. Ltd., Wuxi Berang International Trading Co., Ltd., Udaan E Rickshaw, Goenka Electric Motor Vehicles Pvt. Ltd., Mini Metro EV LLP, Aditya Automobile, Dilli Electric Auto Pvt. Ltd. among others.

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