by Global Electric Tuk-tuks Market is estimated to be valued at US$ 549.45 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 To 2031.
Electric Tuk-tuks, also known as E-tuk-tuks or battery operated tuk-tuks are three-wheeled battery powered commercial passenger carriers used for short distance transportation needs. They offers eco-friendly public transportation solution along with low operational and maintenance costs. The growing need for last mile connectivity in metro and tier 1 cities across the globe is driving demand for electric tuk-tuks. The global electric tuk-tuks market is estimated to be valued at US$ 549.45 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Global Electric Tuk-Tuks Market Demand 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 demand for electric tuk-tuks is growing rapidly due to rising urbanization and population in metro cities. The increasing adoption of shared mobility solutions and focus on reducing vehicle emissions is also propelling market growth.
The global electric tuk-tuks market is expanding rapidly with entry of various new players and rising exports. Countries in Asia Pacific and Latin America regions are witnessing higher adoption of electric tuk-tuks due to growing shared mobility revolution and last mile connectivity needs.
Market Key Trends
Technological advancements in lithium-ion batteries with higher capacity and power are enabling longer range and operation timeframe of electric tuk-tuks. This is fueling wider acceptance of e-tuk-tuks among operators and fulfilling diverse operational requirements. Leading players are focusing on developing innovative battery solutions to improve performance and manage total cost of ownership of electric tuk-tuks. The trend towards advanced and superior battery technologies is expected to keep market trending upwards over coming years.
Porter’s Analysis
Threat of new entrants: Low as requirement of large investment to enter this market which acts as a barrier.
Bargaining power of buyers: High as there are many established players in the market providing variety of options.
Bargaining power of suppliers: Low as requirement of specialized components gives advantage to manufacturers.
Threat of new substitutes: Low as Electric Tuk-tuks are environment friendly alternative to gas/diesel vehicles.
Competitive rivalry: High as the market has many domestic and global players competing on the basis of product quality, pricing and customization.
Geographical Regions
Currently, Asia Pacific dominates the global electric tuk-tuks market and is expected to grow at the fastest rate during the forecast period. Countries like India, Thailand, Indonesia, Bangladesh are major markets concentrated in terms of value in Asia Pacific region due to high adoption of electric three-wheelers for public transportation and rental purposes.
Europe is anticipated to witness the fastest growing region for the global electric tuk-tuks market during the forecast period. Increasing initiatives by government for adoption of electric vehicles and ban on ICE vehicles in large cities are promoting the demand of electric tuk-tuks in countries like France, UK, Italy and Spain
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
