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.
COVID-19 scenario analysis:
- The novel coronavirus has affected the commercial transportation industry along with stoppage in trade activities.
- Besides, the lockdown and containment measures, the production has stopped, further creating a problem in revenue generation for electric loader rikshaw owners.
- Additionally, supply chain issues created by COVID-19 pandemic would divert OEMs to start in-house manufacturing instead of third-party suppliers. This, in turn, would affect the business of electric loader rikshaw.
- Moreover, the electric loader rikshaw manufacturing has halted due to the pandemic.
- However, business owners who need newer electric loader rikshaws for running their organization is anticipated to fuel the market.
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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.
Key benefits of the report:
- This study presents the analytical depiction of the electric loader rickshaw industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Electric Loader Rickshawmarket analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the electric loader rickshaw market research report:
- Which are the leading market players active in the Electric Loader Rickshawmarket?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
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