The Global Electric Tuk-tuks Market involves electric three-wheeled auto rickshaws or autos used for short-distance commuting and transportation of goods. Electric tuk-tuks provide eco-friendly transportation alternatives to fuel-based vehicles with zero emission and low operating and maintenance costs. The lithium-ion battery installed in electric tuk-tuks enables a range of up to 120 km on a single charge. Various government initiatives to promote electric vehicles along with growing preference for green mobility solutions have boosted the 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 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 Indian government's FAME II initiative to promote electric mobility is expected to drive significant demand for electric tuk-tuks in the region.
Growing urban tourism in various countries has increased the requirement for short-distance commuting options like electric tuk-tuks. Moreover, rising environmental awareness and stringent emission norms regarding fuel-based vehicles are encouraging people to opt for green vehicles alternatives. Various electric tuk-tuk manufacturers are also expanding their global footprint to leverage business opportunities in international markets.
Market Drivers
The growing urban tourism sector is one of the key drivers for the global electric tuk-tuks market. As tourist activities and spots are increasingly concentrated in urban areas, there is a rising demand for affordable yet environment-friendly options for sightseeing and short trips. Electric tuk-tuks help meet this demand since they provide noise-free and zero-emission transportation. The growing adoption of electric vehicles worldwide to reduce carbon footprint is also propelling the electric tuk-tuks market.
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