Dublin, April 24, 2024 (GLOBE NEWSWIRE) -- The "Global Electric Tuk Tuks Market 2024-2028" report has been added to ResearchAndMarkets.com's offering.
The global electric tuk tuks market is anticipated to witness substantial growth over the next five years, with a forecasted increase of USD 206.4 million in market size during the 2023-2028 period. The acceleration is predicted at a Compound Annual Growth Rate (CAGR) of 6.68%, according to a comprehensive market analysis.
Market Expansion Driven by Rental and Subscription Service Models
A confluence of factors contributes to the rise of the electric tuk tuks market. Among these, the expansion of rental and subscription service models for the ownership of electric tuk-tuks is significantly propelling market growth.
Additionally, the volatility of fuel prices is prompting the demand for more economical alternatives such as electric tuk-tuks. Furthermore, as urbanization increases across the globe, there is a corresponding heightened need for efficient last-mile transport solutions.
Segmentation Analysis
The market study segments the electric tuk tuks industry based on various criteria. In terms of application, the market is divided into passenger carrier and goods carrier segments. Concerning type, the market is categorized into the power capacity of up to 1000W, 1000 - 1500W, and more than 1500W.
Geographically, the analysis covers five main regions: Asia Pacific (APAC), North America, Europe, South America, and the Middle East and Africa.
Innovations and Trends Fueling Market Advances
Innovation remains a key driver, with the integration of electric tuk tuks into ride-sharing and e-hailing platforms identified as a pivotal trend in the market's forward momentum.
Moreover, the increasing focus on utilizing lightweight materials and enhancing the aerodynamic designs of electric tuk tuks, along with customization for specialized applications, is expected to generate considerable market demand.
Competitive Landscape
The report features a robust vendor analysis, aimed at supporting clients in enhancing their market positions. The market outlook emphasizes the importance of strategic planning for companies to capitalize on growth opportunities in the evolving market scenario.
Industry participants can look forward to an in-depth examination of market dynamics, trends, and comprehensive industry analysis.
Companies Profiled:
- Arna Electric Auto Pvt. Ltd.
- BABA E Rickshaw
- Bajaj Auto Ltd.
- Biliti Electric
- E Tuk Factory
- Goenka Electric Motor Vehicles Pvt. Ltd.
- Green Valley Motors
- Jezza Motors
- Kinetic Engineering
- KUKU Automotives
- Mahindra and Mahindra Ltd.
- Piaggio and C. Spa
- QSD
- SAERA Electric Auto
- SuperEco
- TVS Motor Co. Ltd.
- Udaan E Rickshaw
- Zuperia Auto
- Terra Motors India
- SN Solar Energy
For more information about this report visit https://www.researchandmarkets.com/r/lly2xg
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