Electric Tuk-Tuks Market Surges – Growing from $461.1 Million (2021) to $843.5 Million (2031) at 6.2% CAGR

WILMINGTON, NEW CASTLE, DE, UNITED STATES, March 5, 2025 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Electric Tuk-tuks Market Size, Share, Competitive Landscape and Trend Analysis Report, by Power Type, by Battery Type, by Range, by Price Range : Global Opportunity Analysis and Industry Forecast, 2021-2031.

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐮𝐤-𝐭𝐮𝐤𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬 - 𝟐𝟎𝟑𝟏 :

The global electric tuk-tuks market was valued at $461.1 million in 2021, and is projected to reach $843.5 million by 2031, growing at a CAGR of 6.2% from 2022 to 2031.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A08913

The concept of electric tuk-tuks is typically attributed to the transportation options that use a propulsion technology that does not produce internal combustion engine exhaust or other carbon emissions when it operates. It utilizes a battery and an electric powertrain to propel the vehicle. The electric tuk-tuks are primarily electric three-wheelers used to load goods or carry passengers. At present, continuously growing global carbon emission by combustion of fuel has been one of the foremost concerns for governments and environmentalists for the past few years, which as a result, bolsters the demand for electric tuk-tuks across the globe for daily commute by passengers; thereby, supplementing the growth of the market. For instance, in June 2022, Audi launched an e-rickshaw (electric tuk-tuk) for the Indian market in collaboration with Indian non-profit battery startup Nunam. It is alleged that the design uses environmentally friendly materials based on recycled materials, and the battery is reliably protected from moisture.

In addition, the electric tuk-tuks market has witnessed significant growth in recent years, owing to the increased demand for improved vehicle performance and the inclination of consumers towards environment-friendly vehicles. Hence, governments of various countries are supporting the adoption of electric tuk-tuks by introducing various incentive plans in terms of tax credits and incentives. For instance, in June 2019, the Indian Government announced a plan to lower the goods & service tax (GST) on electric vehicles from 12% to 5% to reinforce the adoption rate of electric three-wheeler (tuk-tuks).

The factors such as growth in the trend of shared mobility, inclination toward the use of electric tuk-tuks as an eco-friendly & efficient solution for commute, and stringent vehicular emission norms & regulations supplement the growth of the electric tuk-tuks market. However, the lack of standardization of EV charging and the high cost of battery are the factors expected to hamper the growth of the electric tuk-tuks market. In addition, greater availability of credit and financing options and rise in fuel prices and new product launches create market opportunities for the key players operating in the electric tuk-tuks market.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/electric-tuk-tuks-market/purchase-options

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

Numerous companies operating in the automotive industry have stepped up by reconfiguring their supply chain, production, and services for the delivery of critical medical supplies. For instance, India’s largest automaker, Maruti Suzuki, collaborated with Nigen Equipment Pvt Ltd and SAM Gas Projects Pvt Ltd to produce more oxygen to meet the demand. Bajaj Auto, a market leader in the three-wheeler market came out to assist their employees who lost their battle in COVID-19 by paying them two years’ salary. In addition, Mahindra & Mahindra started using their bolero trucks for oxygen cylinder deliveries. Furthermore, the pandemic also impacted the source of earnings of various electric tuk-tuks drivers, especially in passenger space, owing to which the loan defaulters have increased at a considerable pace. This further initiated a chain reaction, as contracting in finance facilities further impacted the electric tuk-tuks sales. In addition, due to the imposition of lockdown, the government of many countries restricted the use of public transport, which led to less income for the owner, resulting in delayed or no payment of the bank EMI.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By power type, the above 1500W segment is projected to dominate the global electric tuk-tuks market in terms of growth rate.

By battery type, the lithium-ion segment is projected to dominate the global electric tuk-tuks market in terms of growth rate.

By range, the upto 50KM segment is projected to dominate the global electric tuk-tuks market in terms of growth rate.

By price range, the high segment is projected to dominate the global electric tuk-tuks market in terms of growth rate.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A08913

The leading players operating in the electric tuk-tuks market are Arna Electric Auto Private Limited, Bajaj Auto Ltd., E-Tuk Factory, Goenka Electric Motor Vehicles Pvt. Ltd., Green Valley Motors, Hero Electric, Jezza Motors, Kinetic Green Vehicles, KUKU Automotives, Mahindra Electric Mobility Limited, SAERA ELECTRIC AUTO PVT. LTD., SN Solar Energy, Speego Vehicles Co Pvt Limited, SUPERECO, Udaan E Rickshaw, QSD, and Zuperia Auto Pvt. Ltd.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Automotive OEM Telematics Market
https://www.alliedmarketresearch.com/automotive-oem-telematics-market

Motorcycle Battery Market
https://www.alliedmarketresearch.com/motorcycle-battery-market-A11374

Crossovers Market
https://www.alliedmarketresearch.com/crossovers-market-A10762

Integrated Traffic Systems Market
https://www.alliedmarketresearch.com/integrated-traffic-systems-market-A12181

Luxury Car Rental Market
https://www.alliedmarketresearch.com/luxury-car-rental-market-A12260

Superyacht Market
https://www.alliedmarketresearch.com/superyacht-market-A11376

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
+ 1 800-792-5285
email us here
Visit us on social media:
Facebook
X
LinkedIn
YouTube