They come equipped with lithium-ion batteries that can be charged conveniently via regular power outlets. This makes them cheaper to run and maintain compared to internal combustion engine vehicles. Government initiatives and subsidies in several countries are further encouraging the adoption of electric tuk-tuks for reducing air pollution in urban areas.
The Global Electric Tuk-tuks Market is estimated to be valued at US$ 844.71 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 Size 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.
Growing awareness about environmental protection and cost-effectiveness of electric vehicles compared to fossil fuel variants is boosting demand for electric tuk-tuks globally. Various favorable government initiatives aimed at promoting electric mobility such as purchase incentives and subsidies are further augmenting market growth.
Key players are expanding their manufacturing facilities and sales networks across international markets. Growing electric vehicles market and macroeconomic development in emerging economies of Asia Pacific and Latin America are attracting new market entrants.
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