E-rickshaw Market Report 2026

The e-rickshaw market size has grown rapidly in recent years. It will grow from $1.33 billion in 2025 to $1.47 billion in 2026 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to urban population growth, fuel cost volatility, demand for short-distance transport, government electrification initiatives, low entry cost vehicles.

The e-rickshaw market size is expected to see rapid growth in the next few years. It will grow to $2.16 billion in 2030 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to government subsidies for evs, lithium-ion battery adoption, charging infrastructure growth, emission reduction targets, expansion of shared mobility. Major trends in the forecast period include rapid adoption of affordable electric mobility, expansion of last-mile connectivity solutions, growth of battery-powered three-wheelers, rising use in urban transport, demand for low operating cost vehicles.

Rising demand for fuel-efficient vehicles is expected to drive the growth of the e-rickshaw market in the coming years. Fuel-efficient vehicles are those that consume less fuel per mile traveled compared to conventional vehicles. Demand for such vehicles is increasing due to heightened environmental awareness and a growing emphasis on sustainable living. E-rickshaws support fuel efficiency by providing an eco-friendly alternative that reduces dependence on fossil fuels and lowers emissions. For example, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, electric vehicles accounted for about 18% of total car sales in 2023, up from 14% in 2022, indicating a strong shift toward sustainable transportation options. Therefore, the rising demand for fuel-efficient vehicles is fueling the growth of the e-rickshaw market.

Leading companies in the e-rickshaw market are focusing on introducing innovative features, such as double-stroke front suspension systems, to maintain their competitive position. A double-stroke front suspension in an e-rickshaw is designed to enhance ride comfort and stability by allowing the front wheels to move independently through two phases of motion. For instance, in June 2023, Voltrider Private Limited, an India-based e-mobility startup, launched a new electric rickshaw variant named Volton Rick. The Volton Rick is a three-seater vehicle with a maximum load capacity of 250 kg, including the rider, powered by a 750-watt/48-volt BLDC motor. It features a double-stroke front suspension, drum brakes, and can be operated using pedals, the motor, or both simultaneously. The vehicle achieves a top speed of 25 km/hr under full load and is equipped with a 36 Ah/48-volt LiFePO₄ battery pack, providing a driving range of 50-60 km in throttle mode.

In September 2023, Bestway Agencies Private Limited (BAPL), an India-based electric three-wheeler manufacturer and distributor, partnered with Akasa Finance Limited to expand access to affordable financing for electric three-wheeler ownership. Through this partnership, BAPL and Akasa Finance aim to boost adoption of last-mile electric mobility by offering substantial financing options covering 80% or more of the vehicle’s ex-showroom price along with flexible loan tenures. This collaboration is intended to reduce purchase barriers, accelerate fleet expansion, and support cleaner and more affordable transportation solutions in regional markets. Akasa Finance Limited is an India-based non-banking finance company (NBFC) that provides vehicle loans and customized financing solutions for two- and three-wheelers and utility vehicles.

Major companies operating in the e-rickshaw market report include Terra Motors India, Piaggio Vehicles Pvt. Ltd., Kinetic Green Energy & Power Solutions Ltd., Mahindra Electric Mobility Ltd., Lohia Auto Industries, Atul Auto Ltd., Omega Seiki Mobility Pvt. Ltd., Saera Electric Auto Pvt. Ltd., Victory Electric Vehicles International Ltd., Gayam Motor Works Pvt. Ltd., Jezza Motors, Goenka Electric Motor Vehicles Pvt. Ltd., J.S. Auto Pvt. Ltd., Mini Metro EV LLP, Electra International, Eroyce Motors India Pvt. Ltd., EUSI Motors Pvt. Ltd., YC Electric Vehicle LLP, Indo Wagen Electric Vehicles, Yatri, Sathi Motors, Tom-Tom.

Asia-Pacific was the largest region in the E-rickshaw market in 2025. The regions covered in the e-rickshaw market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the e-rickshaw market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The e-rickshaw market consists of sales of electric motors, chassis and frames, suspension systems, and braking systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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