China Electric Rickshaw Market Analysis, Trends, Growth, Size, Forecast 2025
Posted by shiba123 on May 23rd, 2020
China electric rickshaw market is estimated to grow at a considerable CAGR during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The rising demand for electric rickshaws in metropolitan cities, government support, and the presence of major market players in the country are further contributing to the growth of the China electric rickshaw market. China is one of the members of the EV30@30 Campaign that aims to accelerate the deployment of EVs. Further, China is actively participating in EV pilot project programs. In 2018, the country had set a target that electric rickshaw to account for at least 15% of its vehicle sales by 2025.
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The market is segmented based on carrier type and battery type. Based on the carrier type, the market is sub-segmented into the passenger carrier and the load carrier. Based on carrier type, the passenger carrier is anticipated to showcase a considerable growth rate during the forecast period. The increasing demand for electric vehicles for passengers to reduce vehicle emission and to offer low-cost mobility is a key factor contributing to the passenger carrier electric rickshaw. Based on the battery type, the market is sub-segmented into lead-acid and Li-Ion. The decline in cost of li-ion battery and inherent benefits offered by these batteries including smaller size, lighter weight, and higher energy density is anticipated to drive the market share of these batteries.
Bajaj Auto Ltd., Changzhou Yufeng Vehicle Co. Ltd., DezhouYijie Import And Export Co., Ltd., GongyiHongsheng Machinery Equipment Co., Ltd., and so on are the major market players operating in the China electric rickshaw market. The market players are considerably contributing to the market growth by adopting various strategies including new product innovations, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.
A Full Report of China Electric Rickshaw Market is Available at https://www.omrglobal.com/industry-reports/china-electric-rickshaw-market
China Electric Rickshaw Market Segmentation
By Carrier Type
By Battery Type
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