China electric rickshaw market is projected to grow at a considerable CAGR during the forecast period (2019-2025). The factors that are propelling the growth of the market include the adoption of the electric rickshaw for public transport, rising need for energy requirement, and government incentives for the electric rickshaw is growing the China electric rickshaw market.
In 2018, China had set a target of around 15% of vehicle sales to be of electric rickshaw by 2025. In April 2020, according to the China Association of Automobile Manufacturers (CAAM), China will cut subsidies by 20% in 2021 and 30% in 2022 on new energy electric vehicles and will expand the government purchase of electric vehicles.
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Apart from it, China is aiming to reduce carbon emission and it comes under the EV30@30 campaign which aims to accelerate the deployment of electric vehicles. China has the goal to achieve fifth auto sales by 2025. China aims to have low carbon emission and no pollution country by 2025. In addition, China would increase subsidies on new energy vehicle purchases to 2022 and extend the purchase tax exemption for two years.
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As per the China government, 1.3 million electric rickshaws have been sold since 2011 and around 11,000 new electric rickshaws are sold every month which is expected to increase annual sales by about 9% by the end of 2021. Therefore, the rising need for energy requirements and zero-emission propel the growth of the electric rickshaw market.
Market Coverage
- Market number available for – 2018-2025
- Base year- 2018
- Forecast period- 2019-2025
- Segment Covered- By Carrier Type and By Battery Type
- Region Covered- China
- Competitive Landscape- Bajaj Auto Ltd., Changzhou Yufeng Vehicle Co. Ltd., DezhouYijie Import and Export Co., Ltd., and GongyiHongsheng Machinery Equipment Co., Ltd.
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
China Electric Rickshaw Market Report Segment
By Carrier Type
- Passenger Carrier
- Load Carrier
By Battery Type
- Lead Acid
- Li-ion
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
