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E-rickshaw Market Set to Total USD 38360.8 Million by 2034 Amid Rising Need for Last-mile Travel Options | Future Market Insights Inc.

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India and China are projected to dominate the electric rickshaw sector from 2024 to 2034. Spain, France, and Italy are also expected to experience significant growth in this market, with anticipated growth rates of 23.9%, 22.3%, and 20.7%, respectively.

NEWARK, Del., June 26, 2024 /PRNewswire/ — The projected market size for global e-rickshaws is expected to reach USD 2425.1 million by 2024 and is predicted to grow at a CAGR of 31.8% from 2024 to 2034. It is estimated that the worldwide sales of e-rickshaws will total USD 38360.8 million by 2034, driven by increasing demand for sustainable transportation solutions.

The e-rickshaw market is anticipated to show promising growth prospects during the forecast period as a result of growing competition. New competitors are offering a variety of options at reasonable pricing to fulfill the demand for e-rickshaw, making them more accessible to customers in the global e-rickshaw market.

In 2024, passenger carrier e-rickshaws are anticipated to dominate the market with a 64.4% share, making it the leading vehicle type in the electric rickshaw industry. Additionally, the segment of 1,000 to 1,500 motor power is expected to hold a 57.4% value share in 2024.

The entry of various automotive manufacturers into the e-rickshaw industry, along with the introduction of new models, is contributing to the growth of the market. Opportunities are arising from smart city projects that prioritize urban mobility solutions and create a conducive environment for the integration of e-rickshaws in public transport networks. Localized production of lithium-ion-battery-based e-rickshaws is also encouraging high adoption rates.

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Challenges in the electric rickshaw sector include the lack of standardization in terms of quality, safety, and performance, which may lead to an influx of low-quality e-rickshaws. Furthermore, the reliance on imported key components for e-rickshaw production poses a significant challenge for manufacturers.

Key players in the industry are focusing on introducing cost-effective 3W EVs with advanced technology, aiming to offer consumers the benefits of both affordability and advanced features. These companies are presenting a compelling value proposition in the rapidly evolving industry.

The e-rickshaw market’s leading manufacturers are concentrating their efforts on the introduction of fiber-reinforced plastic (FRP) technology, which is a composite material composed of a polymer matrix reinforced with glass fibers. FRP enables plastic fibers to be shaped to fit specific designs, and the orientation of the fibers increases strength and resistance to deformation.

Key Takeaways from the Market Report:

The e-rickshaw market is set to reach USD 38360.8 million by 2034 with a CAGR of 31.8%.By vehicle type, passenger carriers are leading the e-rickshaw market with a value share of 64.4% in 2024.Based on motor power, 1000 to 1500 W accounted for a market share of 57.4% in 2024.India is estimated to record a CAGR of 47.4% between 2024 and 2034.China will hold its dominant position in the e-rickshaw market and show steady growth at a CAGR of 35.6% by 2034.

Which is the Leading Region in the E-Rickshaw Market?

According to geographies, the Asia Pacific area, particularly India and ASEAN nations such as Thailand, Vietnam, and the Philippines, is expected to lead the sales of the e-rickshaw industry. India has a sizable e-rickshaw market share in terms of revenue and sales, owing to the growing manufacturing to fulfill the demand for e-rickshaw.

Following India, China, and ASEAN nations account for the second and third largest e-rickshaw market shares, respectively, in terms of production and sales. In the future years, the Middle East and Africa area is predicted to have moderate development. The European region’s sales in the e-rickshaw industry are predicted to increase steadily.

North America’s sales in the e-rickshaw industry are low, as the majority of countries in this region have developed and acquired modern public transportation systems, such as metros, taxis, and electric buses, among others. As a result, demand for e-rickshaw is declining in this region, and thus the e-rickshaw market share is decreasing as well.

Asia Pacific is emerging as the dominant region for the electric automotive industry. Leading countries in the region are poised for substantial growth in the coming decade,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Who’s winning?

The electric rickshaw industry is poised for growth, leading to growing competition among manufacturers. Key players, such as How Care Products Pvt. Ltd., Charuvikram Automobiles Pvt. Ltd., A G International Pvt. Ltd., Saera Electric Auto Pvt. Ltd., Gauri Auto India Pvt. Ltd., Yuva E Rickshaw, and Xuzhou Hongsengmeng Group Co., Ltd., will need to prioritize offering affordable models to meet the needs of price-conscious consumers in developing countries.

 The introduction of new technological advancements will provide a competitive advantage. Manufacturers who provide improved battery range and efficiency, e-rickshaw battery swapping facilities, and features like GPS tracking, entertainment systems, or digital payment options are expected to experience increased sales.

Competitive factors in the e-rickshaw market include pricing pressures and industry consolidation, which will drive the development of new innovations aimed at enhancing the efficiency, user-friendliness, and features of electric rickshaws. With intense competition, the e-rickshaw sector is anticipated to undergo consolidation, with only the leading players dominating the industry.

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Leading E-rickshaw Brands:

How Care Products Pvt. Ltd.Charuvikram Automobiles Pvt. Ltd.A G International Pvt. Ltd.Saera Electric Auto Pvt. Ltd.Gauri Auto India Pvt. Ltd.Yuva E RickshawXuzhou Hongsengmeng Group Co., Ltd.Wuxi Weiyun Motor Co. Ltd.Wuxi Berang International Trading Co., Ltd.Udaan E RickshawGoenka Electric Motor Vehicles Pvt. Ltd.Mini Metro EV LLPAditya AutomobileDilli Electric Auto Pvt. Ltd

Industry Updates

Rajiv Bajaj, the managing director of Bajaj Auto, headquartered in Pune, India, in an interview with CNBC TV18 in May 2024, announced the company’s plans to launch an affordable electric 3W vehicle.Piaggio, headquartered in Pontedera, Italy, in May 2024, launched the new Battery Subscription Model, making 3W EV ownership affordable and attractive by eliminating battery costs.

Get More Insights into the E-rickshaw Market Report

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the e-rickshaw market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the industry potential, growth, and scope, the industry is segmented based on vehicle type (passenger carrier and load carrier), battery capacity (>101 Ah and <101 Ah), motor power (up to 1000 W, 1000 to 1500 W, and more than 1500 W), end-user (original equipment and aftermarket), and regions.

Preview Report: https://www.futuremarketinsights.com/reports/e-rickshaw-market

About the Automotive Division at Future Market Insights 

The Automotive Division of FMI offers extensive coverage and valuable insights about the automation industry, including areas such as robotics, artificial intelligence, machine learning, and process automation. Our market research findings and competitive intelligence help various industry stakeholders, including manufacturers, technology providers, distributors, and service providers, make informed decisions and stay updated with the latest market trends and developments.

Authored by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI’s Extensive Coverage in the Automotive Domain:

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The global freight car market size is estimated to reach USD 162 billion in 2024. The industry is further anticipated to rise at a CAGR of 5.6% in the evaluation period. The sector is projected to attain a value of USD 279 billion by 2034.

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The global electric vehicle maintenance market is estimated to be worth USD 17,150 million in 2024. Displaying a CAGR of 15.4% through 2034, the electric vehicle maintenance market will be worth USD 71,640 million by the end of the forecast period.

The global vehicle-to-grid (V2G) market is set to reach a value of USD 34702.8 million in 2034 from USD 4486.6 million in 2024. The industry is estimated to showcase a CAGR of around 22.7% in the assessment period 2024 to 2034.

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The global electric bus industry size has an estimated valuation of USD 21.3 billion in 2024. The electric bus market forecast will be USD 68.5 billion by 2034, projected at a CAGR of 12.4%.

About Future Market Insights Inc. (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About 20% of NFL Fans Say Their Loyalty Highly Influenced Their Home Search, New Realtor.com® Survey Finds

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Football fans say their choice of home features, house layout and specific locations were influenced by their ties to the sport.

SANTA CLARA, Calif., Nov. 13, 2024 /PRNewswire/ — About 1 in 5 NFL followers say their loyalty played an extremely significant or highly significant role in their home search process, and a majority (55%) say that supporting a local team helps them feel more connected to their community and neighborhood, according to new research from Realtor.com®.

Among NFL fans surveyed, 18% say their loyalty highly or extremely influenced their search for specific home features, such as a covered porch or built-in bar, 20% say the same about house layout or rooms, such as a basement or theater room, and 18% say the same about specific locations, such as a certain city or neighborhood near a stadium.

The survey found that community plays a large role in football fandom. Among NFL fans, 66% say that having people in their community or neighborhood support the same team makes watching football feel more fun, 61% say supporting a local team was important to them, and 55% say they feel connected to their community and neighborhood because they support the same team.

“When it comes to NFL fans and the teams they support, a connection to their community is a major driving force and influence,” said Charlie Lankston, executive editor and real estate expert at Realtor.com®. “Creating a home is about so much more than buying a physical property—it is also about the community that we build around it. Our new survey shows that football and NFL play a vital role in how we see that community. And that team loyalty is actually less important to most people than their home and the people who surround it. So much so that nearly one-third of NFL fans would actually change teams if they moved to a new city or state.”

Team Loyalty
While good team performance is the reason most cited by NFL fans for supporting a team (44%), personal reasons matter almost as much. Among fans, 40% say the team represents the city or state where they were raised, 39% say their team loyalty was a family tradition, 38% say the team represents the city or state where they currently live, and 29% say their friends or community follow the team.

Where Are They Watching?
The survey found that most NFL fans watch games at home. Of all followers, 67% report watching games in a shared or multipurpose room, such as a family room or living room, while 29% say they have a dedicated space for watching games, such as a finished basement or theater room and just 4% say they don’t watch games at home.

Super Fans
About 1 in 5 who follow the NFL are what’s considered super fans, and their fandom was more influential in their home search. When asked to think back to the last time they searched for a home, 20% of respondents were either extremely or highly influenced to look for a home with a layout or rooms conducive to watching football, like a home theater, basement or multi-purpose room, 18% were extremely or highly influenced to look for a home with specific home viewing features such as covered porch or built in bar, and 18% were extremely or highly influenced to look for a home within a specific location, for example neighborhoods close to stadiums or specific cities.

Generational Loyalty
Gen Z and millennial followers were the most likely to say that their fandom influenced their home search. Some 28% of Gen Z followers say they were highly influenced to search for specific home features, while 29% of millennials say they were highly influenced to look for specific house layouts or rooms.

Methodology
This poll was conducted on August 22-24, 2024, among a national sample of 2,201 adults ages 18+. The survey was conducted online, and the data was weighted to approximate a target sample of adults in the U.S. based on gender, educational attainment, age, race and region.

About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media Contact
Mallory Micetich, press@realtor.com

 

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SOURCE Realtor.com

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Allelica Presents New Method to Model Human Genetic Diversity Without Labels, Driving Increased Equity in Precision Medicine

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DENVER, Nov. 13, 2024 /PRNewswire/ — Last week at the American Society of Human Genetics (ASHG) Annual Meeting, the leaders in clinical polygenic risk score (PRS) analysis at Allelica unveiled a groundbreaking approach to modeling human genetic diversity without predefined labels. This new method called “8 Billion” generates 8 billion unique risk models,  to represent each individual on the planet, marking a significant milestone in the company’s mission to make PRS more accurate and predictive across all varieties of human genetic diversity. Allelica’s innovative method is a big step forward to transform the traditional, restrictive “bucket” approach to genetic ancestry, which has long fallen short in capturing the genuine diversity of human beings.

“Up until now, risk models in genomics have relied on broad categories that overlook the specific and unique genetic makeup of each individual,” said Giordano Bottà, CEO of Allelica. “This innovation is a transformative step towards reducing disparities in healthcare, enabling a more precise and equitable approach to precision medicine.”

Current methods force each individual into a bucket defined by continental borders, even when the individual is admixed or originates from a place that does not clearly align with these constructed geographies. As a result, these misaligned individuals can experience exacerbated health inequities. The 8 Billion model’s 81% improvement in estimated risk probability (Brier score) compared to the bucket approach means far more accurate predictions, leading to 24% fewer misclassifications (as measured by net reclassification improvement) and more reliably identifying patients who need intervention as a result.

By further enhancing the predictive power of Allelica’s multi-ancestry PRS for individuals of diverse backgrounds, Allelica’s method once again raises the standard for addressing human genetic diversity in the implementation of polygenic risk scores. As part of the company’s ongoing commitment to advancing equity in healthcare, the 8 Billion method will be integrated with existing products, in parallel with continuous improvements to risk models for diverse populations.

The method was presented by Allelica scientists at the ASHG Meeting with a poster titled 8 billion risk models: modelling human genetic diversity without labels improves risk model performance. The work generated significant interest among attendees, leading to numerous requests for additional presentation sessions. The presentation also covered how Allelica scientists are integrating the new method into the company’s proprietary clinical PRS tests and software, allowing third-party labs to develop their own clinical PRS tests. The ability to model individual genetic diversity through scalable solutions like Allelica’s software tools opens up vast potential for improved health outcomes, particularly for populations historically underrepresented in genomic research. A pending patent application protects the 8 Billion method, reinforcing Allelica’s position at the forefront of precision medicine innovation.

In addition to this presentation, Allelica showcased two other major findings in presentations titled: Integrating APOE haplotype and PRS to improve Alzheimer’s disease genetic risk prediction and a new method to identify drug targets using multi-omics and causal inference: Refraction of Causal Analyses upon Proteomics Data Into Bands of Efficacious Drug Targets. These results further highlight Allelica’s dedication to addressing complex genetic risk factors in healthcare and working to improve preventive medicine for all.

About Allelica
Allelica is the leading platform enabling precision medicine for common disease. Allelica’s technology combines world-class datasets with the most advanced algorithms to build polygenic risk scores (PRS) with the highest predictive power for estimating disease risk in diverse populations. Allelica’s tools translate the enormous potential of genomic data into practical tools that physicians can use to identify individuals with a high genetic susceptibility for life-threatening diseases. Through the incorporation of genetics into disease risk assessments, Allelica is building the foundations of precision medicine for common disease. To learn more, visit allelica.com.

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SOURCE Allelica, Inc.

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Zeplyn Raises $3M Seed Funding for AI Assistant to Streamline Wealth Management Workflows and Improve Client Experience

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Zeplyn saves financial advisors an average of 10-12 hours per week while meeting security and compliance standards for financial industry

NEW YORK, Nov. 13, 2024 /PRNewswire/ — Zeplyn, the AI assistant for financial advisors, today announced a $3M seed funding round. Led by Leo Capital, with additional investing from Converge and angel investors, the funding will be used to support the company as it rebuilds wealth management from an AI-native perspective.

Founded by two former Google engineers, Zeplyn reduces the administrative burden placed on financial advisors, improving the advisor-client experience by automating time-consuming tasks and making client intelligence more accessible. The company’s AI Meeting Assistant, designed specifically for financial advisors and wealth management firms, takes unstructured conversational data and turns it into highly accurate notes. Streamlining meeting prep, note-taking and post-meeting workflows while fulfilling compliance requirements, Zeplyn saves financial advisors an average of 10-12 hours per week.

“60% of client data gathering happens over meetings, yet less than 25% of client meetings are properly documented, because manual note-taking is time-consuming, distracting and prone to errors,” said Era Jain, CEO and Co-Founder of Zeplyn. “Financial Advisors spend anywhere from an hour to an hour and a half per client meeting consolidating their notes and doing follow-up work. Many bring an associate advisor to these meetings just to take notes. Despite spending several manual hours, incomplete client data still remains a challenge as details fall through the cracks.”

“Zeplyn enables financial advisors to streamline meeting admin from prep to follow-up, automatically updating client records while protecting PII,” added Divam Jain, CTO and Co-Founder of Zeplyn. “It is built to meet the unique workflow requirements and security and compliance standards of the wealth management community.”

Zeplyn provides a time-saving toolkit for advisory firms to prep for client meetings, accurately capture financial data and key client insights, and seamlessly trigger follow-up tasks – which, in turn, improves the client experience.

“Zeplyn enhances our ability to deliver personalization at scale by providing a time dividend advisors can reinvest in client service and growth,” said Trevor Chuna, CTO at Sequoia Financial Group. “Multiple team members have reported time savings of 30-60 mins+ on meeting follow-up activities. We selected Zeplyn not just for their omni-channel note-taking capabilities, but also for their long-term vision in supporting the over-all client meeting process—the most frequent and expensive activity of an RIA.”

Zeplyn is a platform-agnostic solution that can be used across virtual and in-person meetings, as well as for dictations. It has multiple out-of-the-box integrations, including Salesforce, and wealth-specific CRMs such as Redtail, and Wealthbox, enabling it to plug into existing infrastructure and integrate with the advisor technology stack.

“We are delighted to be partnering with Era and Divam as they build Zeplyn. Zeplyn brings the Wealth Management industry into the age of AI, enabling better outcomes for advisors, RIAs, wealth management firms and ultimately, investors,” said Shwetank Verma, Co-Founder and Managing Partner, Leo Capital. “Zeplyn allows advisors to spend more time advising and elevating their client experience.”

“Zeplyn is bringing AI into a real-world context and having a real-world impact,” said Nilanjana Bhowmik, Converge Co-Founder and General Partner. “Unstructured data has long presented problems for the heavily regulated financial world, providing limited or time-consuming insights and posing potential compliance issues. But with Zeplyn, financial advisors can quickly extract accurate information while staying in compliance.”

About Zeplyn
Built by former Google engineers, Zeplyn is an AI platform purpose-built for wealth management firms to streamline advisor workflows, cutting down manual work by more than 90%. Zeplyn is rebuilding wealth management from an AI-native perspective, automating time-consuming admin tasks and creating space for foundational work and relationship-building.

Co-Founders Divam Jain and Era Jain met at Google, where they spent a decade building AI before leaving to start Zeplyn. Passionate about the potential of AI to transform workflows and empower professionals, Era and Divam realized that AI could benefit the relationship-driven and largely still manual Wealth Management industry.

Zeplyn’s flagship product, Zeplyn Meeting Assistant, streamlines the time-consuming admin tasks of meeting preparation, note-taking, client follow-ups, managing tasks/workflows, and updating CRMs. With Zeplyn, advisors save 10-12 hours per week and invest time where they earn the highest return: building client relationships.

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SOURCE Deep Insights Ai Inc

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