Market Trends of Asia-Pacific Rickshaw Ride Hailing Service Industry
This section covers the major market trends shaping the APAC Rickshaw Ride Hailing Service Market according to our research experts:
Rising Tourism, Leisure Traveling and Logistics Sector
Because of COVID-19, international travel was banned that resulting in the haunting of the Tourism industry worldwide. But with the situation easing and people resuming international travel and pleasure traveling, the tourism industry is expected to grow to aid the Asia-Pacific Rickshaw Ride-Hailing Service Market.
In 2020, the share of the total gross domestic product (GDP) generated by travel and tourism worldwide dipped drastically to below 6% when compared to 2019, which was more than 10%. Now with tourism back on the rise, in 2021, the share of the tourism industry claimed back to more than 6% and is expected to even grow in the upcoming years.
China led the total contribution of travel and tourism to GDP in the Aisa-Pacific market in 2020, followed by Japan and India. China contributed more than USD 600 billion, which is the highest among any other country in the region. It is expected that the number of inbound travelers in the North East Aisa-Pacific to increase by more than 300% and in south Asia-Pacific by 100%.
Additionally, in 2020 Aisa-Pacific region has the largest share of the global logistics market of about USD 4,000 billion, which is also expected to grow significantly in the forecast period. Considering the overall growing travel, tourism, and logistics industry, the Asia-Pacific Rickshaw Ride-Hailing Service Market Is expected to witness significant growth in the forecast period.
India To Witness Significant Growth
The logistics industry in India has traditionally embraced the commercial use of electric vehicles. Many logistics companies are actively working to create a green supply chain in the next five to ten years. An increasing number of firms are adding electric vehicles to reduce transportation pollution. The logistics industry would be at the forefront of adopting electric rickshaw ride-hailing services.
Moreover, growth in the e-commerce sector in India is also studied as the opportunity pocket for the growth of the market studied. Ride-hailing service companies maintain constructive alliances with key e-commerce brands to supply their utility to end markets, significantly boosting the overall market.
With that, the Indian government is also putting pressure on reducing carbon emissions caused by diesel fuel combustion and tackling greenhouse gas emissions, thereby pushing investments in developing electric vehicles. Meanwhile, low-emission zones are driving fleets to replace diesel vehicles with cleaner options.
For instance, Ola Cabs has also started to incorporate 10,000 electric rickshaws. The company announced to bring one million electric vehicles on roads under its "Mission Electric" sustainable mobility vision.
As a result of the electrification and the government's incentives for buying an electric vehicle in the country, India is expected to witness drastic growth in the upcoming years.
