The number of electric rickshaws on Indian roads is increasing rapidly, and the electric rickshaw market witnessed significant growth during 2014–2018, registering a CAGR of 59.1% in terms of sales volume. This is ascribed to the rising demand for these rickshaws due to their low operating cost and government support, which is being provided in the form of incentives. For example, under the second phase of Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles scheme, the Indian government will provide an incentive of up to $735 (INR 50,000) each to 5 lakh electric rickshaws which have the ex-factory price of up to $7,351 (INR 5 lakh).
This surging proliferation of electric rickshaws in the country is further creating increasing demand for electric rickshaw batteries. As per P&S Intelligence, in 2019, the Indian electric rickshaw battery market generated a revenue of $385.0 million, with a total of 4,290.9 thousand units being sold. The market is further predicted to grow at a 13.2% CAGR, in terms of value, during the forecast period (2020–2024) and is expected to reach a value of $722.3 million in 2024. The two major end users in the domain are original equipment manufacturers and replacement, between which, the larger demand during the forecast period for batteries is projected to be created by the replacement division.
A key trend being witnessed in the Indian electric rickshaw battery market is the utilization of lithium ion (Li-ion) batteries. Before lead acid batteries were used more in electric rickshaws, and their demand is predicted to be higher in the coming years as well; however, new variants of electric rickshaws have started using Li-ion traction batteries for improved operational efficiency. Some other advantages of Li-ion batteries include longer range, lighter weight, and quicker charging time, which is why key electric rickshaw manufacturers such as Kinetic Green Energy & Power Solutions Ltd. and Goenka Electric Motor Vehicles Pvt. Ltd. are launching electric rickshaws equipped with these batteries.
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When geography is taken into consideration, the largest demand for electric rickshaw batteries was created by Delhi during 2014–2017, owing to the rise in demand for eco-friendly transportation options and strong consumer base. However, in the coming years, Uttar Pradesh is projected to create the largest demand for electric rickshaw batteries, which is attributed to increasing requirement for electric rickshaws from rural-urban fringes and Tier-2 and Tier-1 cities in the state.
Some of the other key players operating in the Indian electric rickshaw battery market are Amara Raja Batteries Ltd., Eastman Auto & Power Ltd., Okaya Power Pvt. Ltd., Sparco Batteries Pvt. Ltd., Grand Batteries Pvt. Ltd., and Gem Batteries Pvt. Ltd.
This surging proliferation of electric rickshaws in the country is further creating increasing demand for electric rickshaw batteries. As per P&S Intelligence, in 2019, the Indian electric rickshaw battery market generated a revenue of $385.0 million, with a total of 4,290.9 thousand units being sold. The market is further predicted to grow at a 13.2% CAGR, in terms of value, during the forecast period (2020–2024) and is expected to reach a value of $722.3 million in 2024. The two major end users in the domain are original equipment manufacturers and replacement, between which, the larger demand during the forecast period for batteries is projected to be created by the replacement division.
A key trend being witnessed in the Indian electric rickshaw battery market is the utilization of lithium ion (Li-ion) batteries. Before lead acid batteries were used more in electric rickshaws, and their demand is predicted to be higher in the coming years as well; however, new variants of electric rickshaws have started using Li-ion traction batteries for improved operational efficiency. Some other advantages of Li-ion batteries include longer range, lighter weight, and quicker charging time, which is why key electric rickshaw manufacturers such as Kinetic Green Energy & Power Solutions Ltd. and Goenka Electric Motor Vehicles Pvt. Ltd. are launching electric rickshaws equipped with these batteries.
When geography is taken into consideration, the largest demand for electric rickshaw batteries was created by Delhi during 2014–2017, owing to the rise in demand for eco-friendly transportation options and strong consumer base. However, in the coming years, Uttar Pradesh is projected to create the largest demand for electric rickshaw batteries, which is attributed to increasing requirement for electric rickshaws from rural-urban fringes and Tier-2 and Tier-1 cities in the state.
Some of the other key players operating in the Indian electric rickshaw battery market are Amara Raja Batteries Ltd., Eastman Auto & Power Ltd., Okaya Power Pvt. Ltd., Sparco Batteries Pvt. Ltd., Grand Batteries Pvt. Ltd., and Gem Batteries Pvt. Ltd.
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