India Electric Rickshaw Motor and Controller Market Share, Development, Growth, and Demand Forecast till 2024

The number of electric rickshaws on Indian roads is increasing rapidly, which is why the electric rickshaw market in India advanced at a rate of 59.1% during 2014–2018. This is attributed to the supportive government incentives, low operating cost of electric rickshaws as compared to auto rickshaws, and other advantages it provides over cycle rickshaw. The number of electric rickshaws on the roads increased to approximately 7.5 lakh, which was an increment of about 6.2 lakh units from 2014, and this number is further predicted to rise in the coming years. Ascribed to this, the demand for electric rickshaw motor and controller is rising in the country.

Electric motor converts electrical energy into mechanical energy and a motor controller regulates the working of an electric motor and acts as an intermediary between the battery and the motor. According to a report by P&S Intelligence, by 2024, the Indian electric rickshaw motor market is predicted to attain a value of $59.8 million, registering a 15.1% CAGR during the forecast period (2019–2024), and the Indian electric rickshaw controller market is expected to generate a revenue of $26.2 million by 2024, witnessing a 14.4% CAGR during the forecast period. Original equipment manufacturers and aftermarket are the two end users of electric rickshaw motors and controllers.  

The increase in the average age of electric rickshaws is a major factor which is contributing to the rising demand for electric rickshaw motor and controller. The market of electric rickshaws has been consolidated since the rollout of goods and service tax, because of which issues about customer services have resulted in a sense of distrust among customers toward unorganized players. Attributed to this, consumers have become inclined toward more reliable products offered by established multi national companies and Indian manufacturers. The electric rickshaws offered by these organized manufacturers have an average age of about 3.6 years.

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The research offers the size of the India electric rickshaw motor and controller market for the period 2014–2024.

Market Segmentation by Vehicle

·         Battery Rickshaw

·         E-Auto

·         Retrofitted Rickshaw

Market Segmentation by Motor Power

·         <800 W

·         800–1,000 W

·         1,001–1,500 W

·         1,501–2,000 W

·         >2,000 W

Market Segmentation by End Use

·         Original Equipment Manufacturer (OEM)

·         Aftermarket

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