How is Increasing Adoption of Electric Rickshaws Fuelling Growth of Indian Electric Rickshaw Motor and Controller Market?

In India, the most important factor fuelling the rise in the demand for electric rickshaw motors and controllers is the mushrooming number of electric rickshaws operating in the country on account of the soaring number of incentives and polices being implemented by the Indian government. The number of electric rickshaws running on the roads of the country increased by almost 600,000 between 2014 and 2018. Moreover, the total number of electric rickshaws in India was found to be more than 700,000 in 2018.

The other major factor responsible for the surge in the demand for electric rickshaw motors and controllers in India is the rising average operational life of electric rickshaws in the country. There has been a massive rise in the manufacturing of electric rickshaws in India by major organized multinational corporation (MNCs) over the last few years (especially since the Goods and Services Tax [GST] rollout). These electric rickshaws, owing to their superior build and quality, have a higher average life span (3.6 years) than the rickshaws manufactured by the unorganized and local companies (2.2 years).

Driven by the above-mentioned factors, the revenue generated from the sales of electric rickshaw motors and controllers in India is expected to be $59.8 million and $26.2 million, respectively, by 2024. The Indian electric rickshaw motor and controller market is predicted to attain a valuation of $86.0 million by 2024, with the Indian electric rickshaw motor market expected to advance at a CAGR of 15.1% and the Indian electric rickshaw controller market predicted to progress at a CAGR of 14.4% during the forecast period (2019–2024).

In India, Delhi recorded the highest adoption of electric rickshaw motors and controllers in 2018. This is mainly attributed to the large volume of sales of electric rickshaws in the city since 2013. In addition to this, the Delhi government announced in 2016 that it would provide a subsidy of $439.6 on the purchase of electric rickshaws. Due to this factor, the Indian electric rickshaw motor and controller market registered huge progress in Delhi during 2016–2018, which, in turn, created a huge demand for motors and controllers in the city during that period.

Therefore, the demand for electric rickshaw motors and controllers is certain to skyrocket in India over the next few years, owing to the rising adoption of electric rickshaws in the country because of the favorable government measures and the numerous advantages offered by these vehicles over the conventional rickshaws.

Read more: https://www.psmarketresearch.com/market-analysis/india-electric-rickshaw-motor-and-controller-market