Why are Sales of Electric Rickshaw Chargers Booming in Uttar Pradesh?

 The increasing deployment of electric rickshaws, on account of their lower operating costs than the conventionally used cycle rickshaws, is driving the demand for electric rickshaw chargers in India.  Additionally, the Indian government is launching various initiatives and providing financial incentives for encouraging the deployment of these vehicles in the country. According to the India Brand Equity Foundation (IBEF), the electric vehicle industry is predicted to generate a revenue of Rs. 50,000 crore (US$ 7.09 billion) by 2022, with the Indian EV industry expected to require investment worth Rs. 12.5 trillion (US$180 billion) till 2030 in order to cater to the country’s electric vehicle ambitions. 

Moreover, the government has enacted several environmental policies, which have propelled the adoption of electric rickshaws in the country. Besides the aforementioned factors, the entry of several leading automotive companies such as Hero Electric Vehicles Pvt. Ltd. and Mahindra & Mahindra Limited in the Indian electric rickshaw industry in recent years has catalyzed the growth of the Indian electric rickshaw charger market. In addition, the extensive usage of electric rickshaws in India for public transportation is also creating lucrative growth opportunities for the electric rickshaw manufacturers in the country. 

India Electric Rickshaw Charger Market 2022-2030

There are mainly two types of electric rickshaw chargers used in the country—fixed and portable chargers. Of these, the demand for portable chargers is predicted to rise rapidly in the coming years. This is attributed to the fact that portable chargers allow anywhere and anytime charging and provide an alternative to the conventional charging stations. Because of these reasons, these chargers offer greater convenience to users and are therefore, widely preferred by electric rickshaw operators in the country.

According to the observations of the market research company, P&S Intelligence, the sales of electric rickshaw chargers are currently the highest in Delhi. This is credited to the early and large-scale adoption of electric rickshaws in the city, on account of the escalating air pollution levels, because of the extensive usage of oil and gas-powered vehicles. Delhi is one of the worst cities in the country in terms of toxic emission generation and heat-trapping. As electric rickshaws are environment-friendly and highly convenient for short-distance commuting, they are being widely preferred by people in the capital city.

Read More