From 384.0 thousand units in 2018, the Indian electric rickshaw market is predicted to grow to the production capacity of 935.5 thousand units by 2024, exhibiting a 15.9% CAGR during the forecast period (2019–2024). The factors positively influencing the growth of the market are the declining prices of the battery and increase in supportive measures by the government, in terms of environmental policies and monetary incentives. Electric rickshaws are majorly used as load and passenger carriers.
Based on motor power, the Indian electric rickshaw market is classified into <1,000 W, 1,000–1,500 W, and >1,500 W. In 2018, with over 50.0% of revenue share, the 1,000–1,500 W classification was the largest in the market. This was attributed to the ideal cost–benefit ratio offered by vehicles fitted with batteries of this power range. The classification of >1,500 W is predicted to register the fastest growth in the forecast period, as the demand for high-speed rickshaws would continue to rise in the nation.
The Indian electric rickshaw market is categorized into Tripura, Assam, Jharkhand, Punjab, Uttarakhand, Chhattisgarh, Haryana, Bihar, Rajasthan, West Bengal, Delhi, Uttar Pradesh, and Madhya Pradesh, based on state. During the historical period (2014–2018), the largest market for these rickshaws was in Delhi. Amidst increasing air pollution, the Delhi government announced a subsidy of INR 30,000 on electric rickshaws, which helped boost their sales. However, in the forecast period, the state of Uttar Pradesh is predicted to be the largest market due to their rising demand from Tier-1,2 cities.
The Indian electric rickshaw market is observing the trend of the inclusion of solar-operated electric rickshaws. An electric rickshaw normally makes use of a nominal battery, which stores electricity from conventional outlets. A solar-powered electric rickshaw is capable of charging itself on-the-go, as it is fitted with the photovoltaic technology for collecting solar energy and converting it into electric energy to power the rickshaw. The solar-powered variants are thought to be more efficient than normal electric vehicles, and the solar panel increases the vehicle lifecycle by 10 years.
The Indian electric rickshaw market is witnessing growth due to the implementation of stringent environment-related policies to take care of the rising air pollution. One of the major causes of air pollution is the emissions from vehicles; the Indian government is taking active measures to popularize electric vehicles among people. Electric vehicles are expensive than their conventional-fuel counterparts, therefore, many subsidies and incentives are being provided to vehicle manufacturers and buyers. Based on the product model and the original equipment manufacturer, subsidies in the range of INR 25,000 and INR 61,000 are being provided under the FAME scheme.
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The reduction in the prices of automobile batteries may boost the Indian electric rickshaw market. Due to their low cost, majority of the electric rickshaws in the country use sealed lead acid (SLA) batteries. Even though they seem a better choice at first, SLA batteries pose a serious threat to human health and the environment, if they are not disposed of properly. Therefore, the manufacturers are focusing on using lithium-ion batteries as an alternative to the SLA ones, as the former are safer and provide longer charge to vehicles.
Hence, the market for electric auto rickshaws in India would continue growing in the forecast period due to the rising requirement for environment-friendly transport.
The Indian electric rickshaw market is categorized into Tripura, Assam, Jharkhand, Punjab, Uttarakhand, Chhattisgarh, Haryana, Bihar, Rajasthan, West Bengal, Delhi, Uttar Pradesh, and Madhya Pradesh, based on state. During the historical period (2014–2018), the largest market for these rickshaws was in Delhi. Amidst increasing air pollution, the Delhi government announced a subsidy of INR 30,000 on electric rickshaws, which helped boost their sales. However, in the forecast period, the state of Uttar Pradesh is predicted to be the largest market due to their rising demand from Tier-1,2 cities.
The Indian electric rickshaw market is observing the trend of the inclusion of solar-operated electric rickshaws. An electric rickshaw normally makes use of a nominal battery, which stores electricity from conventional outlets. A solar-powered electric rickshaw is capable of charging itself on-the-go, as it is fitted with the photovoltaic technology for collecting solar energy and converting it into electric energy to power the rickshaw. The solar-powered variants are thought to be more efficient than normal electric vehicles, and the solar panel increases the vehicle lifecycle by 10 years.
The Indian electric rickshaw market is witnessing growth due to the implementation of stringent environment-related policies to take care of the rising air pollution. One of the major causes of air pollution is the emissions from vehicles; the Indian government is taking active measures to popularize electric vehicles among people. Electric vehicles are expensive than their conventional-fuel counterparts, therefore, many subsidies and incentives are being provided to vehicle manufacturers and buyers. Based on the product model and the original equipment manufacturer, subsidies in the range of INR 25,000 and INR 61,000 are being provided under the FAME scheme.
Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/india-electric-rickshaw-market/report-sample
The reduction in the prices of automobile batteries may boost the Indian electric rickshaw market. Due to their low cost, majority of the electric rickshaws in the country use sealed lead acid (SLA) batteries. Even though they seem a better choice at first, SLA batteries pose a serious threat to human health and the environment, if they are not disposed of properly. Therefore, the manufacturers are focusing on using lithium-ion batteries as an alternative to the SLA ones, as the former are safer and provide longer charge to vehicles.
Hence, the market for electric auto rickshaws in India would continue growing in the forecast period due to the rising requirement for environment-friendly transport.
