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.

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India Electric Rickshaw Charger Market Competition Analysis and Growth Forecast to 2024

Large-scale adoption of electric rickshaws for public transportation across the country is offering ample growth opportunities to the players operating in the Indian electric rickshaw charger market. These low-cost electric rickshaws are a cost-effective and easy mode of transportation for the price-sensitive Indian consumers, and this factor continues to drive the adoption of these rickshaws, further supporting the growth of the market in the country.

On the basis of type, the Indian electric rickshaw charger market is categorized into portable charger and fixed charger. Between the two, portable charger is expected to witness faster growth in demand in the forecast period 2019–2024. Portable chargers work as an alternative to charging stations and allow anytime, anywhere charging, thus gaining popularity owing to the factor of convenience associated with them.

Delhi is the largest market for electric rickshaw chargers in India, and this can be mainly ascribed to the early and wide adoption of electric rickshaws in the city. Delhi ranks among the worst cities in terms of heat-trapping and toxic emissions. Moreover, high population and vehicle usage has made Delhi one of the largest contributors of emissions in India. Since electric rickshaws are an eco-friendly and convenient mode of transport, they have increasingly been adopted in the capital in recent years, which, in turn, has contributed to the demand for electric rickshaw chargers.

However, Uttar Pradesh is expected to hold the largest share in the Indian electric rickshaw charger market during the forecast period, mainly due to the increasing demand for electric rickshaws from the rural–urban fringes, Tier-1 cities, and Tier-2 cities in the state.

One of the major drivers for the Indian electric rickshaw charger market is the growing number of electric rickshaws on Indian roads. Electric rickshaws have gained traction in India in recent times, on account of their lower cost of operation than conventional auto rickshaws and additional advantages over cycle rickshaws. In addition, the Indian government has taken several initiatives in the form of incentives to encourage the adoption of these vehicles. The electric rickshaw market witnessed triple-digit growth in the historical period, mainly ascribed to environmental policies and incentive plans executed by the government, which resulted in the high adoption of these rickshaws in the country.

Furthermore, major automotive players such as Mahindra & Mahindra Limited and Hero Electric Vehicles Pvt. Ltd. have entered the electric rickshaw market in recent years and more such players are expected to enter the market in the coming years, owing to the high growth potential in the market. This, subsequently, is expected to contribute to the growth in demand for chargers, further supporting the Indian electric rickshaw charger market.

Some of the major players operating in the Indian electric rickshaw charger market are Axiom EV Products Private Limited, Krishna Enterprises, Fujiyama Power Systems Private Limited, Rayon Engineers, Mac Auto India, Lzen Electronics India, and KLB Komaki Private Limited.

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