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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