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.

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India Electric Rickshaw Motor and Controller Market Share, Development, Growth, and Demand Forecast till 2024

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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