According to the latest report by IMARC Group, titled “India Electric Rickshaw Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the India electric rickshaw market size is expected to grow at a CAGR of 10.7% during 2023-2028. Electric rickshaws are three-wheeled, battery-operated vehicles that are popular for public transportation as well as loading and unloading goods across India. They provide an eco-friendly, noise-free travel experience with fewer vibrations, zero carbon emissions and lower operational and maintenance costs. They are compact in design, consisting of a single wheel at the front and two at the back, and are equipped with high-torque motors, controllers, harnesses, batteries, and throttles. Moreover, these vehicles are non-conductive, lightweight, highly durable, and fire-resistant. Most models run on rechargeable lead-acid batteries that power the motors, though some models also support plug-in charging.
India Electric Rickshaw Market Trends:
The market in India is majorly driven by the rising awareness regarding eco-friendly commuting solutions among the masses. This can be attributed to the rapidly increasing prices of fuels, such as diesel, petrol, LPG, and CNG, across the country. In line with this, favorable government policies promoting the uptake of electric vehicles (EVs) for public transportation solutions, coupled with numerous attractive incentives and subsidies offered by the government, are also propelling the market. Besides this, with considerable growth in the urban population, the demand for cost-effective first- and last-mile transportation is increasing in India, thereby creating a positive market outlook. Some of the other factors providing an impetus to the market include the rising concerns regarding the depletion of fossil fuels, extensive research and development (R&D) activities, and continual product innovations, including GPS integration, anti-theft locking systems, remote sensors, and powerful motors.
- Based on the motor power, the market has been segmented into <1000 W, 1000 – 15000 W, and >1500 W.
- On the basis of the battery capacity, the market has been divided into <101 Ah and >101 Ah.
- Based on the battery type, the market has been categorized into li-ion and lead acid batteries.
- On the basis of the sales channel, the market has been classified into organised and unorganised.
- Based on the end user, the market has been divided into passenger and load carriers.
- On the geographical front, the market has been segregated into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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