India Electric Rickshaw Market Regional Revenue, Trends, Opportunities and Future Prospects
The Indian electric rickshaw market is projected to reach 935.5 thousand units by 2024, according to P&S Intelligence.
The market growth is majorly driven by government incentives and environmental policies, and electric rickshaw advantage over auto rickshaw and cycle rickshaw. In order to address the issue of degrading air quality, the Indian government launched the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme in 2015, in addition to implementing environmental regulations on conventional gasoline-based vehicles. In response, the OEMs are increasingly making investments to develop affordable and efficient electric rickshaws and established players of the automotive industry are making inroads in this market with the launch of new electric rickshaw models.
Insights into market segments
Passenger carriers held a larger share in the Indian electric rickshaw market in 2018, accounting for more than 95% revenue. They are expected to continue holding a larger market share in the coming years as well, on account of the large passenger base in the country, coupled with the growing demand for low-cost shared mobility.
Electric rickshaws with 1,000–1,500 W motor power contributed the largest share to the market during the historical period. A large number of such rickshaws are equipped with 1,000–1,500 W motor, as it provides operational cost benefits. However, with the growing demand for quality products and the entry of big, organized players, the demand for vehicles equipped with higher-power motors is expected to increase in the Indian electric rickshaw market during the forecast period.
Rickshaws with battery capacity of less than 101 Ah held a larger share in the Indian electric rickshaw market during the historical period. This can also be attributed to the market dominance of unorganized local players, as most of these players manufacture low-cost rickshaws with battery capacity of less than 101 Ah.
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Delhi held the largest share in the market in 2018
Delhi held the largest share in the Indian electric rickshaws market in 2018. Delhi is a major market for these rickshaws, where the sales have picked up since 2013. In response to the increasing levels of air pollution in the capital, the Delhi government, in 2016, announced a subsidy of $446 (INR 30,000) on the purchase of these rickshaws, which led to the proliferation in their demand in the city, further benefitting the market.
Growing demand for Li-ion battery-based electric rickshaws is expected to create ample opportunities for industry players
Majority of electric rickshaws in India run on the SLA battery. This is because the initial cost of SLA batteries is much lower than that of Li-ion batteries. However, key electric rickshaw manufacturers are now focusing on using Li-ion batteries as the power source, because SLA batteries, if not properly disposed, can pose a serious threat to human health and to the environment at large. Therefore, OEMs are increasingly focusing on the use of Li-ion batteries, as an alternate to SLA batteries, which is resulting in the increased demand for Li-ion battery-based rickshaws in the Indian electric rickshaw market. This, in turn, is creating ample opportunities for the growth of the market players.
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India Electric Rickshaw Market – Competitive Landscape
The Indian electric rickshaw market is primarily dominated by a large number of small, unorganized local players, which accounted for around 85% of the sales in 2018. Some of the major players in the market are Lohia Auto Industries, Kinetic Green Energy and Power Solutions Ltd., Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation, Clean Motion India, and Saera Electric Auto Pvt. Ltd.