India Electric Rickshaw (E-Rickshaw) Market : Ready To Fly on high Growth Trends

The Latest research study released by HTF MI “India Electric Rickshaw (E-Rickshaw) Market” with 100+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint and status. Understanding the segments helps in identifying the importance of different factors that aid the market growth. Some of the Major Companies covered in this Research are Saera Electric Auto Ltd. , Terra Motors Corporation , HERO ELECTRIC VEHICLES PVT LTD , Atul Auto Ltd. , OK Play Electric Vehicles , Kinetic Green , Lohia Auto , Electrotherma and Mahindra and Mahindra Limited [Automotive and Farm Equipment Business] etc.

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Indian automotive industry is rapidly expanding and is expected to hold the 3rd position in the world by 2030. In addition to this, to cater the advancing need of 1.30 billion people of India, Indian automotive industry has dramatically transformed and is expected to show a similar trend in the forthcoming years. One such transformation is the advent of Zero Emission Vehicles (ZEVs)/ Electric Vehicles (EVs) within the country. The excessive dependence on imported crude oil, rise in Greenhouse Gases (GHGs) content, growing demand of EVs and increase in governmental support through subsidies and incentives are some of the major factors driving the market of EVs in the country. At present, Indian EV industry is at its nascent stage although the country planned to be 100% electric by 2030. India is home to about 17 lakh battery-powered, three-wheeled rickshaws, a fleet bigger than the total number of electric passenger cars sold in China since 2011. Electric-vehicle revolution is gaining ground in India as the drivers of the ubiquitous three-wheelers (E-rickshaw) weaving through crowded, smoggy streets discovered that E-rickshaws are quieter, faster, cleaner and cheaper to maintain than a traditional auto-rickshaw. Further, E-rickshaws are less strenuous than cycle rickshaws, which require all-day peddling. So, with more rides possible in a day, the E-rickshaws are proving more lucrative to market.

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Over the past few years, the country has witnessed remarkable growth in E-rickshaw market as various state governments have offered several incentives, subsidies and other benefits for purchasing an E-rickshaw to promote green mobility within the country. The growing focus on green mobility consequently increased the need for easy accessibility of the charging structures to keep them running and so the governments across the country are working endlessly to create an efficient ecosystem for electric vehicles. With growing consciousness regarding green mobility, comfort and convenience offered by E-rickshaw in the first and last mile connectivity, along with the government promotions for electric vehicle, it is expected that the electric rickshaw market will grow significantly in the years yet to come. Among two types of vehicle type, passenger type is expected to dominate the market, however, the market for load/carrier type electric rickshaw is expected to grow at the highest CAGR of 10.41% over the forecast period owing to its increasing usage for delivering various products including water bottles, cartons, edibles and others in and around the city.

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Based on the battery type, the majority of electric rickshaw in India runs on Sealed Lead Acid (SLA) battery as these batteries are comparatively cheaper than that of its counterparts. It is found that the initial cost difference of lead acid battery and li-ion battery is roughly around INR 50,000. However, the benefits offered by li-ion battery such as low charging time, low maintenance and prolong lifespan are driving manufacturers to use li-ion battery. Currently, around 85 percent of the electric rickshaw runs on lead acid battery while 15 percent only runs on li-ion battery. It is expected that li-ion battery for electric rickshaw will grow considerably during the forecast period with a CAGR of 12.55%. During our study, we found that the potential hindrance for India Electric Rickshaw Market is the lack of adequate charging facilities and parking stand for it. Most of the electric rickshaw drivers charge the vehicle overnight at their house with the available electricity. While some other charge their vehicle at garage, local food or goods shops and pay the owner of the shop on a daily or monthly basis. The cost of charging varies for the drivers of different locations. The cost is generally INR 50-70 a day for charging at a local shop and INR 30 a day for charging at one’s own house.

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