According to P&S Intelligence, the Indian electric rickshaw market is estimated to witness a sale of 935.5 thousand e-rickshaws by 2024. The market has seen significant growth in the recent past owing to rising government incentives, environmental awareness, and implementation of stringent regulations to control air pollution. In addition, the increasing affordability of e-rickshaws and a relative increase in investments by manufacturers for the designing and development of more efficient and affordable variants are estimated to boost the indian electric rickshaw market growth.
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Similarly, e-rickshaws with a battery capacity less than 101 Ah led the Indian e-rickshaw market in the historical period. The reason for this was the market monopoly of unorganized local players, most of whom manufacture low-cost e-rickshaws with less-than-101-Ah battery capacity. Coming to the battery type, the SLA battery is presently preferred as these are initially cheaper than Li-ion ones. But, manufacturers are increasing the installation of Li-ion batteries, as SLA variants are harmful if not disposed of properly.
Specifically talking about the Indian electric rickshaw sector on a regional ound, Delhi held the largest share in 2018. It is a major market, where sales picked up rapidly after 2013. Due to the increasing levels of air pollution in the capital, the state government announced a $446 (₹ 30,000) subsidy on the procurement of such rickshaws in 2016, leading to an increase in their demand, which further pushed the market growth.
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The Indian electric rickshaw market is currently dominated by small, unorganized local players, who together registered around 85.0% of the total e-rickshaw sales in 2018. The major market players include Kinetic Green Energy and Power Solutions Ltd., Terra Motors Corporation, Lohia Auto Industries, Hero Electric Vehicles Pvt. Ltd., Saera Electric Auto Pvt. Ltd., and Clean Motion India.
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