Different transportation systems all across the globe are still mostly dependent on fossil fuels, however, with the surging concerns regarding the environment, the focus is predicted to shift towards electric vehicles eventually. In India, the transportation system consumes about 70% of petroleum products, and the fact that the country is relied on other nations for the procurement of fuel has been taking a toll on gross domestic product. Owing to this, the Indian government is increasingly focusing towards encouraging the adoption of electric vehicles in the country. Moreover, since the pollution levels in urban cities is off the charts, the need for electrifying the transportation system is pressing.
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Due to all these factors, the adoption of electric rickshaws in the country is growing, which, in turn, is resulting in the rising need and demand for electric rickshaw batteries. According to a P&S Intelligence report, in 2019, the Indian electric rickshaw battery market generated a revenue of $385.0 million and accounted for the sale of 4,290.0 thousand units. The market is further projected to reach a value of $722.3 million in 2024, advancing at a 13.2% CAGR during the forecast period (2020–2024).
The higher demand for batteries in the years to come is projected to be created for replacement purposes. This is because an electric rickshaw goes through three or four battery replacement cycles throughout its lifetime. Within the country. Delhi has been the largest Indian electric rickshaw battery market up till 2018. However, the demand for batteries is expected to rise significantly in Uttar Pradesh in the coming years, owing to the rising usage of electric rickshaws by daily commuters in small towns in the state.
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Hence, the demand for batteries in India is growing due to the growing adoption of electric rickshaws and surging air pollution levels.
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