Press release
India Electric Rickshaw Market by Vehicle, Motor Power, Battery Capacity, Region, Growth and Demand with Key Player Analysis (Lohia Auto Industries, Kinetic Green Energy and Power Solutions Ltd., Hero Electric Vehicles Pvt. Ltd) | Forecast 2023
The market growth is majorly driven by government incentives and environmental policies, and declining battery prices. 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.
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Passenger carriers held a larger share in the Indian electric rickshaw market in 2017, 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.
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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. However, during the forecast period, the market is expected to witness the fastest growth in East India.
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 2017.
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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.
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