India Electric Rickshaw Motor and Controller Market by Vehicle, Motor Power, End Use, State, Size, Share, Development, Growth, and Demand Forecast till 2024

The Indian electric rickshaw motor and controller market is projected to reach $86 million by 2024, with revenue generation of $59.8 million from the motor domain and of $26.2 million from the controller domain, the market is primarily driven by the growth in the electric rickshaw market in the country and the increasing average age of these vehicles. During the forecast period, the Indian electric rickshaw market is expected to advance with a CAGR of over 15% in terms of sales volume, further propelling the demand for motors and controllers in the country, according to P&S Intelligence.

Insights on the Indian electric rickshaw motor market segments
On the basis of vehicle, the Indian electric rickshaw motor market is classified into battery rickshaw, e-auto, and retrofitted rickshaw. Among them, motors used in battery rickshaws dominated the market in 2018, with 95.6% share in terms of sales volume. However, the fastest growth in the market during the forecast period is expected from the e-auto category. Although the market for e-autos is in the nascent phase, it is expected to grow significantly with the launch of new, improved e-auto models by organized market players.

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Insights on the Indian electric rickshaw controller market segments
On the basis of end use, the Indian electric rickshaw controller market is categorized into OEM and aftermarket. OEM dominated the market in the historical period. The low failure rate of the controllers offered by organized players is expected to continue driving the market growth in this category in the near future.

Increase in the average age of electric rickshaws is a major driver for the market
Initially, the electric rickshaw market in India was dominated by unorganized and local players, with a collective market share of around 85% in 2018. As the players were unstructured and small, the electric rickshaws offered by them were of substandard quality and had an average life of 2.2 years.

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Delhi stands as the largest market for electric rickshaw motors and controllers in India
Delhi held the largest share in the Indian electric rickshaw motor and controller market during the historical period, accounting for over 20% sales volume in 2018. It is expected to dominate the market in 2019 as well. However, Uttar Pradesh is expected to be the largest market for electric rickshaw motors during 2020–2024 and for electric rickshaw controllers in 2023 and 2024, owing to the growing demand for electric rickshaws from Tier-1 cities, Tier-2 cities, and rural–urban fringes in the state.

Competitive landscape of the Indian electric rickshaw motor and controller market
CY International and Changzhou Yufeng Vehicles Co. Ltd. are the major players in the Indian electric motor and controller market. Other important players operating in the market are Changzhou Xieheng Power Technology Co. Ltd. and Hangzhou Yuyang Technology Co. Ltd.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.