India Electric Rickshaw (Three-Wheeler) Market Development, Growth, and Demand Forecast: Key Players Analysis Lohia Auto, Terra Motors Corporation, Clean Motion, Saera Electric Auto Pvt. Ltd., Atul Auto Ltd., HERO ELECTRIC VEHICLES PVT LTD

From 384.0 thousand units in 2018, the Indian electric rickshaw market is predicted to grow to the production capacity of 935.5 thousand units by 2024, exhibiting a 15.9% CAGR during the forecast period (2019-2024). The factors positively influencing the growth of the market are the declining prices of the battery and increase in supportive measures by the government, in terms of environmental policies and monetary incentives. Electric rickshaws are majorly used as load and passenger carriers.

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 2018. 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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Based on motor power, the Indian electric rickshaw market is classified into 1,500 W. In 2018, with over 50.0% of revenue share, the 1,000-1,500 W classification was the largest in the market. This was attributed to the ideal cost-benefit ratio offered by vehicles fitted with batteries of this power range. The classification of >1,500 W is predicted to register the fastest growth in the forecast period, as the demand for high-speed rickshaws would continue to rise in the nation.

The Indian electric rickshaw market is witnessing growth due to the implementation of stringent environment-related policies to take care of the rising air pollution. One of the major causes of air pollution is the emissions from vehicles; the Indian government is taking active measures to popularize electric vehicles among people. Electric vehicles are expensive than their conventional-fuel counterparts, therefore, many subsidies and incentives are being provided to vehicle manufacturers and buyers. Based on the product model and the original equipment manufacturer, subsidies in the range of INR 25,000 and INR 61,000 are being provided under the FAME scheme.

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Company Profiles

9.1 Terra Motors Corporation

9.1.1 Business Overview

9.1.2 Product and Service Offerings

9.2 Hero Electric Vehicles Pvt. Ltd.

9.2.1 Business Overview

9.2.2 Product and Service Offerings

9.3 Kinetic Green Energy & Power Solutions Ltd.

9.3.1 Business Overview

9.3.2 Product and Service Offerings

9.4 Lohia Auto Industries

9.4.1 Business Overview

9.4.2 Product and Service Offerings

9.5 ATUL Auto Ltd.

9.5.1 Business Overview

9.5.2 Product and Service Offerings

9.5.3 Key Financial Summary

9.6 Saera Electric Auto Pvt. Ltd.

9.6.1 Business Overview

9.6.2 Product and Service Offerings

9.7 Electrotherm (India) Ltd.

9.7.1 Business Overview

9.7.2 Product and Service Offerings

9.7.3 Key Financial Summary

The reduction in the prices of automobile batteries may boost the Indian electric rickshaw market. Due to their low cost, majority of the electric rickshaws in the country use sealed lead acid (SLA) batteries. Even though they seem a better choice at first, SLA batteries pose a serious threat to human health and the environment, if they are not disposed of properly. Therefore, the manufacturers are focusing on using lithium-ion batteries as an alternative to the SLA ones, as the former are safer and provide longer charge to vehicles.

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Hence, the market for electric autorickshaws in India would continue growing in the forecast period due to the rising requirement for environment-friendly transport.

Market Dynamics
Trends
Increase in investment by manufacturers
Entry of established automotive players in the electric rickshaw market
Growing demand for solar operated electric rickshaw

Drivers
Government incentives and environmental policies
Declining battery prices
Impact analysis of drivers on market forecast

Restraints
Inadequate charging infrastructure
Lack of clarity on operational guidelines for electric rickshaws
Impact analysis of restraints on market forecast

Opportunities
Growing need for public transportation
Growing demand for Li-ion based electric rickshaws

The research offers market size of the Indian electric rickshaw market for the period 2014-2024.

INDIAN ELECTRIC RICKSHAW MARKET

By Vehicle - Passenger Carrier and Load Carrier
By Motor Power - 1,500 W
By Battery Capacity - 101 Ah
By State - Madhya Pradesh, Uttar Pradesh, Delhi, West Bengal, Rajasthan, Bihar, Haryana, Chhattisgarh, Uttarakhand, Punjab, Jharkhand, Assam, Tripura, and Rest of India

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This release was published on openPR.