How is Increased Government Support Driving Indian Electric Rickshaw (Three-Wheeler) Market? Key Players are Terra Motors Corporation, HERO ELECTRIC VEHICLES PVT LTD, Lohia Auto, Atul Auto Ltd., Saera Electric Auto Pvt. Ltd.

The penetration of electric vehicles, including electric rickshaws, in India has been increasing at a rapid pace, particularly on account of the increasing air pollution levels in the country. The government of India is also playing a significant role when it comes to encouraging the adoption of such vehicles. Incentives in the form of tax refunds and subsidies are being provided by the Indian government for making the otherwise high-priced electric rickshaws affordable and for replacing their traditional counterparts. For example, under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles scheme, the government is offering subsidies up to $887 (INR 61,000), starting from $364 (INR 25,000), based on the model.

India Electric Rickshaw (Three-Wheeler) Market Key Players:
1- Terra Motors Corporation
2- HERO ELECTRIC VEHICLES PVT LTD
3- Lohia Auto
4- Atul Auto Ltd.
5- Saera Electric Auto Pvt. Ltd.

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In addition to this, because of the need for promoting the manufacturing of these vehicles, the Indian government is bearing about 60% of the research & development cost, the research being aimed towards the development of an indigenous low-cost electric technology that can be utilized for running these electric rickshaws. Attributed to all these factors, the Indian electric rickshaw (three-wheeler) market is expected to reach 935.5 thousand units by 2024, progressing at a 15.9% CAGR during the forecast period (2019-2024).

In the country, Delhi has been the largest Indian electric rickshaw (three-wheeler) market, as the sales of these vehicles picked up in 2013. Due to the alarmingly high pollution levels in Delhi, the government announced regarding a subsidy of INR 30,000 on the purchase of electric rickshaws. This has resulted in the high demand for these vehicles. Apart from this, the demand for electric three-wheelers is also projected to grow significantly in Uttar Pradesh as well during the forecast period, which is owing to the high adoption of these vehicles in tier-2 and tier-1 cities.

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INDIAN ELECTRIC RICKSHAW MARKET
o By Vehicle - Passenger Carrier and Load Carrier
o By Motor Power - 1,500 W
o By Battery Capacity - 101 Ah
o 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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