India Electric Rickshaw Market Research Report 2023-2028: Growth, Top Companies Share, Size, and Forecast

IMARC Group has recently released a new research study titled "India Electric Rickshaw Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How big is the India electric rickshaw market?

The India electric rickshaw market size reached US$ 1.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.3 Billion by 2028, exhibiting a growth rate (CAGR) of 10.7% during 2023-2028.

Industry Overview: 

An electric rickshaw, commonly referred to as an e-rickshaw, is a mode of transportation that runs on electric power as opposed to traditional fuel sources like petrol or diesel. E-rickshaws are a modern adaptation of the classic cycle rickshaw and are predominantly used for short-distance travel within cities or towns. Equipped with a battery-operated electric motor, e-rickshaws are generally charged via an electrical outlet, much like any other electric vehicle. The advantages of using electric rickshaws are manifold. Firstly, they produce zero tailpipe emissions, which helps in reducing air pollution and combating climate change. Secondly, they are significantly quieter than their internal combustion engine counterparts, contributing to noise pollution reduction.

E-rickshaws are also economical both to operate and maintain, thus making them accessible to small-scale entrepreneurs. They offer an affordable public transport option, thereby providing mobility to a larger segment of the population. Moreover, the operational cost, primarily the cost of charging, is lower as compared to fuel costs for traditional vehicles, thus making it a more economical option for both drivers and passengers.

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India E-Rickshaw Market Trends and Growth Drivers:

The increasing need for eco-friendly transportation alternatives represents one of the key factors driving the growth of the market across India. This, coupled with rising levels of pollution in Indian cities is acting as a major growth-inducing factor. Electric rickshaws produce zero tailpipe emissions, making them a preferred option for sustainable urban transit.

The Government of India is promoting electric mobility through various schemes and incentives, such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program which is bolstering the growth of the market. These initiatives are aimed at reducing the country's carbon footprint and reliance on fossil fuels. The cost of electricity for charging the batteries is generally lower than the cost of petrol or diesel, thus making e-rickshaws a more economical choice for both drivers and passengers.

E-rickshaws are relatively simpler machines with fewer mechanical parts, which reduces maintenance costs and efforts. Their easy operability makes them accessible to a wider range of drivers, including those with limited automotive skills. The compact design of e-rickshaws makes them well-suited for navigating through congested urban areas, where larger vehicles struggle to move freely. This is a particularly appealing feature in densely populated cities.

E-rickshaws are ideal for short-distance travel and offer a solution for the last-mile connectivity problem, often serving routes that are not easily accessible by larger public transportation systems. The low initial investment and operational costs of electric rickshaws make them accessible to small-scale entrepreneurs and provide a source of livelihood for many. As awareness about environmental issues grows among the general populace, there is an increasing preference for eco-friendly transport options, which is driving the demand for electric rickshaws.

Improvements in battery technology and charging infrastructure are making e-rickshaws more efficient and practical for everyday use. With more people moving to cities in search of employment and a better quality of life, there is an escalating need for efficient and affordable public transport which is creating a positive outlook for the market across the country.

Who are the key players operating in the India e-rickshaw industry?

The report covers the major market players including:

India E-Rickshaw Companies: 

• Adapt Motors Private Limited
• ATUL Auto Limited
• CityLife EV
• E-Ashwa Automotive Private Limited
• Goenka Electric Motor Vehicles Private Limited
• Jezza Motors (Vani Electric Vehicles Pvt. Ltd)
• Kinetic Green Energy & Power Solutions Ltd
• Lohia Auto Industries
• Mini Metro EV LLP
• Saera Electric Auto Private Limited
• Terra Motors India Corp.
• Thukral Electric Bikes
• Udaan E Rickshaw

India Electric Rickshaw Market Segmetation:

The report has segmented the market into the following categories:

Breakup by Motor Power:

• 1500W

Breakup by Battery Capacity:

• 101 Ah

Breakup by Battery Type:

• Li-ion Battery
• Lead Acid Battery

Breakup by Sales Channel:

• Organised
• Unorganised 

Breakup by End User:

• Passenger Carrier
• Load Carrier

Breakup by Region:

• North India
• West and Central India
• South India
• East India

Speak to an Analyst: https://www.imarcgroup.com/request?type=report&id=5978&flag=C

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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This release was published on openPR.