The growing carbon emissions in the country is leading to various air pollution and health issues in India. Therefore, the government of India is inclining more towards the deployment of electric vehicles which is expected to positively impact the growth of India e-rickshaw market. Moreover, the surging number of initiatives by the government such as providing subsidies for promoting electric vehicles are anticipated to strongly contribute to the growth of India e-rickshaw market in the forthcoming period.
According to MarkNtel Advisors’ research report titled “India E-Rickshaw Market Analysis, 2020”, the e-rickshaw market is projected to grow at a CAGR of around 15% during 2020-25. The growing concerns over the harmful emissions by vehicles have positively impacted the growth of electric vehicles market. The surging need for public transportation has strongly contributed to the demand for e-rickshaws in the country. Moreover, the increasing support by the government to focus on the utilization of electric vehicles is anticipated to boost the growth of India e-rickshaw market in the years to come.
“India E-Rickshaw Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and growth opportunities available for e-rickshaw firms across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
Based on battery capacity, the e-rickshaw with battery capacity of greater than 100 Ah is projected to acquire a significant market share in the forthcoming period. This is due to the increasing requirement of energy-efficient batteries that can enable an e-rickshaw to cover long distances without requiring frequent charging.
Lead-Acid Battery Captured the Highest Market Share
Based on battery, lead-acid battery captured the highest market share in the India e-rickshaw market in 2019. However, the demand for lithium-ion batteries is anticipated to boost in the years to come as they are energy-efficient and require less charging time as stated in the MarkNtel Advisors’ research report “India E-Rickshaw Market Analysis, 2020”.
As per MarkNtel Advisors’ study, the key players who acquired a considerable market share in the India e-rickshaw market include Terra Motors, Hero Electric, Kinetic Green Energy & Power Solutions, Lohia Auto Industries, ATUL Auto, etc.
Key questions answered in the study: