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E-Rickshaw is an electric vehicle which is pulled by electric motor and powered by battery. The popularity of E-Rickshaw is growing in the country on account of the low fuel cost, low maintenance cost, no noise pollution, and eco-friendly features. The E-Rickshaw are capable of providing an energy efficient transport system due to low emissions.
According to MarkNtel Advisors’ research report titled “India E-Rickshaw Market Analysis, 2020”, the E-Rickshaw market is projected to register a CAGR of around 15% during 2020-25. The passenger carrier e-rickshaw segment captured the highest market share in the overall India E-Rickshaw market in 2019 due to a growing requirement for public transportation coupled with an increased awareness surrounding harmful vehicle emissions.
The lead-acid battery segment acquired a significant market share in the India E-Rickshaw market in 2019. However, the a pressing requirement for energy-efficient batteries which can enable e-rickshaws to travel longer distances without frequent charging is a key factor which can boost the demand for lithium-ion batteries in the forthcoming period in this industry.
The North India region captured the highest market share in the India E-Rickshaw market in 2019 on an account of increasing initiatives by the government to provide subsidies on the purchase of an e-rickshaw. The initiatives include the Electric Vehicle Policy 2018 and Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme. Therefore, with the growing focus toward encouraging the usage of electric vehicles, the demand for e-rickshaws is also gradually surging in the country.
According to MarkNtel Advisors, the key players capturing a substantial market share in the India E-Rickshaw market are Terra Motors, Hero Electric, Kinetic Green Energy & Power Solutions, Lohia Auto Industries, ATUL Auto, etc. These companies are actively introducing their respective range of e-rickshaws to gain a competitive edge in the industry.
In 2018, Lohia Auto battery-operated three-wheeler Comfort E Auto. Moreover, the companies such as Mahindra & Mahindra, Altigreen, and Bajaj are increasingly deploying electric three-wheelers in the regions. In 2018, Mahindra Electric Mobility Ltd. signed a Memorandum of Understanding (MoU) with SmartE to provide 1,000 Mahindra Treo and Treo Yaari electric three-wheelers in Delhi NCR by 2019.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What would be the growth rate or CAGR of India E-Rickshaw market during 2020-25?
A. The market size of India E-Rickshaw market during 2020-25 is forecast to be around 15%.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that North region will dominate the market with majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in India E-Rickshaw market?
A. Terra Motors, Hero Electric, Kinetic Green Energy & Power Solutions, Lohia Auto Industries, ATUL Auto, Mahindra Electric, Gayam Motors, Vani Electric, Saera Electric Auto are few of the leading players in the India E-Rickshaw market.
Q. Does the report scope cover region wise market statistics also?
A. Yes, the scope of the report encompass detailed regional statistics such as market size, market segmentation based on various subcategories.
Q. Which E-Rickshaw segment would emerge as an opportunity area for players in India E-Rickshaw?
A. Passenger carrier e-rickshaw would continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of E-Rickshaw across India.
