In 2022, the Indian e-rickshaw market was worth around USD 273.6 million, and it is predicted to advance at a 6.6% CAGR from 2022 to 2030, hitting USD 456.2 million in 2030, according to P&S Intelligence.
This growth can be ascribed to the decreasing battery cost, government incentives and supportive environmental guidelines, and the fact that e-rickshaw is a cost-efficient, suitable solution for traveling. Such vehicles are considered the backbone of the last-mile mobility and lightweight cargo/logistics systems in India currently.
The snowballing demand for electric rickshaws that can be charged with solar power is the new trend in the country's e-rickshaw industry. A regular battery electric-rickshaws utilizes the conventional form of power to charge its batteries. But, solar-powered electric rickshaws, can be charged while using them on a sunny day.
Moreover, such variants provide better energy production, while solar panels can increase their range by 10% to 15%, with a lifespan of 10 years. Such properties are contributing to increasing their popularity for transport purposes, and producers, including Lohia Auto Industries and Inter IKEA Systems B.V., are introducing new products in order to compete against other giants.
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In the coming years, the passenger carrier category is set to grow with a higher CAGR, of 7.8%. With rapid urbanization boosting the demand for lucrative first- and last-mile transport, the distribution of passenger carrier e-rickshaws is growing, to provide cost-efficient transportation services.
In 2022, 1,000–1,500W powered e-rickshaws had the largest Indian e-rickshaw market share. A huge number of electrical rickshaws are armed with 1,000–1,500W motors as they provide functioning cost advantages. Businesses are focused on leveraging their knowledge and experience in the manufacturing of automotive electrical components and motors to expand their making capacity and enhance the supply of such motors over time.
In 2022, an E-rickshaw with batteries of less than 101Ah capacity, generated the largest revenue share, of 68%. Furthermore, as these variants are lucrative in comparison with higher-capacity batteries, this variant is projected to continue to be dominance throughout the decade. Furthermore, unorganized OEMs led the industry in the past few years, and they mainly provide such lucrative and low-battery-capacity variants.
Uttar Pradesh dominated the market with the largest share in the Indian e-rickshaw market, credited to the rising demand for e-rickshaw from tier-1 cities, tier-2 metropolises, and rural–urban fringes. Basically, the escalating customer base is boosting the utilization of such vehicles, hence boosting sales development in the state.
Hence, decreasing battery costs, government incentives and supportive environmental guidelines, and the fact that e-rickshaw is a cost-efficient, suitable solution for traveling are the major reasons that will drive the Indian e-rickshaw market in the future as well.
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