The India electric rickshaw market was USD 273.6 million in 2022, which will rise to USD 456.2 million, powering at a 6.6% compound annual growth rate, by 2030. This is because of the government's encouragement and environmental plans, dropping battery costs, and the fact that these automobiles are a low-cost, ideal solution for traveling.
Moreover, these automobiles serve as the pillar of last-mile
mobility as well as low-weight logistics/ cargo systems in the nation
currently.
The passenger carrier category, based on vehicle, will advance at a higher rate, of 7.8%, in the coming years. With the swiftly rising urban populace boosting the need for economical first- and last-mile transport, the disposition of passenger carrier e-rickshaws is growing, to provide economical transport services.
In 2022, the 1,000–1,500W category, based on motor power, accounted
for the largest share of the industry. Many e-rickshaws are prepared with
1,000–1,500W motors because they offer operational cost advantages.
Furthermore, unorganized OEMs dominated the industry in the
initial period, and they largely provide such low-battery-capacity and
cost-effective types.
The <101Ah category, on the other hand, is likely to
propel at a higher CAGR in the years to come. This is primarily because of the growing
popularity of automobiles that can travel long distances without needing repeated
charging.
The organized sales channel is likely to advance at a higher
rate in the coming years. With the increasing significance of organized auto
manufacturers who concentrate on producing and offering greater-quality
products with effective motors, they are displaying higher sales revenue.
Uttar Pradesh was the largest contributor to the industry in
2022. This is mainly because of the increasing need for these automobiles from rural–urban
fringes, tier-1 cities, and tier-2 cities. The increasing consumer base is boosting
the utilization of these vehicles, therefore boosting sales growth in this
state.
Apart from UP, other states, including West Bengal, Assam, and
Bihar have a substantial number of these vehicles. Moreover, Orissa, Tripura, Chhattisgarh,
and other eastern states are among the fastest-growing states in this nation.
It is because of the decreasing cost of batteries, the India electric rickshaw industry
will continue to grow in the years to come.
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