January 05, 2021
According to the research report titled ‘India E-Rickshaw Market Analysis, 2020‘, available with Market Study Report LLC, India e-rickshaw market is anticipated to witness a y-o-y growth rate of 15% during 2020-2025.
Consumer preference for public transportation as well as rise in concerns regarding harmful vehicle emissions are the major factors driving the growth of India e-rickshaw market. Further, several benefits of e-rickshaws such as low maintenance cost, reduction in emissions, less fuel cost, elimination of noise pollution, and eco-friendly nature are contributing to the industry growth.
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With respect to type, India e-rickshaw market is segmented into load carrier, and passenger carrier. In terms of battery capacity, the market is classified into greater than 100 Ah, and less than 100 Ah. Speaking of transmission mode, the market is fragmented into gearless, and geared.
Based on battery terrain, India e-rickshaw industry is bifurcated into lithium-ion, and lead-acid. Among these, lead-acid battery segment captured a significant industry share in 2019. However, lithium-ion battery segment is expected to gain substantial traction during the forecast period, due to shifting inclination towards energy-efficient batteries that enable e-rickshaws to travel longer distances without frequent charging.
From a regional frame of reference, North India region held the largest share of India e-rickshaw market in 2019 and is likely to witness significant gains in the ensuing years, owing to introduction of government initiatives which provide subsidies on the purchase of e-rickshaws as well as emphasis on promoting the usage of electric vehicles in the region.
Major players influencing India e-rickshaw market trends are Saera Electric Auto Pvt. Ltd., Vani Electric Vehicles Pvt. Ltd. (Jezza Motors), Gayam Motor Works (GMW), Mahindra Electric Mobility Limited, Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation, Kinetic Green Energy & Power Solutions Ltd., Atul Auto Ltd., and Lohia Auto Industries.