IMARC Group has recently released a new research study titled “India Electric Rickshaw Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028“, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
How big is the E-Rickshaw industry in India?
The India electric rickshaw market size reached US$ 1.2 Billion in 2022 and is expected to reach US$ 2.3 Billion by 2028, exhibiting a CAGR of 10.7% during 2023-2028.
Industry Insight:
Electric rickshaw refers to battery-operated three-wheelers vehicles. They comprise of a motor, harness, controller, battery, and throttle. Electric rickshaw variants have lower operational and maintenance costs and are strong, lightweight, non-conducting, and highly durable. They are extremely eco-friendly as they do not emit toxic gasses and pollutants into the air during operation. Electric rickshaw models are cheaper and more comfortable to drive as compared to manually pulled rickshaws. Consequently, they are in extensively utilized in India.
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Industry Trends:
The rising fuel prices and the escalating need for cost-effective first and last-mile transportation, on account of the expanding urban population, are primarily driving the India electric rickshaw market. In addition to this, the elevating concerns about environmental pollution and the launch of various favorable policies by government bodies aimed at promoting electric vehicles (EVs) in public transportation are acting as significant growth-inducing factors.
In line with this, the introduction of several government incentives for the manufacturers of electric vehicles (EVs), such as Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II), is also positively influencing the market across the country. Moreover, the growing ban on fuel-powered vehicles and the emerging trend of shared mobility that help reduce traffic congestion and transportation costs are further stimulating the market growth
Besides this, the inflating investments by leading market players in research and development (R&D) activities to introduce advanced e-rickshaws with powerful motors and the increasing usage of fiber-reinforced plastic (FRP) technology that enhance resistance and strength to deformation are expected to propel the India electric rickshaw market over the forecasted period.
Explore Full Report Description At: https://www.imarcgroup.com/india-electric-rickshaw-market
India Electric Rickshaw Market Segmentation:
The report has segmented the India e-rickshaw market on the basis of motor power, battery capacity, battery type, sales channel, end user and region.
Based on Motor Power:
- <1000 W
- 1000 – 15000 W
- >1500W
Based on Battery Capacity:
- <101 Ah
- >101 Ah
Based on Battery Type:
- Li-ion Battery
- Lead Acid Battery
Based on Sales Channel:
- Organised
- Unorganised
Based on End User:
- Passenger Carrier
- Load Carrier
Regional Analysis:
- North India
- West and Central India
- South India
- East India
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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