Electric Rickshaw Market Segmentation, India is a home of about 1.5 million battery-powered electric three-wheeled e-Rickshaws. According to Research and markets reports, India Electric Rickshaw-Three-Wheeler( Passenger Carrier, Load Carrier) estimated sales is expected to 935.5 thousand from 2014-2024.
Electric Rickshaw Market Segmentation
The market is growing rapidly from the past few years with the government’s push and encouragement now it is also providing incentives to encourage the three-wheeler consumers to buy an electric one.
Adoption of electric vehicles not only controls the air and sound pollution but also it saves the money that you waste to buy expensive, high priced fuels-petrol or diesel.
The increased opportunity of e-rickshaws by the manufacturers in various designs and developments helping the e-rickshaws market growth.
In India, there are two e-rickshaw vehicle types or categories like passenger carrier and a load carrier of these, the passenger carrier-dominated the market in 2018 by over 95.0% revenue share and is expected to have the same hold in the future too.
Reason For The Growth For E-Rickshaws
The reason behind the domination could be the needs for public transportation, low-cost shared mobility demand and we should not forget about the rising population in the country.
e-Rickshaws With 1,000–1,500 W Motor Power
The e-rickshaws with 1,000–1,500 W motor power holds the largest share in the market as it gives the benefits in terms of operational low costs. And also the 1000W and 1800W motors are used in the E Rickshaws and E-carts.
Previously the battery capacity 101 Ah led e-rickshaws were in the market but now currently the SLA battery type is most preferred one as these batteries are cheaper than the Li-ion. Manufacturers are looking out for the use of Li-ion batteries as SLA batteries are harmful when they are not disposed of properly.
Currently, e-rickshaws using lead-acids batteries and some manufacturers also using Li-ion batteries which are said to be the best quality battery used in an electric vehicle.
The e-rickshaw market in regional Delhi had the largest share in 2018 since 2013 the shares have been increased rapidly in Delhi. Delhi government in 2016 had announced Rs 30,000 subsidy for e-rickshaws to reduce the levels of air pollution.
The e-rickshaws market is dominated by the small, unorganized and the major players include Terra Motors Corporation, Lohia Auto Industries, Hero Electric Vehicles Pvt. Ltd., Saera Electric Auto Pvt. Ltd., and Clean Motion India.
Electric Rickshaw Market segmentation
|By Vehicle||By Motor
|< 1,000 W||< 101 Ah||Madhya Pradesh|
|Load Carrier||1,000-1,500 W||> 101 Ah||Uttar Pradesh|
|> 1,500 W||Delhi|
In India, E-Rickshaw fleet is bigger than the total number of electric passenger cars sold in China since 2011.
Every month 11,000 new e-rickshaws hit the streets and annual sales are expected to increase by about 9% by 2021. According to a recent report from consulting firm A.T. Kearney, the Three-wheeled vehicles make up 150 crores market.
The FAME India Scheme Phase-II, Department of Heavy Industry had launched the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) to promote and encourage the EVs and Hybrid vehicles.
As per FAME the three-wheelers will get an incentive if the e-rickshaw will have the 5 KWH battery, to know more about incentives click here.
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