The India E-Rickshaw Market is projected to grow at a CAGR of 15% in the forecast period of 2024-30, cites Markntel Advisors in the recent research report. The market is driven by the rising adoption of e-rickshaws as antidote to air pollution as well as striking alternative for integrated door-to-door systems. E-rickshaws are extraordinarily long-lasting and unquestionably a substantial investment. They require less care and will last longer while earning more money.
Besides, they generate less noise and vibration than conventional rickshaws, which lessens noise pollution. As a result, it improves accessibility and comfort for both the driver and the passengers while they are travelling. In addition, the heightening demand for Eco-friendly public transport aided by government emission policies in various metropolitan cities like Bangalore, Pune, and Mumbai is likely to enhance the market in the coming years, further states the research report, “India E-Rickshaw Market Analysis, 2024.”
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India E-Rickshaw Market Segmentation Analysis
By Type
- Passenger Carrier
- Load Carrier
By Battery
- Lead-Acid
- Lithium-Ion
A Gradual Manufacturers’ Shift Towards Li-Ion Batteries Spurs the Segment’s Ascension
Li-ion batteries gained traction with a prominent market share in the historical period. It owes principally to the lighter weight, higher storage coupled with substantial accessibility in the standard industry sizes. Again, the combination of higher energy density and lower weight of batteries subsequently promotes higher mileage for such electric three-wheelers. These aspects make the vehicle more durable and reliable, thereby ensuring smoother rides. Moreover, with little need for maintenance of such batteries, the industry for Li-ion batteries is expected to enthrall in the coming years.
By Battery Capacity
- Less than 100 Ah
- Greater than 100 Ah
By Transmission Mode
- Geared
- Gearless
By Region
- North
- South
- West
- East
- North East
India E-Rickshaw Market Key Trend:
Emergence of E-Rickshaw as Eco-friendly Last-mile Connectivity Alternative - The electric autos or three wheelers aid in alleviating air and noise pollution, and along with this, a significant amount of CO2 emissions can be mitigated daily by transitioning natural gas auto into e-rickshaws. According to the research on vehicular pollution published by the Energy and Resources Institute (TERI) in April 2018, the fleet of auto rickshaws operating in Bengaluru emits about 1200 tonnes of carbon dioxide per day, 4 tons of NOx, and 0.5 tons of PM10, totaling 0.44 million tonnes of carbon dioxide annually due to the auto-rickshaw industry. However, carbon emissions can be decreased by 0.11 million tonnes per year, PM10 emissions by 114.5 million tonnes annually, and NOx emissions by 37.6 million tonnes annually by switching to electric autos
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Leading Market Players:
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Terra Motors, Hero Electric, Kinetic Green Energy Power Solutions, Lohia Auto Industries, ATUL Auto, Mahindra Electric, Gayam Motors, Vani Electric, and Saera Electric Auto are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the E-Rickshaw market across the country?
- How has the industry been evolving in terms of geography product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from E-Rickshaw manufacturers evolved during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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