India E-rickshaw Market Growth, Trends, COVID-19 impact and Forecast (2020-2025)
India electric rickshaw market has been segmented by carrier type (passenger carrier, and load carrier), by motor type (less than 1,000 W, 1,000-1,500 W and greater than 1,500 W), and by battery capacity (equal and less than 100 ah and greater than 100 Ah)
Introduction
Electric Rickshaws are three-wheelers powered by an electric motor ranging from 650 to 1400 Watts and are latest entry in the Indian road transportation system.
Since E-Rickshaw has been introduced in India, it has been playing a significant role in solving the issue of last mile intercity connectivity.
Rides on electric rickshaws in the country, which are typically 1 km long, cost around INR 10 per head, which is way cheaper than sharing a two-wheeler or car or taking an autorickshaw.
Due to the COVID-19 pandemic, the Indian electric rickshaw market has been badly affected, as the lockdowns and curfew-like situations in infection hotspots have reduced the demand for public transportation substantially.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 India
10. Growth drivers
10.1 Stringent emission norms and regulations as well as government initiatives
10.2 Favorable operational cost dynamics it offers to drivers
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 Mahindra and Mahindra Limited
15.2 Kinetic Engineering Limited
15.3 OK play Limited
15.4 Atul auto group
15.5 Terra motors Limited
15.6 Electrotherem India Limited
15.7 Lohia Auto industries
15.8 Saera Electric Auto Pvt. Ltd.
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
The Indian E- rickshaw market is expected to grow to $1.3 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with a 33.3% CAGR.
Battery-powered rickshaw has been replacing cyclic rickshaw predominantly in North India, majorly across Uttar Pradesh, West Bengal, Delhi, and Bihar.
In 2020, India had registered nearly 350-thousand-unit sales, growing at an average rate of 20% annually since 2015.
Key Trends
With the growing demand for e rickshaws, especially for last-mile connectivity, established Indian and foreign original equipment manufacturers (OEMs) have also shown their interest in the market in recent years.
OEMs are increasingly investing in affordable and efficient electric rickshaws, and known players of the automotive industry are making inroads in this market with the launch of new electric rickshaw models.
Key Market Players
India's electric rickshaw market is highly fragmented due to the presence of many small and unorganized domestic players, which contributed to nearly more than 80% of the sales in 2020.
The most prominent players in the market are Terra Motors Corporation, Hero Electric Vehicles Private Ltd, Atul Auto Ltd., Electrotherm (India) Limited, OK Play India Limited, Mahindra & Mahindra Limited, Kinetic Engineering Limited, Lohia Auto Industries, Saera Electric Auto Pvt. Ltd., GreenRick.
Growth Drivers and Challenges
Reason for the growth of the Indian electric rickshaw market is the favorable operational cost dynamics these vehicles offer to their owners.
The increasing stringent emission norms and regulations as well as government initiatives are, thus, expected to boost the sales of electric rickshaws in the country in the near future.