India Electric Rickshaw Market
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India Electric Rickshaw Market – Assessment Covering Growth Factors and Upcoming Trends till 2025

The India Electric Rickshaw Market crossed USD 2.5 billion mark in 2018 and is expected to grow at a CAGR of XX.0% during the forecast period 2019-2025. E-Rickshaw is a flexible, non-polluting and affordable means of Intermediate Para-Transit (IPT) system. E-Rickshaw is the 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. Since 2010, E-Rickshaw has been operational in India, mostly in Delhi-NCR region. Since then, this vehicle has gained immense popularity due to environment friendly nature along with its potential to curb the carbon footprint as it is battery operated. Today, E-Rickshaw has become one of the most preferred modes of transportation in major urban and suburban cities of India. SmartE launched in October 2015, has served over 6 million ‘zero-pollution’ rides. By December 2017, SmartE aims to serve over 3 million commuters per month, through its 1,000 E-Rickshaw fleet. SmartE also aims to roll-out 10,000 vehicles by 2018-end and cross the 100,000 vehicle mark by 2020. At 100,000 vehicles, SmartE will help reduce close to a million tonnes carbon emissions, an equivalent of planting 17 million trees per year.

Across the country, electric rickshaw has become an important part of the transport system and is expected to witness a significant growth over the forecast period on account of government plans such as the National Electric Mobility Plan (NEMP). The government aims to encourage the use of electric vehicles in India along with the commitment to build an efficient electric vehicle network including adequate charging stations and incentives on buying an electric vehicle.

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For city wise penetration of E-Rickshaw both in terms of value and volume in India browse through: https://univdatos.com/report/india-electric-rickshaw-market-insights-and-forecast-2018-2025

E-rickshaw drivers in Delhi pay 17% lesser rent, compared to normal auto drivers. Also setup or initial investment for e-rickshaw is 50% less that the normal auto rickshaw. Owing to such benefits, penetration of e-rickshaw is expected to increase over the future. The below figure depicts the comparison of initial cost and earning of rickshaw drivers in Delhi-NCR region.

According to the Society of Manufacturers of Electric Vehicles (SMEV), electric vehicles’ sale doubled in terms of volume in the FY 2017-18 compared to the previous year, majorly through unregulated E-Rickshaw market, with 850,000 E-Rickshaw sold in the specified period. The drivers of the traditional manually-pulled rickshaws have found E-Rickshaws quicker, quieter and easier to keep running as they require less effort, compared to the pedal-cycle rickshaws. This results in more rides and lesser effort for the driver, making E-Rickshaws a rather beneficial investment for them.

The Indian government is currently focusing on promoting electric vehicles in the public transportation and fleets, with emphasis on two-wheelers and three-wheelers, taxis and buses. One of the biggest hurdles in the growth of electric vehicles in India is the dearth of charging and battery-swap stations. The Ministry of Finance is in the process of finalising a plan to spend approximately US$600 million over a period of five years to upgrade the country’s charging infrastructure as well as to provide better subsidies on electric buses. According to BNEF, India had just 425 public charging stations in 2017 and it is expected that with government and public initiatives this number will boost to 2,800 by 2022.

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“Passenger Carrier of India E-Rickshaw Market dominated the market in 2018 and is expected to maintain its lead in 2025”

In terms of segmentation by vehicle type, India E-Rickshaw market has been segmented into Passenger and Load carrier. In 2018, passenger carrier dominated the market and is expected to maintain its lead by the year 2025. With growing working population, the need for efficient transportation network has also increased. Hence, as E-Rickshaw is easily available and offers convenient ride, the number of commuters preferring E-Rickshaw for short distance is increasing. All these factors would help better and increased adoption of E-Rickshaw in major Indian cities.

“Amongst battery type, lead acid holds the major share in 2018 while li-ion is expected to grow considerably during the forecast period.”

Based on battery type, India E-Rickshaw Market has been segmented into lead acid and li-ion battery. In 2018, lead acid dominated the battery type segment of India E-Rickshaw, generating revenue of US$ 2.17 billion. Though, lead acid battery continues to keep dominating the market over the forecast period while witnessing the benefits offered by li-ion battery. Li-ion battery is expected to grow at the highest CAGR rate during the projection period.

“Owned E-Rickshaw dominated the Indian E-Rickshaw Market”

Based on ownership type the Indian E-Rickshaw market is segregated into owned and rented E-Rickshaw. In 2018, owned E-Rickshaw dominated the market and is expected to remain dominant, however rented E-Rickshaw market is expected to witness high adoption in cities such as Delhi-NCR, and other cities in the South Indian region. High income associated with rented E-Rickshaw, as the driver don’t have to bear the maintenance cost would drive the market for rented E-Rickshaw in India.

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“Delhi-NCR, Lucknow and Kolkata regions together hold 40% of the market share of India E-Rickshaw Market in 2018 and will continue to do so over the forecast period”

Based on region, detailed analysis has been conducted to understand the overall rate of adoption of E-Rickshaw in major Indian cities including Delhi-NCR, Lucknow, Kolkata, Nagpur, Bengaluru, Pune, Chennai, Hyderabad and other cities. Delhi-NCR captured the maximum market share and is expected to keep leading the India E-Rickshaw market over the projection period. However, with increasing acceptance, it is believed that several cities including Kolkata, Bengaluru, Chennai, and Hyderabad will witness considerable growth in the India E-Rickshaw Market.

India E-Rickshaw market is very much fragmented. The E-Rickshaw market in India is basically made by assembling its parts together at the manufacturer’s facility. These parts are either imported from China or supplied from local suppliers. India E-Rickshaw market is mainly dominated by local unorganised players with few established players. Some of the organised players operating in this industry include Saera Electric Auto, Atul Auto, Kinetic Green, Terra Motors, Ok Play, Hero Electric and Mahindra & Mahindra, which together hold nearly 15% of the market.

India E-Rickshaw Market can be customized to the state level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients.

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