India Electric Rickshaw Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Indian Electric Rickshaw Market has been Segmented by End User (Passenger Carrier and Load Carrier) and Battery Type (Li-ion Battery and Lead Acid Battery). The report offers market size and forecast for the Indian Electric Rickshaw Market in value (USD million) for all the above segments.

Market Snapshot

India electric rikshaw market_overview
Study Period: 2018-2027
Base Year: 2021
CAGR: >11 %

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Market Overview

The Indian electric rickshaw market was valued at USD 1.1 billion in 2021, and it is expected to reach USD 2.8 billion by 2027, registering a CAGR of more than 11 % during the forecast period (2022 - 2027).

The COVID-19 pandemic has impacted the growth of the Indian electric rickshaw market, as the lockdowns and curfew-like situations in infection hotspots have reduced the demand for public transportation substantially. Moreover, the COVID-19 impact reduced the demand for shared mobility services, discouraging mobility service providers from purchasing new e-rickshaws.

However, the market is expected to grow steadily, as the Indian government is currently promoting electric vehicles in public transportation and fleets, emphasizing two-wheelers and three-wheelers, taxis, and buses. Lower cost of transport, affordable price of rickshaws, and their maneuverability across congested urban roads are some advantages of rickshaws, driving their demand across the world.

Moreover, stringent emission norms, rising fuel prices, incentives for e-rickshaws, and an increased range of e-rickshaws are shifting consumer preference toward e-rickshaws. Furthermore, the expected ban on fuel-powered vehicles will likely propel the demand for e-rickshaws.

Uttar Pradesh is expected to be the largest e-rickshaw market in India, followed by Delhi during the forecast period due to the growing demand for these rickshaws in Tier-1 cities, Tier-2 cities, and the rural-urban periphery. Besides, other states, such as Bihar, West Bengal, and Assam, are witnessing a significant demand for these rickshaws.

Scope of the Report

E-rickshaw is an electric-powered, three-wheeled vehicle primarily utilized for commercial purposes to transport passengers and goods. E-rickshaw is also known as electric tuk-tuk and toto. It utilizes a battery and an electric powertrain to propel the vehicle. The Indian electric rickshaw market covers the latest trends, COVID-19 impact followed by technological developments in the market.

The scope of the report covers segmentation based on End-User (Passenger Carrier and Load Carrier), By Power Rating ( Less than 2kW and Greater than 2kW), and Battery Type (Li-ion and Lead Acid). For each segment, the market sizing and forecast have been done on the basis of value (USD million).

By End User
Passenger Carrier
Load Carrier
By Motor Power Rating
Less than 2kW
Greater than 2kW
By Battery Type
Li-ion Battery
Lead Acid Battery

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Key Market Trends

Passenger Carrier Segment Likely to Have Fastest Growth

The passenger carrier segment is expected to hold the larger share in the Indian electric rickshaw market in the future, based on end-user. Due to the increasing urban population driving the demand for cost-effective first- and last-mile transportation, the number of passenger carrier e-rickshaws is burgeoning on the country's roads.

Factors include growing end-user affordability, cost advantage over auto-rickshaws, better daily earnings than cycle rickshaws, and increasing investments by manufacturers for the design and development of more efficient and affordable rickshaws are expected to benefit and boost the market during the forecast period.

A Three-wheeler sharing service is seen as a viable economic and quick solution for daily commuters. Electric rickshaws cause zero tailpipe emissions and are widely used for first/last-mile connectivity in cities across the country. These three-wheeled electric-powered vehicles also help bridge public transport service gaps for commuters. Thus, electric rickshaws can be viewed as the best low-cost shared mode of public transport for last-mile connectivity in the country.

India Electric Rickshaw Market_ trend 1

North India to Capture the Major Market Share

In North India, Uttar Pradesh covered the largest market. E-rickshaw sales have been increasing in the country, owing to the provision of subsidies on the purchase of e-rickshaws to tackle the alarming air pollution in the country. In the years to come, the increasing demand for these eco-friendly public transport in various metro cities like Bangalore, Pune, Mumbai, and more are likely to make the e-rickshaw segment the largest revenue contributor to the EV industry.

The country has also drafted a policy on the Transport Department, which states that 25% of all new vehicle registrations will be electric by 2023 through subsidies for rickshaws, autos, and two-wheelers, among others. Governments to promote faster localization nationwide, around 5 lakh e-rickshaws of ex-factory price up to INR 5 lakh are set to get an incentive of INR 50,000 each in phase II of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II).

As a proactive policy toward sustainable mobility in urban areas, the government is likely to support the electrification of auto-rickshaws, as there is a perceptible public acceptance for them evident from the unregulated and phenomenal growth of e-rickshaws in many North Indian cities. Uttar Pradesh is expected to remain in the lead of the electric rickshaw market in India, followed by Bihar and Assam during the forecast period. This is primarily due to the rising demand for these rickshaws in Tier-1 cities, Tier-2 cities, and the rural-urban fringes. Besides, other regions, such as Delhi, Tamil Nadu, and Rajasthan, are witnessing a significant demand for these rickshaws.

India Electric Rickshaw Market_trend 2

Competitive Landscape

The Indian electric rickshaw market is primarily dominated by a large number of small, unorganized local players, accounting for a major market share. However, established players in the market are introducing their new models and product launches to gain a competitive edge over other players. For instance,

· Bajaj RE has started testing its first electric three-wheeler, RE EV, for the Indian market. The electric rickshaw is powered by a 4.3 kW motor capable of repelling the vehicle to a speed of 42km/h. Bajaj plans to launch RE EV in the coming months.

· In February 2021, Piaggio launched their first electric three-wheeler, Apé eCity, in the Indian market. A 4.5kWh better powers 5.4kW motor in the Apé eCity.

Some of the major players in the market are Lohia Auto Industries, Kinetic Green Energy and Power Solutions Ltd, Terra Motors Corporation, ATUL Auto Ltd, and YC Electric Vehicle Corporation, among others.

Recent Developments

· In September 2020, EV Motors India and Hero Electric partnered to offer advanced battery solutions and charging infrastructure for electric vehicles in India. This partnership focuses on developing both two-wheeler and three-wheeler electric vehicles.

· In December 2021, Mahindra Electric launched a new passenger three-wheeler, Treo EV, in the Indian market. Powering the Mahindra Treo EV is an 8kW motor capable of generating 42Nm of peak torque.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Buyers/Consumers

      2. 4.3.2 Bargaining Power of Suppliers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By End User

      1. 5.1.1 Passenger Carrier

      2. 5.1.2 Load Carrier

    2. 5.2 By Motor Power Rating

      1. 5.2.1 Less than 2kW

      2. 5.2.2 Greater than 2kW

    3. 5.3 By Battery Type

      1. 5.3.1 Li-ion Battery

      2. 5.3.2 Lead Acid Battery

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Lohia Auto

      2. 6.2.2 Saera Electric Auto Pvt. Ltd

      3. 6.2.3 Terra Motors India Pvt. Ltd

      4. 6.2.4 Adapt Motors Pvt. Ltd (AMPL)

      5. 6.2.5 Kinetic Green Energy & Power Solutions Ltd

      6. 6.2.6 Atul Auto Limited

      7. 6.2.7 Mahindra Electric Mobility Limited

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The India Electric Rickshaw Market market is studied from 2018 - 2027.

The India Electric Rickshaw Market is growing at a CAGR of >11% over the next 5 years.

The India Electric Rickshaw Market is valued at 1146 Million USD in 2018.

The India Electric Rickshaw Market is valued at 2810 Million USD in 2027.

Lohia Auto, Adapt Motors private limited, Mahindra Electric Mobility Limited, Kinetic Green Energy & Power Solutions Ltd, Terra Motors India Pvt. Ltd are the major companies operating in India Electric Rickshaw Market.

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