A new report by P&S Intelligence expects the Indian electric rickshaw market to grow annually at 33.3% between 2020 and 2025, driven by the need for cost-effective public transportation, especially for short distances, and the government support making e-rickshaws cheaper for owners.
The report said the electric rickshaw market size would, at this rate, touch $1,394.2 million by 2025 from $786.2 million in 2019. Among various regions, the State of Tripura would witness the fastest growth in e-rickshaw sales, whereas Uttar Pradesh would emerge as the largest revenue contributor to the industry.
According to the report, currently, e-rickshaws with 1,000–1,500W motors are the most popular. Solar-powered variants are gaining rapid popularity.
However, the market for electric rickshaws with >1500W motor would grow the fastest annually at 36.7% in the future. Their sales will rise fast as more organized automakers launch better-quality products with more-powerful motors, stated the report.
The report expects passenger carriers to continue to hold a larger share in the Indian electric rickshaw market in the years to come. “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,” it said.
The market, currently dominated by unorganized players, would see organized players gaining a larger share with their sales rising fast.
The report cites state governments passing laws to allow such vehicles’ operation and the rollout of the Goods and Services Tax (GST) as a severe blow for unorganized players.
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According to Bonafide Research : Global Electric Vehicle Market is Expected to grow a market of USD 400 Billion by 2025.
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