India Electric Rickshaw (E-Rickshaw) Market Size 2023, Demand, Manufacturers and Forecast till 2028

IMARC Group, a leading market research company, has recently releases report titled "India Electric Rickshaw (E-Rickshaw) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the India electric rickshaw market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

India Electric Rickshaw (E-Rickshaw) Market Size, CAGR and Forecast 2023-2028

The India electric rickshaw market size reached US$ 1.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.3 Billion by 2028, exhibiting a growth rate (CAGR) of 10.7% during 2023-2028.

Request to Get the Sample Report: https://www.imarcgroup.com/india-electric-rickshaw-market/requestsample

Industry Overview: 

An e-rickshaw, short for electric rickshaw, represents an increasingly prominent mode of sustainable transportation in numerous developing regions worldwide. These three-wheeled vehicles rely on electricity stored in rechargeable batteries, providing a greener and more environmentally friendly alternative to traditional auto-rickshaws and pedicabs.

E-rickshaws are purpose-built for carrying a limited number of passengers, usually ranging from two to four individuals, and are particularly well-suited for short-distance travel within congested urban settings. With their uncomplicated, lightweight design and operation at relatively low speeds, electric rickshaws offer affordability and cost-efficiency, both in terms of initial purchase and ongoing operational expenses. They prove especially beneficial for countries grappling with severe pollution issues and striving to reduce carbon emissions, as electric propulsion generates no harmful tailpipe emissions. These vehicles also align with the global push for renewable energy adoption and the fight against climate change.

Furthermore, electric rickshaws serve as a source of livelihood for many individuals, becoming a common sight in numerous cities, especially across South and Southeast Asia. They offer a convenient, economical, and environmentally conscious mode of transportation that harmonizes with the demands of modern, densely populated urban areas.

India Electric Rickshaw (E-Rickshaw) Market Demand and Growth Drivers:

The escalating levels of air pollution in major cities and the country's commitment to environmental sustainability is creating a conducive environment for the adoption of e-rickshaws which represents one of the key factors driving the growth of the electric rickshaw market across India. This, coupled with government initiatives aimed at promoting electric vehicles, including subsidies, tax exemptions, and charging infrastructure development, is acting as a major growth-inducing factor.

For instance, the government provides subsidies to manufacturers and consumers of e-rickshaws under its National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) schemes which is further influencing the growth of the market. In line with this, the increasing urbanization and population density in Indian cities are leading to an increased demand for efficient and affordable modes of transport, which is contributing to the growth of the market. The market is also driven by the relatively low operating and maintenance costs of e-rickshaws as compared to conventional auto-rickshaws which is making them an attractive business opportunity for drivers.

Apart from this, the advent of battery swapping systems and improvements in battery technology are mitigating some of the challenges associated with electric vehicles, such as range anxiety and long charging times, which are fueling the growth of the market.

In addition to this, the increased use of electric rickshaws for last-mile connectivity in public transport and for delivery services in the e-commerce industry is driving the demand for electric rikshaw which is creating a positive outlook for the market across the country.

Speak to Analyst: https://www.imarcgroup.com/request?type=report&id=5978&flag=C

Who are the key players operating in the India e-rickshaw industry?

Electric Rickshaw (E-Rickshaw) Manufacturers in India:

• Adapt Motors Private Limited
• ATUL Auto Limited
• CityLife EV
• E-Ashwa Automotive Private Limited
• Goenka Electric Motor Vehicles Private Limited
• Jezza Motors (Vani Electric Vehicles Pvt. Ltd)
• Kinetic Green Energy & Power Solutions Ltd
• Lohia Auto Industries
• Mini Metro EV LLP
• Saera Electric Auto Private Limited
• Terra Motors India Corp.
• Thukral Electric Bikes
• Udaan E Rickshaw

Market Segmentation:

The report has segmented the market into the following categories:

Breakup by Motor Power:

• 1500W

Breakup by Battery Capacity:

• 101 Ah

Breakup by Battery Type:

• Li-ion Battery
• Lead Acid Battery

Breakup by Sales Channel:

• Organised
• Unorganised

Breakup by End User:

• Passenger Carrier
• Load Carrier

Breakup by Region:

• North India
• West and Central India
• South India
• East India

You Can Buy Report Directly and Get Up-To 10% Discount: https://www.imarcgroup.com/checkout?id=5978&method=13

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Media Contact:
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: sales@imarcgroup.com
Phone: +1-631-791-1145
Address: 134 N 4th St
City: Brooklyn
State: NY
Country: United States
Website: https://www.imarcgroup.com

About Us                                    

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

This release was published on openPR.