India Electric Rickshaw Motor and Controller Market Share and Growth Insights
by Pramod Kumar Digital Marketing ProfessionalThe utilization of electric rickshaws in India has increased
substantially over the past few years. This can be attributed to the lower
operating costs of these vehicles as compared to auto rickshaws and the
advantages they provide over cycle rickshaws. The number of electric rickshaws
on roads was over 7 lakh in 2018, which was a rise from approximately 6 lakh
vehicles in 2014. Furthermore, the government of the country is also providing
incentives to the people on the purchase of electric rickshaws.
The surging proliferation of electric rickshaws in the
country can also be attributed to the increasing concerns regarding the
degrading condition of the environment. The Indian government has implemented
various environmental policies for curbing the growing air pollution levels,
which is why, the demand for electric vehicles has increased the country. A
number of organized players, such as Hero Electric Vehicles Pvt. Ltd. and
Mahindra & Mahindra Ltd. are also entering the domain.
All these factors are leading to the growing of the Indian
electric rickshaw motor and controller market. The rising average age of
electric rickshaws is also creating high demand for motors and controllers for
these vehicles in the country. Because of the entry of established players in
the domain, consumers can now opt for quality vehicles, rather than substandard
option that were offered by unorganized companies in the past. Due to this, the
market is expected to advance at a significant pace in coming years.
The Indian electric rickshaw motor and controller market is
predicted to generate a revenue of $86.0 million by 2024, where $59.8 million
is accounted for by the motor domain and $26.2 million domain is expected to be
contributed by the controller domain. On the basis of vehicle, the market is
categorized into retrofitted rickshaw, e-auto, and battery rickshaw, out of
which, the battery rickshaw category held the major share of the motor domain
in the past, accounting for 95.6% volume share of the market in 2018.
Geographically, Delhi has been leading the Indian electric
rickshaw motor and controller market, which can be attributed to the surging
sales of electric rickshaws in the state, which has been growing rapidly since
2013. In addition to this, owing to the rapidly rising pollution levels in the
state, the Delhi Government announced a subsidy of $439.6 on the purchase of
electric rickshaws in 2016, which has led to the increasing adoption of these
vehicles.
Hence, the market is growing due to the surging adoption of
electric rickshaws and increasing government initiatives in the country.
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Created on Oct 27th 2022 01:48. Viewed 109 times.