A take on the Indian Electric Rickshaw Market reaching 935.5000 Units by 2024

e-rickshaw market India

e-rickshaw market India

It is being said that a premier market-intelligence and consultant firm in India has conducted market research, stating that Indian e-rickshaw market is all set to touch 935.5 thousand units by 2024. Driven by major Government environmental policies that are all set to replace fuel-driven vehicles with battery-driven ones, market growth has been calculated accordingly. Apart from these, the other two pioneering factors to help in escalating market growths are affordable battery prices and the low ownership cost of EVs.

Factors Target:

  • Replacement of SLA (Sealed Lead-Acid) Battery by Li-ion (Lithium-ion) Battery:

EVs till recently had been running on the lead-acid batteries, primarily because of their low cost as compared to lithium-ion batteries. However, the major threats the former category of batteries pose, are hugely detrimental to the environment and human lives. So, the market is growing and looking good for lithium-ion batteries.

  • Affinity Towards Passenger Carrier Than Load Carriers:

Passenger carrier electric vehicles hold a large share in the e-rickshaw market and roughly accounts for almost 95% of the revenue generated. With an increasing demand for low cost shared transport, it is expected that they will continue to grab a considerable proportion of market share. The key reasons why passenger carriers score above loaders are because they show a substantial growth rate during the forecast period, apart from offering low-cost mobility with minimum pollution.

  • More Efficient Motors:

Modern e-motors are capable of setting new standards in vehicle durability and efficiency in e-rickshaws. Earlier, brushless DC motors were preferred due to maintenance-free traction characteristics.

The new motors are a result of coordinated the technology between German and Indian engineering techniques which increases efficiency in-vehicle operation while reducing the cost of ownership.

  • Low Ownership Cost:

Electric vehicles possess the advantage of being cost-effective than their fuel-run counterparts because of cheaper electricity cost and higher working efficiency of motors. However, it is wise to calculate the TCO (Total Cost of Ownership) and make note of purchase and maintenance cost, registration tax, road tax cost, insurance cost, battery lease and replacement cost and electricity cost. This helps us conduct an accurate investigation of the cost-effectiveness of EV ownership.

  • Affordable Battery Prices

It was in 2017 that our country started witnessing the escalating use of the e-rickshaw battery in the form of lithium-ion. These proved to be highly sustainable, and efficient, hence beneficial to India’s e-rickshaw development as a whole. All in all, battery-operated e-rickshaws have transformed India’s mobility scenario, besides impacting our environment in a very positive way.

The Indian e-rickshaw market has shown an upscale growth in the last few years with renowned and well-established brands marking their presence here. The industry here is offering substantial opportunities for innovation in product and improvement in cost efficiency, leading to substantial growth, which is expected, is around 935.5 units by 2024.

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