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According to the latest report by IMARC Group, titled “India E-Rickshaw Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
How big is the India e-rickshaw market?
The India e-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.
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E-Rickshaw Business Study:
Electric rickshaws refer to battery-operated and three-wheeled vehicles that are generally utilized for public transportation and loading as well as unloading goods across India. They offer an eco-friendly and noise-free travel experience with zero carbon emissions, fewer vibrations, and lower operational and maintenance costs. Electric rickshaws are compact in design, consisting of a single wheel at the front and two at the back, and are usually equipped with high-torque controllers, harnesses, motors, batteries, and throttles. These vehicles are lightweight, highly durable, non-conductive, fire-resistant, etc. Most models run on rechargeable lead-acid batteries that power the motors, though some models also support plug-in charging. They are more comfortable to drive and cheaper as compared to manually pulled rickshaws.
What are the emerging trends in the e-rickshaw market?
The escalating demand for cost-effective first and last-mile transportation, owing to the inflating levels of urbanization, is primarily driving the India electric rickshaw market. Additionally, the growing consumer concerns towards the increasing environmental pollution levels, owing to the widespread adoption of diesel-fueled vehicles, are further bolstering the market growth. Besides this, the launch of favorable policies by government bodies to promote electric vehicles (EVs) in public transportation and fleets is acting as another significant growth-inducing factor.
Moreover, the affordable price of e-rickshaws and their maneuverability across urban roads is augmenting the market growth across the country. Apart from this, extensive investments in R&D activities to introduce improved e-rickshaws with powerful motors are also stimulating the market growth. Furthermore, they are equipped with anti-theft locking systems, GPS integration, remote sensors, etc., which is anticipated to fuel the India electric rickshaw market over the forecasted period.
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Who are the key players operating in the India e-rickshaw industry?
The report covers the major market players including:
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Motor Power:
Breakup by Battery Capacity:
Breakup by Battery Type:
Breakup by Sales Channel:
Breakup by End User:
Breakup by Region:
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Key Highlights of the Report:
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.
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.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, and nanotechnology industries. We also provide cost model and manufacturing setup project reports through Syndicated Analytics, a subsidiary of IMARC Group.
