IMARC Group, a leading market research company, has recently releases report titled "India Electric Rickshaw Market Report by Motor Power (<1000 W, 1000 – 15000 W, >1500 W), Battery Capacity (<101 Ah, >101 Ah), Battery Type (Li-ion Battery, Lead Acid Battery), Sales Channel (Organised, Unorganised), End User (Passenger Carrier, Load Carrier), and Region 2024-2032". The size reached US$ 1.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.1 Billion by 2032, exhibiting a growth rate (CAGR) of 9.63% during 2024-2032.
The rising need for cost-effective and eco-friendly alternatives for transportation is one of the factors responsible for the growth of the India electric rickshaw market. Additionally, the demand for electric rickshaws is escalating owing to their low operating costs and minimal environmental impact, creating a popular option for traditional rickshaws, which is fueling the market. Besides this, the initiative by government bodies for the electrification of public transport and promoting the use of electric vehicles (EVs) is further bolstering the market. Moreover, incentives such as subsidies and tax exemptions, coupled with the establishment of charging infrastructure, are encouraging the adoption of electric rickshaws. In line with this, the rising awareness of air pollution and its health impacts is driving consumers and fleet operators to switch to electric rickshaws, contributing to the expansion of the market.
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India Electric Rickshaw Market
Emerging trends in the India electric rickshaw market include the integration of smart technologies such as lithium-ion batteries, which offer longer life spans and faster charging compared to traditional lead-acid batteries. In addition to this, there is also a growing emphasis on improving the design and comfort of electric rickshaws to enhance the passenger experience, thereby escalating the market. Furthermore, manufacturers are focusing on developing lightweight and durable models with better load capacity and range, which is positively impacting the market. Apart from this, the market is witnessing a surge in partnerships between electric rickshaw manufacturers and financial institutions, making it easier for drivers and small business owners to invest in electric rickshaws, which is expected to bolster the India electric rickshaw market in the coming years.
India Electric Rickshaw Market Segmentation:
Breakup by Component:
SolutionServices
Breakup by Motor Power:
<1000 W1000 – 15000 W>1500 W
Breakup by Battery Capacity:
<101 Ah>101 Ah
Breakup by Battery Type:
Li-ion BatteryLead Acid Battery
Breakup by Sales Channel:
OrganisedUnorganised
Breakup by End User:
Passenger CarrierLoad Carrier
Breakup by Region:
North IndiaWest and Central IndiaSouth IndiaEast India
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Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
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.
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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.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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India Electric Rickshaw Market Size, Share, Trends & Report
De TodoThe rising need for cost-effective and eco-friendly alternatives for transportation is one of the factors responsible for the growth of the India electric rickshaw market.
