India E-Rickshaw Market Outlook for 2023-28
Markntel Advisors has conducted a comprehensive study on the India E-Rickshaw Market is projected to grow at a CAGR of around 15% during the forecast period, i.e., 2023-28. The growth of the Indian electric rickshaw market was minimized due to the sudden dip in demand for public transportation due to lockdowns and curfews during the pandemic. However, the automotive industry spotted a massive surge in demand for electric rickshaws in post-pandemic, aided by government policies, incentives, environmental concerns, and the availability of cost-friendly models suitable for commuting.
In addition, the India E-Rickshaw Market Study highlights the impact of domestic and localized market players, emerging revenue opportunities, strategic market growth analysis, product approvals, product launches, geographic expansions, and technological innovations. The objective of the report is to provide a detailed understanding of the industry, including its features, factors, and elements, along with insights into the regulatory scenario & regional dynamics that may impact market growth.
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Possible Restraint: Horizontal Manufacturing Structure of E-Rickshaw Industry in India
One of the prime challenges for manufacturers is finding quality motors and controllers at economical prices; thus, most manufacturers use subpar drive train parts, both imported and domestic, to reduce production costs. Along the same lines, assemblers do not spend money on lightweight, durable chassis or high-quality composite materials for the vehicle body. Further, carrying more passengers than the legal maximum of four is widespread. This shortens the vehicle’s lifespan by two to three years by impacting both the motor and the battery, whether lead-acid or Li-ion, impeding the market expansion further.
Likewise, the replacement cost of batteries is around INR 25,000-28,000, which makes an E-rickshaw owner turn to the supplier for the return. Moreover, in India, more than 300 respective producers or assemblers compete for this niche market by offering identical cars at different pricing points. They struggle with both the lending institutions’ resistance and a consumer group with low disposable income, presenting a challenge for the market participants.
India E-Rickshaw Industry Breakdown: Key Revenue Generating Segments
To facilitate focused analysis, the India E-Rickshaw Market has been divided into different segments, providing shareholders with the opportunity to identify their areas of interest and the most profitable opportunities within the market. By incorporating technical trends, comprehensive analysis of the downstream & upstream value chain, as well as Porter’s five forces analysis, we have diligently forecasted the industry landscape for specific regions/countries, presenting critical pointers for informed decision-making. The segments are as follows:
-By Battery Capacity
-Less than 100 Ah
-Greater than 100 Ah
-By Transmission Mode
Each sections offer valuable insights into the India E-Rickshaw Market. The report includes essential pillars of the industry study, such as drivers, restraints, opportunities, and challenges. The report also provides information on industry overview, specifications, definitions, suppliers, R&D status, cost structure analysis, sources, and technological advancements, potential for improvement, applications, among others.
Competitive Analysis of the India E-Rickshaw Industry
-Terra Motors Corporation
-Hero Electric Vehicles Pvt. Ltd.
-Kinetic Green Energy & Power Solutions Ltd.
-Lohia Auto Industries
-ATUL Auto Ltd.
-Mahindra Electric Mobility
-Saera Electric Auto Pvt. Ltd.
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India E-Rickshaw Market Research Report Answers the Following Key Questions
- How big is the India E-Rickshaw Market?
- What is the projected growth rate or CAGR of the India E-Rickshaw Market during 2023-28?
- What are the key trends or growth opportunities for the key players in the India E-Rickshaw Market?
- Which ‘segment’ seems promising for companies operating in the India E-Rickshaw Market?
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