Source: P&S Market Research
India Electric Rickshaw Motor and Controller Market to Reach $86 Million by 2024: P&S Intelligence
India Electric Rickshaw Motor and Controller Market by Vehicle (Battery Rickshaw, E-Auto, Retrofitted Rickshaw), by Motor Power (<800 W, 800–1000 W, 1,001–1,500 W, 1,501–2,000 W, >2,000 W), by End Use (OEM, Aftermarket) by State (Madhya Pradesh, Uttar Pradesh, Delhi, West Bengal, Rajasthan, Bihar, Haryana, Chhattisgarh, Uttarakhand, Punjab, Jharkhand, Assam, Tripura) – Market Size, Share, Development, Growth, and Demand Forecast till 2024
NEW YORK, April 24, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the Indian electric rickshaw motor and controller market is projected to reach $86 million by 2024, with revenue generation of $59.8 million from the motor domain and of $26.2 million from the controller domain, the market is primarily driven by the growth in the electric rickshaw market in the country and the increasing average age of these vehicles. During the forecast period, the Indian electric rickshaw market is expected to advance with a CAGR of over 15% in terms of sales volume, further propelling the demand for motors and controllers in the country.
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On the basis of vehicle, the Indian electric rickshaw motor market is classified into battery rickshaw, e-auto, and retrofitted rickshaw. Among them, motors used in battery rickshaws dominated the market in 2018, with 95.6% share in terms of sales volume. However, the fastest growth in the market during the forecast period is expected from the e-auto category. Although the market for e-autos is in the nascent phase, it is expected to grow significantly with the launch of new, improved e-auto models by organized market players.
Based on motor power, the Indian electric rickshaw motor market is categorized into motors of power <800 W, 800–1,000 W, 1,001–1,500 W, 1,501–2,000 W, and >2,000 W. Electric rickshaw motors of power 1,001–1,500 W dominated the market in 2018, owning to the presence of a large number of local and unorganized players offering motors in this category. However, electric motors of power ranging between 1,500 W and 2,000 W and those with over 2,000 W power are expected to witness an increase in their sales during the forecast period.
Browse report overview with 49 tables and 19 figures spread through 104 pages and detailed TOC on "India Electric Rickshaw Motor and Controller Market" at: https://www.psmarketresearch.com/market-analysis/india-electric-rickshaw-motor-and-controller-market
Initially, the electric rickshaw market in India was dominated by unorganized and local players, with a collective market share of around 85% in 2018. As the players were unstructured and small, the electric rickshaws offered by them were of substandard quality and had an average life of 2.2 years.
However, since the GST rollout, the market for electric rickshaws in the country has consolidated. Owing to this, unorganized players in the market have been largely hit by high costs. As a result, consumers have started preferring more reliable products offered by established MNCs and Indian manufacturers. This has further boosted the demand for motors and controllers used in these vehicles. Additionally, with the growing market share of the organized OEMs, the product quality has also improved, further increasing the average age of the vehicles to 3.6 years. This, in turn, has positively affected the growth of the Indian electric rickshaw motor and controller market.
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Delhi held the largest share in the Indian electric rickshaw motor and controller market during the historical period, accounting for over 20% sales volume in 2018. It is expected to dominate the market in 2019 as well. However, Uttar Pradesh is expected to be the largest market for electric rickshaw motors during 2020–2024 and for electric rickshaw controllers in 2023 and 2024, owing to the growing demand for electric rickshaws from Tier-1 cities, Tier-2 cities, and rural–urban fringes in the state.
CY International and Changzhou Yufeng Vehicles Co. Ltd. are the major players in the Indian electric motor and controller market. Other important players operating in the market are Changzhou Xieheng Power Technology Co. Ltd. and Hangzhou Yuyang Technology Co. Ltd.
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Delhi contributed the largest revenue to the Indian electric rickshaw battery market. The large customer base, coupled with the early adoption of electric rickshaws, boosted the market for electric rickshaw batteries in the state. In addition, the increased level of air pollution in the capital led to the proliferation of electric rickshaws in the city.
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Delhi held the largest share in the Indian electric rickshaws market in 2018. Delhi is a major market for these rickshaws, where the sales have picked up since 2013. In response to the increasing levels of air pollution in the capital, the Delhi government, in 2016, announced a subsidy of $446 (INR 30,000) on the purchase of these rickshaws, which led to the proliferation in their demand in the city, further benefitting the market.
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