One of the key factors responsible for the growth in the demand for electric rickshaw batteries in India is the soaring deployment of electric rickshaws in different cities of the country, mainly on account of their lower operating costs, eco-friendly nature, and favourable government policies and incentives. For instance, as per the second phase of the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME-II), the Indian government is providing $735 each on almost 6,000.0 (5 lakh) electric rickshaws having an ex-factory price of up to $7,351.
The other major factor propelling the growth in the demand for electric rickshaw batteries is the increasing average age of the electric rickshaws operating in the country, primarily due to the consolidation of the market by major electric rickshaw manufacturing companies. For instance, the average age of the electric rickshaws operating in India increased from 1.8 years in 2016 to 3.5 years in 2019. Powered by these factors, the Indian electric rickshaw battery market size is predicted to increase its value from $385.0 million 2019 to $722.3 million in 2024, exhibiting a CAGR of 13.2% during the forecast period (2020–2024).
The biggest rage presently being witnessed in the Indian electric rickshaw battery market is the rising deployment of electric load carriers in the country. The demand for these vehicles is surging at a rapid rate, owing to the burgeoning activities in the logistics, municipality, e-commerce, and food and grocery sectors. For instance, the share of the electric load carriers out of the total electric rickshaws operating in the country, increased to almost 3% from 2015 to 2017. In Ahmedabad, Gujarat, the loader rickshaws account for almost 70% of the total number of electric rickshaws operating in the city.
Get Detailed COVID-19 Impact Analysis on the Electric Rickshaw Battery Market in India: https://www.psmarketresearch.com/speak-analyst/india-electric-rickshaw-battery-market/Y292aWRfcXVlcnk=
Thus, due to the rising adoption of electric vehicles in the country, on account of their eco-friendly characteristics, lower operating costs, enhanced comfort of traveling and longer durability, the demand for electric rickshaw batteries is set to shoot-up in the coming years.