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India Electric Loader Rickshaw Market Overview
Currently, the Indian electric loader rickshaw market is at its nascent phase, but it is projected to witness notable growth during 2020–2030, on account of the rising usage of these vehicles for logistics services and increasing government support for three-wheelers, in terms of subsidies and incentives. Electric loader rickshaws are electric three-wheelers that are used for loading goods. These vehicles can carry different cargo loads, with the maximum limit being 450 kg.
When segmented on the basis of application, the Indian electric loader rickshaw market can be categorized into e-commerce, municipality, logistics, food and grocery, and others. Among these, the e-commerce category is projected to attain the fastest growth during the forecast period, as several companies are deploying electric carts in their fleet, for delivery purposes. For instance, in January 2020, Amazon.com Inc. announced its plans to deploy 10,000 electric cargo rickshaws, including three- and four-wheelers, in India, by 2025. Such massive deployment will boost the market for electric loaders in the country during the forecast period.
On the basis of battery type, the Indian electric loader rickshaw market has been bifurcated into lithium-ion (Li-ion) and lead–acid. Between the two, electric loaders propelled by Li-ion batteries will register faster growth during the forecast period. This is majorly due to the advantages associated with such batteries over lead–acid batteries, which include lesser charging time, lower weight, longer range, and better operational efficiency. Owing to such factors, manufacturers are introducing electric cargo rickshaw models that run on Li-ion batteries. For instance, Kinetic Green Energy & Power Solutions Ltd. offers Kinetic Safar Shakti, an e-cart which uses a Li-ion battery for propulsion.
Some of the cities that are experiencing significant growth in the Indian electric loader rickshaw market are Ahmedabad, Jaipur, Gurugram, and Delhi. Till 2015, there were almost no electric cargo rickshaws on Indian roads, but within the past two years, the share of these vehicles in the total electric rickshaws on the roads increased significantly. In Ahmedabad, out of all electric rickshaws, around 70% are loader rickshaws, while in Gurugram, between 15% and 20% are e-carts. Delhi is also registering an increasing share of electric loaders in its total electric cargo three-wheeler fleet.
India Electric Loader Rickshaw Market Dynamics
The significant adoption of electric loaders for e-commerce and logistics services is boosting the growth of the Indian electric loader rickshaw market. The e-commerce industry is expanding at a tremendous rate across the country, and it represents a growing share in the retail market. The industry is largely driven by the price and convenience factors, since customers can look online for a suitable deal on products that are delivered quickly. According to the India Brand Equity Foundation (IBEF), the e-commerce industry in the nation has been on an upward growth trajectory, and it is forecast to surpass the U.S., to become the second largest e-commerce market in the world, by 2034. With the prospering e-commerce industry, the deployment of electric loaders for cargo delivery is also increasing, thus fueling the market growth.
One of the challenges for the growth of the Indian electric loader rickshaw market is the limited range offered by these vehicles, of around 50–75 km, on a one-time charge, on an average. These electric vehicles can travel intracity; however, the majority of them fail to travel long distances for the delivery of goods. Electric loader rickshaws are primarily being used for logistics and e-commerce applications, and hence, range is an important factor.
India Electric Loader Rickshaw Market Competitive Landscape
At present, there are only few manufacturers in the Indian electric loader rickshaw market, including Kinetic Green Energy & Power Solutions Ltd., Victory Electric Vehicles International Pvt. Ltd., Lohia Auto Industries, Terra Motors Corp., and Hero Electric Vehicles Pvt. Ltd.
The report covers state-wise Indian electric loader rickshaw market analysis. Some of the major states covered in the report are Delhi, Uttar Pradesh, Madhya Pradesh, West Bengal, Rajasthan, Bihar, Haryana, Punjab, Jharkhand, Assam, and Rest of India.
India Electric Loader Rickshaw Market Size Breakdown by Segment
The India Electric Loader Rickshaw Market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Application
Based on Battery Type
Based on Motor Power
Based on State