India Electric Rickshaw Battery Market Size

India Electric Rickshaw Battery Market Future Prospects

The India electric rickshaw battery market revenue is USD 203.9 million in 2024, and it is expected to reach USD 328.0 million by 2030, at a CAGR of around 8.3% during 2025–2030. The market is primarily driven by the growing urban population, which is raising the demand for last-mile transportation. Moreover, e-rickshaws are cheaper to operate than three-wheelers running on gasoline and CNG and more profitable in the long run than conventional cycle-rickshaws. Therefore, an increasing number of rickshaw pullers are replacing conventional pedal models with electric ones to augment earnings.

A key factor allowing last-mile transportation service providers to purchase electric three-wheelers are the subsidies granted under the FAME India II initiative and the lowering prices of Li-ion batteries. Further, the increasing average age of these vehicles are pushing up replacement battery sales, thus increasing the significance of the aftermarket.