India Electric Rickshaw Charger Market Overview
Large-scale adoption of electric rickshaws for public transportation across the country is offering ample growth opportunities to the players operating in the Indian electric rickshaw charger market. These low-cost electric rickshaws are a cost-effective and easy mode of transportation for the price-sensitive Indian consumers, and this factor continues to drive the adoption of these rickshaws, further supporting the growth of the market in the country.
On the basis of type, the Indian electric rickshaw charger market is categorized into portable charger and fixed charger. Between the two, portable charger is expected to witness faster growth in demand in the forecast period 2019–2024. Portable chargers work as an alternative to charging stations and allow anytime, anywhere charging, thus gaining popularity owing to the factor of convenience associated with them.
Delhi is the largest market for electric rickshaw chargers in India, and this can be mainly ascribed to the early and wide adoption of electric rickshaws in the city. Delhi ranks among the worst cities in terms of heat-trapping and toxic emissions. Moreover, high population and vehicle usage has made Delhi one of the largest contributors of emissions in India. Since electric rickshaws are an eco-friendly and convenient mode of transport, they have increasingly been adopted in the capital in recent years, which, in turn, has contributed to the demand for electric rickshaw chargers.
However, Uttar Pradesh is expected to hold the largest share in the Indian electric rickshaw charger market during the forecast period, mainly due to the increasing demand for electric rickshaws from the rural–urban fringes, Tier-1 cities, and Tier-2 cities in the state.
India Electric Rickshaw Charger Market Dynamics
Growth Drivers
One of the major drivers for the Indian electric rickshaw charger market is the growing number of electric rickshaws on Indian roads. Electric rickshaws have gained traction in India in recent times, on account of their lower cost of operation than conventional auto rickshaws and additional advantages over cycle rickshaws. In addition, the Indian government has taken several initiatives in the form of incentives to encourage the adoption of these vehicles. The electric rickshaw market witnessed triple-digit growth in the historical period, mainly ascribed to environmental policies and incentive plans executed by the government, which resulted in the high adoption of these rickshaws in the country.
Furthermore, major automotive players such as Mahindra & Mahindra Limited and Hero Electric Vehicles Pvt. Ltd. have entered the electric rickshaw market in recent years and more such players are expected to enter the market in the coming years, owing to the high growth potential in the market. This, subsequently, is expected to contribute to the growth in demand for chargers, further supporting the Indian electric rickshaw charger market.
Restraints
Even with the increasing popularity of electric rickshaws across the country, there is a lack of proper operational guidelines for these vehicles and their charging stations. This lack of charging regulations acts as a major factor restraining the growth of the Indian electric rickshaw charger market. Thus, close coordination among several ministries of the central and state governments is required for the framing of policies and guidelines for electric rickshaws in the country. Moreover, public–private stakeholders can also prove to be important links in policy making by providing recommendations and advocating policies.
India Electric Rickshaw Charger Market Competitive Landscape
Some of the major players operating in the Indian electric rickshaw charger market are Axiom EV Products Private Limited, Krishna Enterprises, Fujiyama Power Systems Private Limited, Rayon Engineers, Mac Auto India, Lzen Electronics India, and KLB Komaki Private Limited.
