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, according to P&S Intelligence
Insights on the Indian electric rickshaw motor market segments
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.
Insights on the Indian electric rickshaw controller market segments
On the basis of end use, the Indian electric rickshaw controller market is categorized into OEM and aftermarket. OEM dominated the market in the historical period. The low failure rate of the controllers offered by organized players is expected to continue driving the market growth in this category in the near future.
Increase in the average age of electric rickshaws is a major driver for the 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.
Browse report overview with 52 tables and 20 figures spread through 104 pages and detailed TOC on "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" at:https://www.psmarketresearch.com/market-analysis/india-electric-rickshaw-motor-and-controller-market
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.
Substandard motors and controllers offered by some local players hinder the market growth
Motors and controllers are considered the most critical components of electric rickshaws and should, therefore, be of high quality. However, some local players import low-quality motors and controllers at a low price from China, compromising the product life and affecting the customers’ purchase decision. Moreover, some key manufacturers offer their motors and controllers with a fixed warranty period. However, due to substandard quality, a significant number of these products get drained out even before the realization of the warranty period. Thus, the availability of substandard products is hindering the growth of the Indian electric rickshaw motor and controller market.
Delhi stands as the largest market for electric rickshaw motors and controllers in India
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.
Competitive landscape of the Indian electric rickshaw motor and controller market
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.
INDIA ELECTRIC RICKSHAW MOTOR AND CONTROLLER MARKET SEGMENTATION
Market Segmentation by Vehicle
Market Segmentation by Motor Power
Market Segmentation by End Use
Market Segmentation by State