Global India Electric Rickshaw (E-Rickshaw) Market Research Report 2018-2025
Summary - A new market study, titled “India Electric Rickshaw (E-Rickshaw) Market: Insights and Forecast 2018-2025: Emphasis on Vehicle Type (Passenger Carrier E-Rickshaw, Load Carrier E-Rickshaw), Battery Type (Sealed Lead Acid Battery E-Rickshaw, Li-Ion Battery E-Rickshaw), Ownership Type (Owned E-Rickshaw, Rented E-Rickshaw) and Region ” has been featured on WiseGuyReports.
India E-Rickshaw market crossed USD 2.5
billion mark in 2018 and is expected to grow at a CAGR of XX.0% during the
forecast period 2019-2025. E-Rickshaw is a flexible, non-polluting and
affordable means of Intermediate Para-Transit (IPT) system. E-Rickshaw is the
latest entry in the Indian road transportation system. Since E-Rickshaw has
been introduced in India, it has been playing a significant role in solving the
issue of last mile intercity connectivity. Since 2010, E-Rickshaw has been
operational in India, mostly in Delhi-NCR region. Since then, this vehicle has
gained immense popularity due to environment friendly nature along with its
potential to curb the carbon footprint as it is battery operated. Today,
E-Rickshaw has become one of the most preferred modes of transportation in
major urban and suburban cities of India. SmartE launched in October 2015, has
served over 6 million ‘zero-pollution’ rides. By December 2017, SmartE aims to
serve over 3 million commuters per month, through its 1,000 E-Rickshaw fleet.
SmartE also aims to roll-out 10,000 vehicles by 2018-end and cross the 100,000
vehicle mark by 2020. At 100,000 vehicles, SmartE will help reduce close to a
million tonnes carbon emissions, an equivalent of planting 17 million trees per
year.
Across the country, electric
rickshaw has become an important part of the transport system and is expected
to witness a significant growth over the forecast period on account of
government plans such as the National Electric Mobility Plan (NEMP). The
government aims to encourage the use of electric vehicles in India along with
the commitment to build an efficient electric vehicle network including
adequate charging stations and incentives on buying an electric vehicle.
E-rickshaw drivers in Delhi pay 17% lesser rent,
compared to normal auto drivers. Also setup or initial investment for
e-rickshaw is 50% less that the normal auto rickshaw. Owing to such benefits,
penetration of e-rickshaw is expected to increase over the future. The below
figure depicts the comparison of initial cost and earning of rickshaw drivers
in Delhi-NCR region.
Basic Overview of Initial Cost and Daily
Earnings of Rickshaw in Delhi
-Rickshaws are the latest entry in the Indian
road and
Transport system. A flexible, non-polluting and
affordable
system, they have been playing a significant
role in solving
the last mile connectivity issue. Due to the
absence of rules
and norms, they have been largely operating very
informally.
While the licensing of E-Rickshaws has been
given the nod
By the Ministry of Road Transport and Highways,
the
operation of this system is still ambiguous
which has
currently led to the ban order by the Delhi High
Court.
There exists the issue of monitoring and framing
the rule
book for E-Rickshaws for the safety and security
of the
commuters using these systems. Policy guidelines
are
required on whether E-Rickshaws are an
Intermediate Para-
Transit (IPT) system, who is responsible for the
licensing
and regulation and how it gets integrated and
act as feeder
to the public transport. Specific provisions are
required to
address questions on speed, vehicle
specifications,
insurance, lane traffic and fare charges. This
requires a
policy framework to address the concerns of both
e-
rickshaw drivers and its counterparts.
E-Rickshaws are the latest entry in the Indian
road and
transport system. A flexible, non-polluting and
affordable
system, they have been playing a significant
role in solving
the last mile connectivity issue. Due to the
absence of rules
and norms, they have been largely operating very
informally.
While the licensing of E-Rickshaws has been
given the nod
by the Ministry of Road Transport and Highways,
the
operation of this system is still ambiguous
which has
currently led to the ban order by the Delhi High
Court.
There exists the issue of monitoring and framing
the rule
book for E-Rickshaws for the safety and security
of the
commuters using these systems. Policy guidelines
are
required on whether E-Rickshaws are an
Intermediate Para-
Transit (IPT) system, who is responsible for the
licensing
and regulation and how it gets integrated and act
as feeder
to the public transport. Specific provisions are
required to
address questions on speed, vehicle
specifications,
insurance, lane traffic and fare charges. This
requires a
policy framework to address the concerns of both
e-
rickshaw drivers and its counterparts.
According to the Society of Manufacturers of
Electric Vehicles (SMEV), electric vehicles’ sale doubled in terms of volume in
the FY 2017-18 compared to the previous year, majorly through unregulated
E-Rickshaw market, with 850,000 E-Rickshaw sold in the specified period. The
drivers of the traditional manually-pulled rickshaws have found E-Rickshaws
quicker, quieter and easier to keep running as they require less effort,
compared to the pedal-cycle rickshaws. This results in more rides and lesser
effort for the driver, making E-Rickshaws a rather beneficial investment for
them.
The Indian government is currently focusing on
promoting electric vehicles in the public transportation and fleets, with
emphasis on two-wheelers and three-wheelers, taxis and buses. One of the
biggest hurdles in the growth of electric vehicles in India is the dearth of
charging and battery-swap stations. The Ministry of Finance is in the process
of finalising a plan to spend approximately US$600 million over a period of
five years to upgrade the country’s charging infrastructure as well as to
provide better subsidies on electric buses. According to BNEF, India had just
425 public charging stations in 2017 and it is expected that with government
and public initiatives this number will boost to 2,800 by 2022.
“Passenger Carrier of India E-Rickshaw Market
dominated the market in 2018 and is expected to maintain its lead in 2025”
In terms of segmentation by vehicle type, India
E-Rickshaw market has been segmented into Passenger and Load carrier. In 2018,
passenger carrier dominated the market and is expected to maintain its lead by
the year 2025. With growing working population, the need for efficient
transportation network has also increased. Hence, as E-Rickshaw is easily
available and offers convenient ride, the number of commuters preferring
E-Rickshaw for short distance is increasing. All these factors would help
better and increased adoption of E-Rickshaw in major Indian cities.
“Amongst battery type, lead acid holds the major
share in 2018 while li-ion is expected to grow considerably during the forecast
period.”
Based on battery type, India E-Rickshaw market
has been segmented into lead acid and li-ion battery. In 2018, lead acid
dominated the battery type segment of India E-Rickshaw, generating revenue of
US$ 2.17 billion. Though, lead acid battery continues to keep dominating the
market over the forecast period while witnessing the benefits offered by li-ion
battery. Li-ion battery is expected to grow at the highest CAGR rate during the
projection period.
“Owned E-Rickshaw dominated the Indian
E-Rickshaw market”
Based on ownership type the Indian E-Rickshaw
market is segregated into owned and rented E-Rickshaw. In 2018, owned
E-Rickshaw dominated the market and is expected to remain dominant, however
rented E-Rickshaw market is expected to witness high adoption in cities such as
Delhi-NCR, and other cities in the South Indian region. High income associated
with rented E-Rickshaw, as the driver don’t have to bear the maintenance cost
would drive the market for rented E-Rickshaw in India.
“Delhi-NCR, Lucknow and Kolkata regions together
hold 40% of the market share of India E-Rickshaw Market in 2018 and will
continue to do so over the forecast period”
Based on region, detailed analysis has been
conducted to understand the overall rate of adoption of E-Rickshaw in major
Indian cities including Delhi-NCR, Lucknow, Kolkata, Nagpur, Bengaluru, Pune,
Chennai, Hyderabad and other cities. Delhi-NCR captured the maximum market
share and is expected to keep leading the India E-Rickshaw market over the
projection period. However, with increasing acceptance, it is believed that
several cities including Kolkata, Bengaluru, Chennai, and Hyderabad will
witness considerable growth in the India E-Rickshaw Market.
Strategies of Cab & Other Aggregators for
E-Rickshaw Sector in India
Competitive Landscape- Organised and Unorganised
Players
India E-Rickshaw market is very much fragmented.
The E-Rickshaw market in India is basically made by assembling its parts
together at the manufacturer’s facility. These parts are either imported from
China or supplied from local suppliers. India E-Rickshaw market is mainly
dominated by local unorganised players with few established players. Some of
the organised players operating in this industry include Saera Electric Auto,
Atul Auto, Kinetic Green, Terra Motors, Ok Play, Hero Electric and Mahindra
& Mahindra, which together hold nearly 15% of the market.
Reasons to buy:
• India E-Rickshaw market study presents the
current market size, trend, forecast until 2025 for different Indian cities.
The analysis presented in the report is a combination of deep dive secondary
research and input from Key Opinion Leader of the industry including the
E-Rickshaw drivers
• The report presents a quick review of overall
industry performance at one glance
• Initiative of OEM’s vs Aggregators for
increasing the overall adoption of E-Rickshaw in India is also presented in the
report
• Key benefits of the E-Rickshaw for the drivers
are also included in the study along with characteristics of drivers and
travelers
• The report covers in-depth analysis of
prominent industry peer with a primary focus on key business financials,
product portfolio, expansion strategies, and recent developments, revenue and
business model
• Detailed examination on drivers, restraints,
key trends and opportunities prevailing in the industry
• Examination of industry attractiveness with
the help of Porter’s Five Forces analysis
• The study comprehensively covers the market
across different segments and sub segments
Customization Options:
India E-Rickshaw market can be customized to the
state level or any other market segment. Besides this, UMI understands that you
may have your own business need, hence we also provide fully customized
solutions to clients
FOR MORE
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