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Increase in sales and production of electric vehicles as an alternative for fuel-based mobility, owing to several government initiatives and environmental regulations on the electric vehicle industry, is projected to drive the e-rickshaw market
An e-rickshaw is used for passenger commute and load transportation, and it is accepted as a key alternative to petrol, diesel, and CNG auto rickshaws. E-rickshaws are cheaper, faster, and cleaner to maintain as compared to traditional auto rickshaws. An e-rickshaw has several electronic components such as electric battery, throttle, controller, motor, and harness, which are together used to drive the vehicle.
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Key Drivers of E-rickshaw Market
E-rickshaws are considered less risky than conventional auto rickshaws and cycle rickshaws, as they does not require peddling or fuel for commute and hence, witness high demand. Increasing investment by manufacturers of electric vehicles to design and develop more affordable and energy-efficient rickshaws is expected to drive the demand for e-rickshaws. Moreover, an e-rickshaw provides viable economic and low-cost transportation for daily commuters. Additionally, consistent rise in sales of electric vehicles across the world is boosting the e-rickshaw market.
Environment regulatory policies enacted by governments state that electric vehicles are more preferable to diesel and petrol vehicles. A major advantage of an e-rickshaw is that it reduces the level of carbon emission from the vehicle and helps to keep the environment green. An e-rickshaw helps to bridge the public transport service gaps between the commuters. Moreover, the cost per person per kilometer is very low for e-rickshaw public transport.
Challenges in E-rickshaw Market
The cost of charging station and quality of EV batteries are considered to be primary challenges to their adoption. Moreover, e-rickshaws cannot be utilized when its battery is being recharged, as it needs to be connected at one place.
Furthermore, overcharging of EV batteries can cause severe issues to the vehicle, which includes shortage of water in the battery, rusting of grid, spoilage of the battery material. This further hampers functioning of the vehicles. The automotive supply chain and transportation channel were disrupted due to the onset of COVID-19 pandemic, which impacted the supply of raw material, hampered the manufacturing processes of electric vehicles and hindered the demand for e-rickshaws. Additionally, national and international lockdowns have reduced the demand for public transportation in order to curb the spread of the coronavirus. Even after the pandemic crisis, most people are not likely to opt for shared mobility, which in turn can also hamper the e-rickshaw market.
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Opportunities in E-rickshaw Market
Increased number of partnerships with public and government authorities by EV manufacturers is expected to propel the e-rickshaw market during forecast period. Several local players manufacturing electric vehicles import different components of the vehicles such as axles, battery management systems, and motors and assemble them locally, which further boost the sales of e-rickshaws. Original equipment manufacturers (OEMs) are focusing on the development of electric rickshaws due to a rise in the demand for e-rickshaws.
Countries across the globe are offering incentives to manufacturers of electric vehicles and its components to enhance electric vehicle production and usage. In India, The Ministry of Road Transport and Highways (MoRTH), NITI Aayog, under the National Mission on Transformative Mobility and Battery Storage formulated a plan that promotes electric vehicles in 2-wheeler and 3-wheeler segment and has planned to ban all internal combustion (IC) engines. Similarly, six countries across Europe have introduced additional green recovery incentives to promote sales of electric vehicles. These incentives are offering significant opportunity for manufacturers of electric rickshaw.
E-rickshaw Market in Asia Pacific to Expand Significantly
Popularity of electric vehicles is increasing in Asia Pacific and across the world, owing to the decline in production costs of EV, increasing installation of charging infrastructure, and rising incentives by governments to reduce carbon emission from vehicles. Moreover, governments in Asia Pacific have announced initiatives, such as Alternate Fuel for Surface Transportation Program and National Electric Mobility Mission Plan 2020, which helps increase awareness among consumers and further increases the adoption of electric vehicles. Moreover, OEMs in Asia Pacific are progressively investing in the electric vehicle sector, which in turn is driving the demand for e-rickshaw in the region.
The e-rickshaw market in Europe is also expanding significantly due to rising investments in infrastructure and manufacturing of electric vehicles across the region. Moreover, Europe also witnessed strong sales during the first half of 2020, owing to better supply of new and improved electric vehicles.
Key Players Operating in E-rickshaw Market
The global e-rickshaw market is moderately consolidated. A few of the key players operating in the global e-rickshaw market are:
- Kinetic Green Energy & Power Solutions Ltd.
- Lohia Auto
- Saera Electric Auto Pvt. Ltd.
- Adapt Motors Pvt. Ltd (AMPL)
- Power Solutions Ltd.
- Hero Electric Vehicles Pvt. Ltd.
- Terra Motors Corporation
- Clean Motion India
- A G International Pvt. Ltd
- Xuzhou Hongsengmeng group Co., Ltd
- Wuxi Berang International Trading Co., Ltd
- Mini Metro EV LLP
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