인도의 전동 인력거 시장 규모는 2023년 13억 2,215만 달러에서 2024-2031년의 예측 기간 동안 10.85%의 연평균 복합 성장률(CAGR)을 나타내고, 2031년에는 30억 1,416만 달러 규모로 성장할 것으로 예상됩니다.
인도의 전동 인력거 시장은 배기가스 문제에 대한 해결책이자 라스트 마일 연결성을 실현하고 있습니다.
전동 인력거 기업 증가에 따른 제조 공간의 확장이 이 시장의 성장을 견인하고 있습니다. FADA(Federation of Automobile Dealers Associations)는 2022년 2월부터 2023년 2월까지 전동 인력거의 소매 판매량이 89% 증가했다고 발표했습니다. 발표했습니다. 소매 판매량의 급격한 증가는 인도 e-리무진 시장 성장의 가장 큰 지표입니다.
탄소 배출을 최소화하는 저비용 운송이 시장 성장의 원동력이 될 것입니다.
신흥 경제국인 인도는 이륜 및 삼륜 전기자동차 부문에서 큰 잠재력을 가지고 있습니다. 평균 1,500달러에 불과한전동 인력거는 유지관리의 번거로움을 줄이고 저렴한 비용으로 충전할 수 있으며,전동 인력거는 기존 내연기관(ICE)을 대체하는 IPT(intermediate para transit) 시스템의 승자로 부상하고 있습니다.
마지막 1마일 연결과 대량 생산이 시장 확대를 촉진한다:
E-택시 판매량 증가의 요인 중 하나는 출퇴근 및 통근자의 마지막 1마일을 커버할 수 있다는 점입니다. 이주민이 증가하고 대중교통이 혼잡한 도시 지역에서는 저렴한 가격과 배기가스 배출이 없는 마지막 1마일 모빌리티 솔루션으로전동 인력거가 주목받고 있습니다. 차량 오염에 대한 우려 증가와 엄격한 배기가스 규제 역시 인도의 전동 인력거 시장의 성장을 가속화할 것으로 예상됩니다.
인도의 전동 인력거(E-Rickshaw) 시장을 조사했으며, 시장 정의와 개요, 시장 규모 추이 및 예측, 각종 부문별/지역별 상세 분석, 산업 구조, 시장 성장에 영향을 미치는 요인 분석, 사례 연구, 경쟁 구도, 주요 기업 개요 등의 정보를 정리하여 전해드립니다.
India e-rickshaw market is projected to witness a CAGR of 10.85% during the forecast period FY2024-FY2031, growing from USD 1322.15 million in FY2023 to USD 3014.16 million in FY2031. The e-rickshaw market in India has been a success story for being a solution to the emission issues along with enabled last-mile connectivity.
Expanding manufacturing spaces with an increasing count of e-rickshaw companies are fueling the market growth. The densely populated Indian cities are one of the prominent factors that fuel the market growth. The Federation of Automobile Dealers Associations (FADA) stated that the retail sales of e-rickshaws increased by 89% between February 2022 and February 2023. The spiked retail sales are the biggest indicator of the growth of the e-rickshaw market in India.
Rising fuel prices and stringent emission norms are expected to contribute to the market growth. As the market is new and transforms with frequent changes in battery technology and charging infrastructure, the research and development programs around three-wheel electric drive take an important charge of it.
India is a rapidly growing economy that holds high potential for EV growth. With the rising urbanization of metro cities and lacking last-mile connectivity, e-rickshaws have solved the problem, that too at affordable prices. The key market players try to increase the range while upgrading safety.
For instance, in August 2023, Mahindra launched its new e-Alfa Super e-rickshaw with over 95 km range. The range is powered by a 140 Ah lead-acid battery that can be charged with an 18 A charger. The company offers an 18-month warranty on the battery.
Low-cost Transportation with Minimal Carbon Emission to Fuel the Market Growth
India, as an emerging economy, holds a major potential for two and three-wheel electric vehicles. The e-rickshaw with an average cost of USD 1,500 demands lower maintenance and a cheaper charging dynamic. It enables low-cost transportation for end-users and the expanding fleets of e-rickshaws are employing cycle rickshaw drivers. E-rickshaws have emerged as the winner in intermediate para transit (IPT) systems, eliminating the conventional internal combustion engine (ICE).
The environmental benefits involve the mitigation of air and noise pollution that has enabled the mass deployment of e-rickshaws in different parts of the nation. The deployment of these rickshaws comprises a healthy proportion of self-owned drivers and fleet operators. The e-rickshaw manufacturers keep on innovating their products while partnering with advanced battery suppliers. An innovative and advanced electric rickshaw fleet involves the usage of old, recyclable, and recycled batteries.
For instance, in May 2023, Indian-German startup Nunam Technologies Pvt. Ltd., partnered with Audi GmbH to introduce electric rickshaws powered by used batteries from test vehicles in the Audi e-Tron test fleet. The second-life batteries deliver enough power for the e-rickshaws to function.
Last Mile Connectivity and Mass Manufacturing Propel the Market Expansion
One leading factor attributed to the higher sales of e-rickshaws is their capability to cover the last mile for daily commuters. In urban cities with increased migrated population and congested public transport, e-rickshaws come up as a last-mile mobility solution with affordable pricing and no emissions. Growing concerns over vehicular pollution along with stringent emission regulations are expected to accelerate the growth rate of the e-rickshaw market in India. The higher demand is served by expanding manufacturing facilities. Alongside it, the research and development spaces help e-rickshaws in adopting the latest digital technologies. The e-rickshaw manufacturing space expands and utilizes technologies like the Internet of Things, digital sensors, data analytics, 3D printing, and cloud computing. However, Indian brands are focusing on doubling the production of e-rickshaws to serve the increasing demand.
For instance, in August 2023, Udaan E-Vehicles announced that it is going to scale up its production capacity to strengthen its market hold potential in states like Uttar Pradesh and West Bengal. The company plan includes the expansion of research and development. The scaled-up production involves a shift from 100 vehicles per day to 250 vehicles per day. The company shared its plan to invest ~USD 12 million for widened manufacturing.
Government Subsidies and Regulatory Policies to Shape the Market Dynamics
Government subsidies and incentives play a major role in the expansion of the e-rickshaw market in India. India's energy transition plans include a major portion of the automotive shift from ICE propulsion to electric propulsion. The government of India has promoted multiple socio-economic benefits of e-rickshaws while supporting the transition. Policies and missions such as the National Electric Mobility Mission, Smart City Mission, and Faster Adaptation of Manufacturing of Electric Vehicles (FAME 1 and 2) have fuelled the sales of e-rickshaws in the country.
Government support to battery manufacturers and battery recycling businesses is anticipated to fuel growth. However, the rise in e-rickshaw road rule violations has pushed the government to introduce some regulations such as mandatory driving licenses and a maximum speed limit of 25 km/h. The government continues to extend its support to three-wheeler electric vehicles in the form of subsidies.
For instance, in June 2023, Pune Municipal Corporation (PMC) announced a subsidy of ~USD 300 for commercial e-rickshaw buyers. The PMC took a step under central and state government policy to promote eco-friendly e-rickshaws.
Passenger Segment leads to Higher Consumption, Rapid Urbanization, and Affordable Travel
Based on e-rickshaw type, the passenger carrier segment is expected to lead the Indian e-rickshaw market. The factors attributed to the segmental growth are the adoption of electric technology in loading carriers along with higher consumption of e-rickshaws in passenger fleets. Furthermore, the increased urbanization and costly e-hailing services are pushing the end-user to choose affordable and eco-friendly ways of transportation. The increased investment by manufacturers is expected to expand and upscale the production limit while working on the design, development, and battery mechanics. The government plans to replace cycle rickshaws with electric rickshaws to benefit cycle rickshaw drivers, propelling segmental growth.
For instance, in October 2023, Piaggio Vehicles Pvt. Ltd. introduced a new electric three-wheeler for the passenger segment named Ape E-city FX NE MAX. The vehicle delivers e-3W and claims a running cost of 0.50 paise per km while covering a range of 145 km on a single charge.
Northern India to Hold the Dominant Share
The densely populated states, such as Uttar Pradesh and Delhi, make North India the largest market in terms of e-rickshaw adoption. The factors attributed to the regional growth are a higher population and increased commercial electric three-wheeler adoption. The Vahan dashboard showcases the government's 2023 data regarding the adoption of e-rickshaws where Uttar Pradesh tops the list with 204,824 passenger e-rickshaws and 12,809 electric goods carriers.
Future Market Scenario (2024 - 2031F)
The adoption of digital technologies like IoT, AI, and machine learning in e-rickshaw manufacturing is anticipated to transform the upcoming products.
Higher adoption of e-rickshaws in urban cities with affordable mobility solutions is projected to increase e-rickshaw adoption in the country.
Increased government subsidies, incentives, and tax cuts are expected to support the e-rickshaw manufacturers in India.
Expanded manufacturing spaces along with upscaled production capacity are expected to fuel the market growth in the future as well.
Key Players Landscape and Outlook
Key players in India e-rickshaw market hold a mixture of automotive giants and new entrants. The market players compete over the range, comfort, battery life, and durability of e-rickshaws. The mergers and partnerships can be witnessed among e-rickshaw manufacturers and battery producers. Alongside, improved product design and quality are the focus while companies expand their research and development front.
For instance, in April 2023, Lohia Auto Industries Ltd. launched the Narain Electric 3-Wheeler Limited Edition with a range of 100 km per charge. The vehicle comes with maximum speed of 25 km/hr that is powered by a 1.2Kw BLDC motor and electric start along with the 3.75-12 4PR alloy wheels.
In September 2023, Kinetic Green Energy and Power Solutions Limited partnered with State Bank of India (SBI) (Chandigarh Circle) to provide financing to its end-users living in Haryana (Except NCR), Punjab, Himachal Pradesh, Chandigarh, and Jammu and Kashmir. The partnership will cover up to 90% of funding for the on-road price of an e-rickshaw from SBI.
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.