Electric Rickshaw Market Size, Top Players, Trends in Upcoming Years

Posted by Rahul Gautam on April 8th, 2021

A number of growth factors, such as the proliferation of electric vehicles (EVs) on Indian roads, rise in the demand for low-cost vehicles for first- and last-mile connectivity, implementation of stringent environmental policies, and government initiatives to promote EVs, are expected to propel the Indian electric rickshaw market at a CAGR of 33.3% during the forecast period (2020–2025). 

The Indian electric rickshaw market growth is driven by the escalating demand for low-cost vehicles for first/last-mile connectivity. Electric rickshaws rides are being seen as an economical solution to bridge the public transport service gaps for commuters. Therefore, the service is gaining traction among the daily commuters in the country. For instance, the price per head per kilometer of the service is --content--.14 (INR 10). Thus, these vehicles are extensively used for first- and last-mile connectivity in Indian cities.

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At the state level, Delhi generated the highest demand for electric rickshaws in 2019, on account of the existence of a vast metro commuter base and subsidy of 3 (INR 30,000) on electric rickshaws provided by the Delhi government to reduce the air pollution level in the state. On the other hand, the market in Uttar Pradesh is projected to witness significant Indian Electric Rickshaw Market growth during the forecast period, owing to the rising demand for electric rickshaws in Tier-1 and Tier-2 cities, as well as in the rural areas of the state.

Thus, the growing adoption of EVs to reduce pollution and the rising demand for low-cost vehicles for first- and last-mile connectivity will accelerate the market growth in the foreseeable future.