The electric vehicles in India are growing by the day, and it is only a matter of time before every city in India is travelling by electric rickshaws. According to the India Electric Rickshaw Market Research Report, the compound annual growth rate (CAGR) of electric rickshaws in India between 2020-2025 is at 33.3%. At such a rate, the market is likely to rise to $1,394.2 by 2025.
Electric rickshaws are a comparatively cheaper option for people in India, especially given the fact that most people in India are not very wealthy. People are on the constant lookout for the most affordable form of public transportation. Electric rickshaws cost up to ₹10 for a kilometre, which is way cheaper than any other mode of transportation. It is also very beneficial for the driver because they earn over ₹100 per ride if there are four passengers in one. Benefits such as affordability, better earnings, etcetera are expected to boost the electric rickshaw market in the coming years.
Across the country, electric rickshaw has seen a significant amount of growth because of the National Electric Mobility Plan (NEMP.) The government of India also aims at increasing the number of charging stations so as to increase the number of electric vehicles. Many reputed companies are coming up with their own range of electric rickshaws which help with the growth of them overall. Many more such companies are expected to join the electric rickshaw market in the coming years.
According to the analysis conducted by CEEW-CEF, by 2030, there will be a total sale of 102 million electric vehicles, along with a demand of 158 GWh batteries and over 29 lac chargers. Amazon has already decided to add up to 10000 electric rickshaws to its delivery fleet by the end of 2025. Other giants like Ikea, Flipkart, Grofers, etcetera are already relying on electric rickshaws for delivery.
The government also provides subsidies and tax relaxation which will in turn lead to an increase in electric three wheelers. Another one of the reasons why electric rickshaws are expected to grow in number is because of the number of people interested in being investors. It is he most beneficial business plan to rent electric rickshaws. The more people begin to realise this fact, the more number of electric rickshaws you will be able to see on the road.
Gone are the days when there were hardly any options available for electric rickshaws. In the modern market, there are electric rickshaws to suit almost every need. This particular benefit is expected to shower electric rickshaws with unprecedented growth over the next few years.
Electric vehicles in general have a lower cost of ownership, which encourages people to purchase an electric vehicle. This is also what encourages more people to start an electric rickshaw renting business. As the number of electric rickshaws increase, the cost of the ownership could lower, which could further aid in increasing the number of them.
Even with all the benefits that electric rickshaws offer, there are a few restraints. The charging stations required for these kinds of rickshaws are not widespread; so until this problem has been tackled, the increase in the number of electric rickshaws will be slow. There are also no proper operational guidelines for electric rickshaws which makes people hesitant to consider investing in electric rickshaws.
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Syndicate Motors is a manufacturer of electric vehicles that combat environmental issues and economic issues in India. Join us in our fight for a sustainable environment as well as a cleaner and greener India. We offer a great, affordable variety of electric rickshaws catered to specific needs that you can learn more about here.