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India Electric Rickshaw (E-Rickshaw) Market: Insights and Forecast 2018-2025

India Electric Rickshaw (E-Rickshaw) Market: Insights and Forecast 2018-2025

Indian automotive industry is rapidly expanding and is expected to hold the 3rd position in the world by 2030. In addition to this, to cater the advancing need of 1.30 billion people of India, Indian automotive industry has dramatically transformed and is expected to show a similar trend in the forthcoming years. One such transformation is the advent of Zero Emission Vehicles (ZEVs)/ Electric Vehicles (EVs) within the country. The excessive dependence on imported crude oil, rise in Greenhouse Gases (GHGs) content, growing demand of EVs and increase in governmental support through subsidies and incentives are some of the major factors driving the market of EVs in the country. At present, Indian EV industry is at its nascent stage although the country planned to be 100% electric by 2030. India is home to about 17 lakh battery-powered, three-wheeled rickshaws, a fleet bigger than the total number of electric passenger cars sold in China since 2011. Electric-vehicle revolution is gaining ground in India as the drivers of the ubiquitous three-wheelers (E-rickshaw) weaving through crowded, smoggy streets discovered that E-rickshaws are quieter, faster, cleaner and cheaper to maintain than a traditional auto-rickshaw. Further, E-rickshaws are less strenuous than cycle rickshaws, which require all-day peddling. So, with more rides possible in a day, the E-rickshaws are proving more lucrative to market.

Over the past few years, the country has witnessed remarkable growth in E-rickshaw market as various state governments have offered several incentives, subsidies and other benefits for purchasing an E-rickshaw to promote green mobility within the country. The growing focus on green mobility consequently increased the need for easy accessibility of the charging structures to keep them running and so the governments across the country are working endlessly to create an efficient ecosystem for electric vehicles. With growing consciousness regarding green mobility, comfort and convenience offered by E-rickshaw in the first and last mile connectivity, along with the government promotions for electric vehicle, it is expected that the electric rickshaw market will grow significantly in the years yet to come. Among two types of vehicle type, passenger type is expected to dominate the market, however, the market for load/carrier type electric rickshaw is expected to grow at the highest CAGR of 10.41% over the forecast period owing to its increasing usage for delivering various products including water bottles, cartons, edibles and others in and around the city.

Based on the battery type, the majority of electric rickshaw in India runs on Sealed Lead Acid (SLA) battery as these batteries are comparatively cheaper than that of its counterparts. It is found that the initial cost difference of lead acid battery and li-ion battery is roughly around INR 50,000. However, the benefits offered by li-ion battery such as low charging time, low maintenance and prolong lifespan are driving manufacturers to use li-ion battery. Currently, around 85 percent of the electric rickshaw runs on lead acid battery while 15 percent only runs on li-ion battery. It is expected that li-ion battery for electric rickshaw will grow considerably during the forecast period with a CAGR of 12.55%. During our study, we found that the potential hindrance for India Electric Rickshaw Market is the lack of adequate charging facilities and parking stand for it. Most of the electric rickshaw drivers charge the vehicle overnight at their house with the available electricity. While some other charge their vehicle at garage, local food or goods shops and pay the owner of the shop on a daily or monthly basis. The cost of charging varies for the drivers of different locations. The cost is generally INR 50-70 a day for charging at a local shop and INR 30 a day for charging at one’s own house.

India Electric Rickshaw Market is very much fragmented. Most of the players in this industry mainly assemble the spare parts at their manufacturing unit. Majority of the players still import electric rickshaw parts from China as they are cheaper. On an estimate, it is said that 85 percent of the India Electric Rickshaw Market is captured by unorganized players while the organized players hold only 15 percent of it. Some of the key players operating in India Electric Rickshaw Market include Saera Auto, Terra Motors, Hero Electric, Atul Auto, OK Play, Kinetic Green, Lohia Auto, Electrotherma and Mahindra & Mahindra. These players are working endlessly to fulfill the consumer growing demand through technological advancements, increasing production capacity of plant, several strategic partnerships, joint ventures, product launches and business expansions to strengthen their position in India Electric Rickshaw Marketplace.

Conclusion: India Electric Rickshaw Market is growing by leaps and bounds. E- Rickshaws are non-polluting vehicles. Replacing conventional vehicles (such as auto-rickshaws or cycle rickshaws) with E-rickshaws can significantly improve the inferior air quality of our country. The E-rickshaw system in India is still at its nascent stage and needs a major improvement in infrastructure. Today, E-rickshaw has become one of the most preferred modes of first and last mile intercity connectivity, but it lacks proper parking stand and charging spots. However, they are not allowed to ply on the main roads and many a times, their vehicles are confiscated. Further, owing to the support for electric vehicles from government, India Electric Rickshaw Market is expected to grow smoothly over the forecast period. As they are cost-effective, it again offers better standard of living to their owners as they can earn enough to survive.
1. MARKET INTRODUCTION
1.1 Market Definition 13
1.2 Objective of the Study 13
1.3 Limitation 13
1.4 Stakeholders 14
1.5 Currency used in the Report 14
1.6 Scope of the India E-Rickshaw Market Study 14
2. RESEARCH METHODOLOGY 15
2.1 Research Methodology for Indian E-Rickshaw Market Study 15
2.1.1 Main objective of the Indian E-Rickshaw Market Study 16
3. EXECUTIVE SUMMARY 17
4. REGULATORY FRAMEWORK AND GOVT. INITIATIVES FOR E-RICKSHAWS 21
4.1 General Overview 21
4.1.1 Delhi-NCR Regulation of E-Rickshaw 22
4.1.2 Kolkata Regulation of E-Rickshaw 24
4.1.3 Lucknow Regulation of E-Rickshaw 24
4.1.4 Nagpur Regulation of E-Rickshaw 25
4.1.5 Pune Regulation of E-Rickshaw 25
4.1.6 Hyderabad Regulation of E-Rickshaw 25
5. MARKET OVERVIEW 26
5.1 Introduction 26
5.1.1 Characteristics of E-Rickshaw service in India 27
5.1.2 Social characteristics of Drivers in the Indian E-Rickshaw service Industry 27
5.1.3 Previous Professions of Drivers in the Indian E-Rickshaw service Industry 28
5.1.4 Recommendation and Suggestions by E-Rickshaw Drivers in India 29
5.1.5 Social characteristics of Travellers of E-Rickshaw in India 29
5.1.6 Recommendation and Suggestions by E-Rickshaw travellers in India 30
5.1.7 Advantage & Disadvantage of E-Rickshaw Service in India 30
5.2 Market Dynamics 31
5.2.1 Market Trend & Drivers 31
5.2.1.1 Increasing Governmental Support 31
5.2.1.2 Declining Battery Prices 32
5.2.1.3 Cost Effectiveness as Compared to Conventional Three Wheelers 33
5.2.2 Market Restraints 34
5.2.2.1 Lack of Optimum Charging Infrastructure 34
5.2.2.2 Distance Proximity and Speed Limit 35
5.2.2.3 Ambiguous Operational Guidelines 36
5.2.3 Market Opportunities 36
5.2.3.1 Increase in Need of Public Transportation 36
5.2.3.2 Increase in Demand of Lithium ion Battery Based E-Rickshaw 37
5.3 Key Market Indicators 38
5.3.1 Demand and Supply Side Analysis 38
5.3.2 Value Chain Analysis of Indian E-Rickshaw Sector 40
5.3.3 India Advantage for Automotive Industry 41
6. INDUSTRY PERFORMANCE 42
7. BUSINESS/ REVENUE MODEL FOR E-RICKSHAW DRIVERS IN INDIA 43
7.1 General Overview 43
7.1.1 Become a Manufacturer and Supplier 43
7.1.1.1 Break Even Point for Self-owned Rickshaw Drivers 43
7.1.2 Renting E-Rickshaw to a Driver on daily/monthly basis 44
7.1.2.1 Break Even Point for E-Rickshaw Owner (Rented E-Rickshaw) 44
7.1.3 Income Earned by E-Rickshaw Driver in Indian Cities 44
8. MARKET INSIGHST BY VEHICLE TYPE 46
8.1 General Overview 46
8.1.1 Passenger Carrier E-Rickshaw 48
8.1.2 Load Carrier E-Rickshaw 49
9. MARKET INSIGHT BY BATTERY TYPE 51
9.1 General Overview 51
9.1.1 Sealed Lead Acid Battery E-Rickshaw 53
9.1.2 Li-Ion Battery E-Rickshaw 54
10. MARKET INSIGHT BY OWNERSHIP TYPE 56
10.1 General Overview 56
10.1.1 Owned E-Rickshaw 58
10.1.2 Rented E-Rickshaw 59
11. MARKET INSIGHT BY REGION 61
11.1 General Overview 61
11.2 Kolkata E-Rickshaw Market Insight 63
11.2.1 Government Plan & Initiative for E-Rickshaw in Kolkata 63
11.2.2 Key Players initiative for E-Rickshaw in Kolkata 63
11.2.2.1 Kolkata E-Rickshaw Market, by Vehicle Type 2018-2025 64
11.2.2.2 Kolkata E-Rickshaw Market, by Battery Type 2018-2025 65
11.2.2.3 Kolkata E-Rickshaw Market, by Ownership Type 2018-2025 66
11.3 Nagpur E-Rickshaw Market Insight 67
11.3.1 Government Plan & Initiative for E-Rickshaw in Nagpur 67
11.3.2 Key Players initiatives for E-Rickshaw in Nagpur 67
11.3.2.1 Nagpur E-Rickshaw Market, by Vehicle Type 2018-2025 68
11.3.2.2 Nagpur E-Rickshaw Market, by Battery Type 2018-2025 69
11.3.2.3 Nagpur E-Rickshaw Market, by Ownership Type 2018-2025 70
11.4 Delhi-NCR E-Rickshaw Market Insight 71
11.4.1 Government Plan & Initiative for E-Rickshaw in Delhi 71
11.4.2 Key Players initiatives for E-Rickshaw in Delhi 71
11.4.3 Cab Aggregator Initiatives 72
11.4.3.1 Delhi-NCR E-Rickshaw Market, by Vehicle Type 2018-2025 72
11.4.3.2 Delhi-NCR E-Rickshaw Market, by Battery Type 2018-2025 73
11.4.3.3 Delhi-NCR E-Rickshaw Market, by Ownership Type 2018-2025 74
11.5 Lucknow E-Rickshaw Market Insight 75
11.5.1 Government Plan & Initiative for E-Rickshaw in Lucknow 75
11.5.2 Key Players initiatives for E-Rickshaw in Lucknow 76
11.5.2.1 Lucknow E-Rickshaw Market, by Vehicle Type 2018-2025 76
11.5.2.2 Lucknow E-Rickshaw Market, by Battery Type 2018-2025 77
11.5.2.3 Lucknow E-Rickshaw Market, by Ownership Type 2018-2025 78
11.6 Bengaluru E-Rickshaw Market Insight 79
11.6.1 Driver for E-Rickshaw market in Bengaluru 79
11.6.2 Government Plan & Initiative for E-Rickshaw in Bengaluru 80
11.6.2.1 Bengaluru E-Rickshaw Market, by Vehicle Type 2018-2025 80
11.6.2.2 Bengaluru E-Rickshaw Market, by Battery Type 2018-2025 81
11.6.2.3 Bengaluru E-Rickshaw Market, by Ownership Type 2018-2025 82
11.7 Pune E-Rickshaw Market Insight 83
11.7.1 Government Plan & Initiative for E-Rickshaw in Pune 83
11.7.2 Key Players initiatives for E-Rickshaw in Pune 84
11.7.2.1 Pune E-Rickshaw Market, by Vehicle Type 2018-2025 84
11.7.2.2 Pune E-Rickshaw Market, by Battery Type 2018-2025 85
11.7.2.3 Pune E-Rickshaw Market, by Ownership Type 2018-2025 86
11.8 Chennai E-Rickshaw Market Insight 87
11.8.1 Key Players Initiative for E-Rickshaw in Chennai 87
11.8.1.1 Chennai E-Rickshaw Market, by Vehicle Type 2018-2025 87
11.8.1.2 Chennai E-Rickshaw Market, by Battery Type 2018-2025 88
11.8.1.3 Chennai E-Rickshaw Market, by Ownership Type 2018-2025 89
11.9 Hyderabad E-Rickshaw Market Insight 90
11.9.1 Government Plan & Initiative for E-Rickshaw in Hyderabad 90
11.9.2 Key Players initiatives for E-Rickshaw in Hyderabad 91
11.9.2.1 Hyderabad E-Rickshaw Market, by Vehicle Type 2018-2025 91
11.9.2.2 Hyderabad E-Rickshaw Market, by Battery Type 2018-2025 92
11.9.2.3 Hyderabad E-Rickshaw Market, by Ownership Type 2018-2025 93
11.10 Rest of India Cities E-Rickshaw Market Insight 94
11.10.1 Government Plan & Initiative for E-Rickshaw 95
11.10.1.1 Rest of India E-Rickshaw Market, by Vehicle Type 2018-2025 95
11.10.1.2 Rest of India E-Rickshaw Market, by Battery Type 2018-2025 96
11.10.1.3 Rest of India E-Rickshaw Market, by Ownership Type 2018-2025 97
12. GOVT. PROGRAMS AND INITIATIVES FOR EVS AND EV CHARGING OUTLETS 99
12.1 General Overview 99
12.1.1 Quick Pilot proposal on EV charging infrastructure 100
12.1.2 National Electric Mobility Mission Plan (NEMMP) 2020 101
12.1.3 Faster Adoption and Manufacturing of Hybrid and Electric vehicles (FAME) 101
12.1.4 NITI Aayog Plan 101
13. COMPETITIVE SCENARIO 103
13.1 Cab & Other Aggregators Initiatives for E-Rickshaw sector in India 103
13.2 Porter’s Five forces analysis 104
13.2.1 Bargaining Power of Suppliers 104
13.2.2 Bargaining Power of Buyers 105
13.2.3 Threat of New Entrants 106
13.2.4 Threat of Substitutes 107
13.2.5 Industry Rivalry 107
14. COMPANY PROFILES 109
14.1 Terra Motors Corporation 109
14.1.1 Key Facts 109
14.1.2 Business Description 109
14.1.3 Key Product/Services Offerings 109
14.1.4 SWOT Analysis 110
14.1.5 Recent Developments 110
14.2 Hero Electric Vehicles Private Ltd. 111
14.2.1 Key Facts 111
14.2.2 Business Description 111
14.2.3 Key Product/Services Offerings 111
14.2.4 SWOT Analysis 112
14.2.5 Recent Developments 112
14.3 Atul Auto Ltd. 113
14.3.1 Key Facts 113
14.3.2 Business Description 113
14.3.3 Key Product/Services Offerings 114
14.3.4 SWOT Analysis 114
14.3.5 Key Financials 115
14.3.5.1 Revenue Split 116
14.3.6 Recent Developments 116
14.4 Electrotherm (India) Limited 117
14.4.1 Key Facts 117
14.4.2 Business Description 117
14.4.3 Key Product/Services Offerings 118
14.4.4 SWOT Analysis 118
14.4.5 Key Financials 119
14.4.5.1 Revenue Split 119
14.4.6 Recent Developments 120
14.5 OK Play India Limited 120
14.5.1 Key Facts 120
14.5.2 Business Description 121
14.5.3 Key Product/Services Offerings 121
14.5.4 SWOT Analysis 122
14.5.5 Key Financials 123
14.5.6 Recent Developments 124
14.6 Mahindra & Mahindra Limited 125
14.6.1 Key Facts 125
14.6.2 Business Description 125
14.6.3 Key Product/Services Offerings 126
14.6.4 SWOT Analysis 127
14.6.5 Key Financials 128
14.6.5.1 Revenue Split 129
14.6.6 Recent Developments 129
14.7 Kinetic Engineering Limited 130
14.7.1 Key Facts 130
14.7.2 Business Description 130
14.7.3 Key Product/Services Offerings 131
14.7.4 SWOT Analysis 131
14.7.5 Key Financials 132
14.7.6 Recent Developments 133
14.8 Lohia Auto Industries 134
14.8.1 Key Facts 134
14.8.2 Business Description 134
14.8.3 Key Product/Services Offerings 134
14.8.4 SWOT Analysis 135
14.8.5 Recent Developments 135
14.9 Saera Electric Auto Pvt. Ltd. 136
14.9.1 Key Facts 136
14.9.2 Business Description 136
14.9.3 Key Product/Services Offerings 136
14.9.4 SWOT Analysis 137
14.9.5 Recent Developments 137
14.10 GreenRick 138
14.10.1 Key Facts 138
14.10.2 Business Description 138
14.10.3 Key Product/Services Offerings 138
14.10.4 SWOT Analysis 139

List of Tables
TABLE 1 Characteristics of E-Rickshaw Service in India 27 TABLE 2 Advantage & Disadvantage of E-Rickshaw Service in India 30 TABLE 3 Basic Overview of Initial Cost and Daily Earnings of Rickshaw in Delhi 33 TABLE 4 Break Even Point for Self-owned Rickshaw Drivers 43 TABLE 5 Break Even Point for E-Rickshaw Owner (Rented E-Rickshaw) 44 TABLE 6 Earnings per month of E-Rickshaw Driver in India 44 TABLE 7 Savings per month of E-Rickshaw Driver in India 45 TABLE 8 Indian Passenger Carrier E-Rickshaw Market by Region 2018-2025 (US$ Million) 48 TABLE 9 Indian Passenger Carrier E-Rickshaw Market by Region 2018-2025 (Thousand Units) 49 TABLE 10 Indian Load Carrier E-Rickshaw Market by Region 2018-2025 (US$ Million) 50 TABLE 11 Indian Load Carrier E-Rickshaw Market by Region 2018-2025 (Thousand Units) 50 TABLE 12 Indian Sealed Lead Acid Battery E-Rickshaw Market by Region 2018-2025 (US$ Million) 53 TABLE 13 Indian Sealed Lead Acid Battery E-Rickshaw Market by Region, 2018-2025 (Thousand Units) 54 TABLE 14 Indian Li-Ion Battery E-Rickshaw Market by Region 2018-2025 (US$ Million) 55 TABLE 15 Indian Li-Ion Battery E-Rickshaw Market by Region 2018-2025 (Thousand Units) 55 TABLE 16 Indian Owned E-Rickshaw Market by Region 2018-2025 (US$ Million) 58 TABLE 17 Indian Owned E-Rickshaw Market by Region 2018-2025 (Thousand Units) 59 TABLE 18 Indian Rented E-Rickshaw Market by Region 2018-2025 (US$ Million) 60 TABLE 19 Indian Rented E-Rickshaw Market by Region 2018-2025 (Thousand Units) 60 TABLE 20 Indian E-Rickshaw Market by Region 2018-2025 (US$ Million) 62 TABLE 21 Indian E-Rickshaw Market by Region 2018-2025 (Thousand Units) 63 TABLE 22 Terra Motors Key Facts 109 TABLE 23 Product segmentation of Terra Motors Corporation 109 TABLE 24 Terra Motors Corporation Growth Strategy 110 TABLE 25 Hero Electric Vehicles Private Limited Key Facts 111 TABLE 26 Product segmentation of Hero Electric Vehicles Private Limited 111 TABLE 27 Hero Electric Vehicles Private Limited Growth Strategy 111 TABLE 28 Atul Auto Ltd. Key Facts 113 TABLE 29 Product segmentation of Atul Auto Ltd. 114 TABLE 30 Atul Auto Ltd. Growth Strategy 114 TABLE 31 Electrotherm (India) Ltd., Key Facts 117 TABLE 32 Product segmentation of Electrotherm (India) Limited 118 TABLE 33 Electrotherm (India) Limited Growth Strategy 118 TABLE 34 OK Play India Ltd. Key Facts 120 TABLE 35 Product segmentation of OK Play India Limited 121 TABLE 36 OK Play India Limited Growth Strategy 121 TABLE 37 Mahindra & Mahindra Ltd. Key Facts 125 TABLE 38 Product segmentation of Mahindra & Mahindra Limited 126 TABLE 39 Mahindra & Mahindra Limited Growth Strategy 126 TABLE 40 Kinetic Engineering Ltd. Key Facts 130 TABLE 41 Product segmentation of Kinetic Engineering Limited 131 TABLE 42 Kinetic Engineering Limited Growth Strategy 131 TABLE 43 Lohia Auto Industries Key Facts 134 TABLE 44 Product segmentation of Lohia Auto Industries 134 TABLE 45 Lohia Auto Industries Growth Strategy 135 TABLE 46 Saera Electric Auto Pvt. Ltd. Key Facts 136 TABLE 47 Product segmentation of Saera Electric Auto Pvt. Ltd. 136 TABLE 48 Saera Electric Auto Pvt. Ltd. Growth Strategy 136 TABLE 49 GreenRick Key Facts 138 TABLE 50 Product segmentation of GreenRick 138 TABLE 51 GreenRick Growth Strategy 139

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Report Title: India Electric Rickshaw (E-Rickshaw) Market: Insights and Forecast 2018-2025


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Terra Motors Corporation, Hero Electric Vehicles Private Ltd, Atul Auto Ltd., Electrotherm (India) Limited, OK Play India Limited, Mahindra & Mahindra Limited, Kinetic Engineering Limited, Lohia Auto Industries, Saera Electric Auto Pvt. Ltd., GreenRick

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