NEW YORK, April 01, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, Indian electric rickshaw battery market is anticipated to reach $722.3 million by 2024, registering a CAGR of 13.4% during the forecast period. The market growth is primarily driven by proliferation of electric rickshaws in many cities coupled with increasing average age of these vehicles. Initially, the electric rickshaw market has been majorly operated by unorganized and local players with a collective share of about 80% in 2016, which offered substandard quality electric rickshaws with average life of around 1.8 years. However, after GST rollout, the number of organized original equipment manufacturers (OEMs) grew, offering better-quality products with increased average battery life of around eight months. Thus, the increased battery life of electric rickshaws in the country is sequentially propelling the growth of the market.
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On the basis of vehicle, the Indian electric rickshaw battery market has been categorized into passenger carrier and load carrier. Of these, the passenger carrier category held the largest share in 2018 with more than 95% share in the market, in terms of value. This is due to the strong passenger base and demand for public transport for last-mile connectivity. However, the load carrier category is expected to witness faster growth in the market, owing to the expansion in e-commerce industry and growth in the economy, coupled with low total cost of ownership (TCO) and operational cost benefit.
Based on battery capacity, the Indian electric rickshaw battery market has been classified into batteries with capacity less than 101 Ah and more than 101 Ah. Electric rickshaw batteries with capacity less than 101 Ah dominated the market during the historical period. The category is anticipated to continue leading the market in the coming years, due to the dominance of unorganized local players in the market, as most of these players manufacture low-cost electric rickshaws.
Based on end use, the Indian electric rickshaw battery market has been bifurcated into OEM and replacement. The market for replacement batteries is expected to witness faster growth, with a CAGR of above 14%, in terms of volume, during the forecast period. This is due to proliferation of electric rickshaws in the country and more vehicles undergoing battery replacement This category is also expected to continue dominating the market during the forecast period.
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One of the significant factors driving the Indian electric rickshaw battery market is the increasing average age of electric rickshaws. Primarily, unorganized and local players dominated the market, and offered substandard quality electric rickshaws, which had an average life of 1.8 years. However, since the GST rollout, the electric rickshaw battery industry has moved toward consolidation, affecting unorganized players with higher manufacturing costs. The quality of product increased significantly in recent years because organized manufacturers offer electric rickshaws having an average life of near about 3.6 years. Thus, the increased average life of electric rickshaws has boosted the demand for electric rickshaw batteries, primarily for the replacement of dead or old batteries in these vehicles, which in turn, propelled the market growth.
Delhi contributed the largest revenue to the Indian electric rickshaw battery market. The large customer base, coupled with the early adoption of electric rickshaws, boosted the market for electric rickshaw batteries in the state. In addition, the increased level of air pollution in the capital led to the proliferation of electric rickshaws in the city.
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Some of the major players operating in the Indian electric rickshaw battery market are Exide Industries Ltd., Eastman Auto & power Ltd., Amara Raja Batteries Ltd., Okaya Power Pvt. Ltd., Jay Ace Technologies Ltd., Sparco Batteries Pvt. Ltd., Gem Batteries Pvt. Ltd., and Grand Batteries Pvt. Ltd.
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