Dublin, Nov. 01, 2022 (GLOBE NEWSWIRE) -- The "India Electric Rickshaw Battery Market Size and Share Analysis by Vehicle (Passenger Carrier, Load Carrier), Battery Capacity (101 Ah), End-Use (OEM, Replacement), Battery Type (Lead-Acid, Lithium-Ion) - Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
According to this market research report, in 2021, the India electric rickshaw battery market size stood at $141.3 million, which is predicted to hit $295.4 million by 2030, advancing at an 8.5% CAGR from 2021 to 2030.
This will be owing to the decreasing prices of these components, government initiatives for clean mobility, beneficial operative price of electric rickshaws, and their growing average age.
In the country, the requirement for electric three-wheelers is growing because they are cost-effective and convenient for short distances. Currently, 83% of the EV market of India is made up of these three-wheelers. Approximately 11,000 new electric rickshaws are sold in India each month, bringing their total number to around 15 lakh. These numbers may be considerably higher because many of them are still not registered.
The India electric rickshaw battery market is led by batteries that have a capacity below 101 Ah, which generate over 60% of the revenue. Due to the consumer desire for affordable e-rickshaws, the category will maintain its market dominance in the upcoming years. This can also be due to the dominance of unorganized local businesses on the market, the majority of whom produce cheap e-three-wheeler components.
With a 10.6% CAGR, in terms of value, the contribution of batteries That offer a capacity above 101 Ah is predicted to see a stronger boost in the India electric rickshaw battery market. This will be a result of the growing need for e-rickshaws that go further without frequent charging.
The lithium-ion battery category has an around 52% share, and by 2030, it will contribute $196.1 million in sales. This is primarily because these variants are available in standard industry sizes, are 50-60% lighter, and have a 25-50% higher storage.
Key Players' Strategic Developments to Raise Market Share
There are numerous significant India electric rickshaw battery market players who have recently engaged in a number of strategic advancements to remain competitive. For example, Exide Industries Ltd. and SVOLT Energy Technology partnered to produce lithium-ion batteries in March 2022. Through this relationship, they want to establish themselves as pioneers in the stationary power and new-age electric mobility sectors.
Other important companies offering batteries for e-rickshaws in the country are Z-Power Impex Private Limited, Luminous Power Technologies Pvt. Ltd., Gem Batteries Pvt. Ltd., Jay Ace Technologies Ltd., Okaya Power Pvt. Ltd., Eastman Auto and Power Limited, and Amara Raja Batteries Ltd.
Market Dynamics
Trends
- Solar-charged electric rickshaws
- Growing demand for electric rickshaws with higher battery capacity
- Use of Li-ion batteries
- Increasing penetration of electric loader rickshaws
Drivers
- Favorable operational cost of electric rickshaws
- Proliferation of electric rickshaws on Indian roads
- Increasing average age of electric rickshaws
- Impact analysis of drivers on market forecast
Restraints
- Lack of clarity on operational guidelines for electric rickshaws
- Substandard batteries offered by local players
- Impact analysis of restraints on market forecast
Impact of COVID-19
Porter's Five Forces Analysis
Electric Rickshaw Incentives, Regulations, and Policies in India
- Major Electric Vehicle Programs in India
- NEMMP 2020
- FAME II India Scheme Overview
- FAME I India Scheme Overview & Impact
- Localization of Electric Vehicle Component
- Import Scenario of Electric Vehicle Component in India
- Tax Structure for Import of Electric Vehicle Component in India
- State Level Electric Vehicles Policies in India
City-Level Market Size Estimation
- Electric Rickshaw Battery Market Size Estimation
- NCT Delhi Electric Rickshaw Battery Market Size Estimation
- Competitive Scenario
- Market Share Analysis of Key Players
- Product and Warranty Analysis of Major Market Players
- Aftersales Service Model
- Battery Suppliers for Major Electric Rickshaw Manufacturers
Company Profiles
- Exide Industries Ltd.
- Amara Raja Batteries Ltd.
- Eastman Auto and Power Limited
- Okaya Power Pvt. Ltd.
- Jay Ace Technologies Ltd.
- Gem Batteries Pvt. Ltd.
- Luminous Power Technologies Pvt. Ltd.
- Z-Power Impex Private Limited
- Microtex Energy Private Limited
- Swastik Auto Industries
- Aqueouss
- MICRONIX
- Leoch International Technology Limited
- Sparco Batteries
- Livguard
- LIVFAST
For more information about this report visit https://www.researchandmarkets.com/r/zhvq0w
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