Electric three-wheelers are cost-effective and convenient for short distances
The Indian electric rickshaw battery market is predicted to hit US$295.4 million by 2030, advancing at an 8.5% CAGR from 2021 to 2030.
It was US$141.3 million in 2021, according to a ResearchAndMarkets report on the India Electric Rickshaw Battery Market Size.
The growth driven by the government initiatives for clean mobility, decreasing prices of components, the beneficial operative price of electric rickshaws and their growing average age, the report said on 19 Oct 2022.
The requirement for electric three-wheelers is growing in India because they are cost-effective and convenient for short distances. Currently, 83% of the EV market 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, according to the report.
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, 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 US$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. fiinews.com
