India electric rickshaw market is estimated to grow at a considerable CAGR during the forecast period. The increasing government initiatives and subsidies along with the increasing urbanization is the key factor to propel the growth of the electric rickshaws market in India. In January 2020, Amazon India has pledged to add 10,000 electric rickshaws, to its delivery fleet by 2025. In 2015, the government of India had adopted the faster adoption and manufacturing of hybrid and EV (FAME) scheme with an outlay of $130 million, to provide subsidies for electric rickshaws, electric 2- and 3-wheeler, hybrid and e-cars, and buses. In 2019, the project got scaled up FAME II, with an outlay of $1.4 billion to be used for upfront incentives on the purchase of EVs worth $1.2 billion and for supporting the deployment of charging infrastructure worth $0.2 billion. The adoption of such schemes by the Indian government is anticipated to promote the adoption of electric rickshaws in the country.

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The market is segmented on the basis of carrier type and battery type. Based on the carrier type, the market is sub-segmented into electric passenger carrier rickshaw and electric load carrier rickshaw. Based on the battery type, the market is sub-segmented into lead-acid and Li-ion batteries. The decline in cost of li-ion battery and inherent benefits offered by these batteries including smaller size, lighter weight, and higher energy density is anticipated to drive the market share of these batteries.

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India Electric Rickshaw Market Segmentation

By Carrier Type

Passenger Carrier

Load Carrier

By Battery Type

Lead Acid

Li-ion

Company Profiles

BABA E-Rickshaw

Bahubali E Rickshaw

Gayam Motor Works Pvt. Ltd.

Hero Electric

Jezza Motors

Kinetic Green Energy & Power Solution Ltd.

Lohia Auto Industries

Mahindra & Mahindra

Queen Motor Vehicles Co.

Skyride E Rickshaw

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