How are Government Initiatives Driving Indian Electric Rickshaw Motor and Controller Market?

The utilization of electric rickshaws in India has increased substantially over the past few years. This can be attributed to the lower operating costs of these vehicles as compared to auto rickshaws and the advantages they provide over cycle rickshaws. The number of electric rickshaws on roads was over 7 lakh in 2018, which was a rise from approximately 6 lakh vehicles in 2014. Furthermore, the government of the country is also providing incentives to the people on the purchase of electric rickshaws. 

India Electric Rickshaw Motor Market

The surging proliferation of electric rickshaws in the country can also be attributed to the increasing concerns regarding the degrading condition of the environment. The Indian government has implemented various environmental policies for curbing the growing air pollution levels, which is why, the demand for electric vehicles has increased the country. A number of organized players, such as Hero Electric Vehicles Pvt. Ltd. and Mahindra & Mahindra Ltd. are also entering the domain. 

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All these factors are leading to the growing of the Indian electric rickshaw motor and controller market. The rising average age of electric rickshaws is also creating high demand for motors and controllers for these vehicles in the country. Because of the entry of established players in the domain, consumers can now opt for quality vehicles, rather than substandard option that were offered by unorganized companies in the past. Due to this, the market is expected to advance at a significant pace in coming years. 

Geographically, Delhi has been leading the Indian electric rickshaw motor and controller market, which can be attributed to the surging sales of electric rickshaws in the state, which has been growing rapidly since 2013. In addition to this, owing to the rapidly rising pollution levels in the state, the Delhi Government announced a subsidy of $439.6 on the purchase of electric rickshaws in 2016, which has led to the increasing adoption of these vehicles. 

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Hence, the market is growing due to the surging adoption of electric rickshaws and increasing government initiatives in the country.