According to a report published, in 2021, the Indian 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 in 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 Indian 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 Indian 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 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.
There are numerous significant Indian 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.