PUBLISHER: Market Xcel | PRODUCT CODE: 1228315
PUBLISHER: Market Xcel | PRODUCT CODE: 1228315
The India E-Rickshaw Lead Acid battery market size in terms of Volume will grow from 615.8 thousand units in FY2022 to 10,129.76 thousand units by FY2030, at a CAGR of 38.86% during forecast period. Due to the affordability and utility for short distances, e-rickshaw is becoming more and more necessary throughout the country. Lead acid batteries with a capacity under 101 Ah dominate the market for electric rickshaw batteries in India, accounting for over 45% of sales. The category will continue to drive the market in the upcoming years since consumers prefer inexpensive e-rickshaws. This may also be a result of the market's overwhelming presence of unorganised small enterprises, the majority of which manufacture inexpensive e-three-wheeler battery and components.
Electric three-wheelers are becoming more popular in the country since they are one of the most convenient and cost-effective ways of transportation for short distances. Currently, three-wheelers account for 83% of the Indian electric vehicle market. India presently sells over 1.5 million registered electric rickshaws each year. The number of electric rickshaws sold may be significantly higher because a huge proportion of them are still unregistered.
Electric variant rickshaws cost between $811.6 and $1,487.9, while ICE-powered autorickshaws cost between $2,029.05 and $4,058.1. Similarly, the running cost for battery variants is only INR 0.4 per km, compared to INR 2.1-2.3 per km for petrol (gasoline) or CNG variants. Electric rickshaws have few maintenance difficulties, which cuts maintenance costs even further. Furthermore, the specific energy consumption of ICE-based autorickshaws is 362.4 kJ/passenger-km, whereas that of electric rickshaws is 53.76 kJ/passenger-km, demonstrating that electric rickshaws are significantly more energy-efficient.
The rise in the country's demand for electric three-wheeler vehicles had a significant impact on the demand for lead acid batteries. The promotion of electric three-wheeler vehicles (EV) among the public has been motivated by the rising pollution caused using combustible fuels in traditional vehicles as well as the exhaust of poisonous gases in the environment. The government is aggressively promoting the manufacturing of hybrid and electric automobiles components and batteries.
The demand for e-rikshaws is expected to rise in the next several years, which will help the India E-Rickshaw Lead Acid Battery Market to expand. Small commercial vehicles and electric rickshaws that carry passengers have established market demand. Government funding for the infrastructure for charging e-rickshaws also will support the expansion of India E-Rickshaw Lead Acid battery market.
Shared mobility services lessen traffic in urban areas and cut down on overall emissions. As a result, digitally enabled ride-hailing and e-rickshaw sharing efficiently manage transportation demands while also offer a convenient, economical and sustainable alternative to owning a private vehicle.
Ride-hailing services are anticipated to play a significant role in the market over the forecast period by eliminating manual labour and lowering overall time and cost, leading to the India e-rickshaw lead acid battery market growth.
Within the upcoming months, the Indian government is anticipated to finalise incentives under its new battery exchange program for electric cars (EVs). To support industries like ride-sharing and last-mile delivery, the policy will initially concentrate on battery swap services for electric scooters, motorcycles, and three-wheeled auto rickshaws.
The COVID-19 pandemic outbreak in Q1 in 2020 had a big impact on the country's E-rickshaw battery market expansion. The government's lockdown efforts to stem the spread of COVID-19 had a negative impact on the country's main shipping lanes for the factories that make lithium-ion and lead-acid batteries. In addition, the disruption of transportation services and travel restrictions brought on by the pandemic's lockdown have had a negative impact on market expansion. For instance, production facilities for e-rickshaw batteries were closed and the supply chain was disrupted, which slowed the market's expansion.
Post COVID-19, the automotive and transportation sector witnessed returning back to its growth phase rapidly due to the government initiatives towards EV facility adoption and growing consumer interest towards green mobility which further influenced the sales and demand for e-rickshaw lead acid batteries.
The Russia-Ukraine war had a significant impact on the India e-rickshaw lead acid battery market. Russia and Ukraine manufacture semiconductor & battery materials on a large scale which is required for production of electric rickshaw. The war between these two countries adversely impacted the production and led to supply chain that will impact Russia's export of EV batteries to India. The war had impacted both demand and supply of India e-rickshaw lead acid batteries.
In this report, India E-Rickshaw Lead Acid Battery Market has been segmented into following categories:
Strategic long-term alliances and contracts are expected to play a vital role in maximising the revenue share of companies operating in this market. Additionally, because of the rising demand, players are emerging from established markets too. Amara Raja Batteries Ltd (Amaron), HBL Power Systems Limited, Luminous Power Technologies Pvt. Ltd., Su-Kam Power Systems Ltd., Okaya Power Pvt. Ltd., Exide Industries Ltd., Base Corporation Ltd., True Power International Ltd., Star Battery Ltd., Southern Batteries Pvt. Ltd. are some of the key players dominating the market.
Market Xcel reports are based on qualitative and quantitative data collected through 'on-ground' primary research interventions. Based on our in-depth research, our reports can also provide granular city/state level market size data. The report includes deeper actionable insights provided by the industry experts & Key Opinion Leaders thus offering cutting-edge business solutions. The forecast data included in the report is based on 'Drivers based forecasting' technique ensuring accurate decoding of the future.