E Rickshaw battery market value in India to hit Rs 2300 crores by 2030.
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E Rickshaw battery market value in India to hit Rs 2300 crores by 2030.

Approximately 11,000 new electric rickshaws are sold in India each month. The total number is around 15 lakh.

According to the latest market research report published by Prescient & Strategic Intelligence, in 2021, the E rickshaw battery market value was $141.3 million (₹ 1,116 crores). The market value is increasing at a rate of 8.5% and is expected to reach $295.4 million (₹ 2,300 crores) by 2030.

Decreasing prices of the battery components and government initiatives for clean mobility are making e-rickshaws more affordable. With the decreasing cost, more rickshaw drivers are shifting from diesel/CNG rickshaws to e-rickshaw.

Also, the maintenance of electric rickshaws is cheaper than the diesel ones. This helps the drivers make more profit.

Currently, approx 11,000 new electric rickshaws are sold in India each month. The total number is around 15 lakh. Electric three-wheelers constitute 83% of the EV market in India.

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.

After the government introduced the PLI scheme, many companies are setting up factories to manufacture EV cells and batteries. This will make the EV battery even cheaper and e-rickshaws cost-effective.

Click here for the detailed report, India Electric Rickshaw Battery Market Analysis, Size, New Trends, Emerging Opportunities, And Top Key Players By 2030.

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