Growth of Electric Rickshaws in the Indian Market in 2022
The Indian Electric battery rickshaw market was worth $786.2 million in 2019 and is predicted to be worth $1,394.2 million by 2025, growing at a CAGR of 33.3% over the forecast period (2020–2025). Increasing government incentives to encourage the use of electric vehicles (EVs) and the implementation of severe environmental rules in response to increased worries about rising air pollution are driving market expansion. Furthermore, factors such as rising end-user affordability, a cost advantage over auto rickshaws, higher daily earnings than cycle rickshaws, and increased manufacturer investments in the design and development of more cost-effective and affordable electric rickshaws are anticipated to benefit and boost the market in the forecast period. The COVID-19 epidemic is projected to have a significant influence on the market's unorganised and local competitors. It is also projected that 30% of these manufacturers/assemblers will close