Automotive and Transportation India Electric Rickshaw Market Analysis 2024 | Page 2

India Electric Rickshaw Market
The Indian electric rickshaw market is projected to reach 935.5 thousand units by 2024, according to P&S
Intelligence.
The market growth is majorly driven by government incentives and environmental policies, and electric rickshaw
advantage over auto rickshaw and cycle rickshaw. In order to address the issue of degrading air quality, the
Indian government launched the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME)
scheme in 2015, in addition to implementing environmental regulations on conventional gasoline-based
vehicles. In response, the OEMs are increasingly making investments to develop affordable and efficient electric
rickshaws and established players of the automotive industry are making inroads in this market with the launch
of new electric rickshaw models.
Passenger carriers held a larger share in the Indian electric rickshaw market in 2018, accounting for more than
95% revenue. They are expected to continue holding a larger market share in the coming years as well, on
account of the large passenger base in the country, coupled with the growing demand for low-cost shared
mobility.
P&S Intelligence