DUBLIN, Aug. 7, 2019 /PRNewswire/ -- The "India Electric Rickshaw Battery Market by Vehicle, by Battery Capacity, by End Use, by State Market Size, Share, Development, Growth, and Demand Forecast, 2014-2024" report has been added to ResearchAndMarkets.com's offering.
The Indian electric rickshaw battery market is expected to reach $722.3 million by 2024, progressing at a CAGR of 13.4% during the forecast period 2019-2024
According to this research. The growth of the market is mainly driven by the proliferation of electric rickshaws in various cities along with the rising average age of these vehicles. Further, the introduction of Goods and Services Tax (GST) can be viewed as a growth opportunity for organized players.
The electric rickshaw market has been majorly driven by local and unorganized players, who held a combined share of around 80.0%% in 2016. Before the GST rollout, these players received the price benefit as high as 30.0%. However, after the GST rollout, organized original equipment manufacturers (OEMs), offering better-quality products with an average battery life of eight months, grew in number. Thus, the longevity of electric rickshaw batteries is propelling the demand for electric rickshaws batteries and consequently the market growth in the country.
Based on vehicle, the Indian electric rickshaw battery market has been divided into load carrier and passenger carrier, of which, in 2018, the passenger carrier division held the larger revenue share of more than 95.0% in the market and will continue dominating it in the near future. This is attributed to the large passenger base and increasing demand for public transport for routine connectivity. However, the load carrier category is predicted to witness faster growth in the market during the forecast period, due to the developments in the e-commerce industry and significant growth in the economy, along with the low operational cost and total cost of ownership (TCO) of load carriers.
On the basis of battery capacity, the market is bifurcated into batteries with capacity more than 101 Ah and less than 101 Ah. Of these, rickshaw batteries with a capacity less than 101 Ah held the larger share in the electric rickshaw battery market in India during the historical period. Furthermore, this category is expected to continue dominating the market in the forecast period, owing to the control of unorganized local players on the sector, as many of them manufacture low-cost electric rickshaws equipped with such batteries.
The Indian electric rickshaw battery market is also categorized into OEM and replacement, based on end use. During the forecast period, the market for replacement batteries is predicted to advance at a CAGR of more than 14.0% in terms of sales volume. This is mainly attributed to the proliferation of electric rickshaws and battery replacement of many such vehicles in the country. This category is also anticipated to dominate the market during the forecast period.
Market Dynamics
Trends
- Growing demand for electric rickshaws with higher battery capacity
- Use of li-ion batteries
Drivers
- Proliferation of electric rickshaws on Indian roads
- Increasing average age of electric rickshaws
Restraints
- Lack of clarity on operational guidelines for electric rickshaws
- Substandard batteries offered by local players
Opportunities
- GST-driven consolidation to offer opportunity to organized players
- Replacement market offering secular growth opportunity
Companies Mentioned
- Exide Industries Ltd.
- Amara Raja Batteries Ltd.
- Eastman Auto & Power Ltd.
- Okaya Power Pvt. Ltd.
- Sparco Batteries Pvt. Ltd.
- Jay Ace Technologies Ltd.
- Gem Batteries Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/yi2czn
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SOURCE Research and Markets