In 2019, the Indian electric rickshaw battery market reached a value of $385.0 million and is expected to reach $722.3 million in 2024, advancing at a 13.2% CAGR during the forecast period (2020–2024). Furthermore, 4,290.9 thousand units of electric rickshaw batteries were sold in 2019 in the country. In terms of vehicle, the load carrier division is projected to grow at a faster pace during the forecast period because of the growth of the e-commerce and low total cost of ownership of load carriers.

The passenger carrier division held the larger share of Indian electric rickshaw battery market during the historical period (2014–2019), due to the greater usage of these vehicles among commuters. This mode of transportation is preferred by commuters because of its lower travel cost. In addition to this, the rising demand for public transport for last-mile connectivity and large passenger base in the country are also contributing to the division’s growth.

On the basis of battery capacity, the batteries with capacity of over 101 Ah are predicted to witness the faster growth during the forecast period in the Indian electric rickshaw battery market. This is ascribed to the rising requirement for electric rickshaws which can travel long distances without needing frequent charging. The larger share of the market was accounted for by the batteries with capacity less than 101 Ah during the historical period.

The increasing average age of electric rickshaws is a major driving factor of the Indian electric rickshaw battery market. Initially, the market for electric rickshaw was dominated the unorganized local players and the electric rickshaws provided by them were of the substandard quality and had an average life of about 1.8 years. However, since the rollout of the Goods & Services Tax, the market moved toward consolidation. The electric rickshaws offered by organized and established manufacturers have an average life of 3.5 years, which has resulted in the rising requirement for batteries.

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A key trend being observed in the Indian electric rickshaw battery market is the adoption of electric loader rickshaws. The country has registered a rising penetration of electric loader rickshaws in the recent years. There was almost no industry for electric loader rickshaws till 2015, but now, about 2% of the electric rickshaws across the country are loader variants. Delhi, Ahmedabad, Gurgaon, and Jaipur are some of the major cities which are registering a considerable demand for electric loader rickshaws.