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The Indian electic rickshaw market is projected to reach 985.5 thousand units by 2023 , registering a CAGR of 15.9 % during the forecast period . The market has witnessed signifcant growth in the recent past , owing to ring environmental awareness , government incentives and implementation of stringent regulations to curb envionmental degradation .
In addition , the growing end - user afordability for electric rickshaws declining Li - ion battery prices and a relative increase in investments by manufacturers for the designing and development of more efficient and affordable rickshaws are expected to benefit the market growth during the forecast period .
INDIANE - RICKSHAW MARKET OVERVIEW
KSAG Based on vehicle type , the Indian electric rickshaw market has been categorized into passenger carrier and load carrier . Passenger cariers dominated the market during the historical period and are expected to continue holding a larger market share , in tems of both value and volume , in the coming years.
INDIAN MARKET KSAGI The Indian electric scooter and Motorcycle market is projected to reach 757900 units by 2025 , rogistoring a CAGR of 42.9 % during the forecast period . The market has witnessed significat growth in the recent past owing to strict noms and regulations pertaining to environmental , Goverment incentives and rising environmental awareness on the basis of product , the electric scooters and motorcyclos markot has been categorized into scooter and motorcycle of the two , the volume sales of scooters were higher in 2017 , accounting for more than 95 % market share .
However , motorcycle is expected to be the faster growing category during the forecast period , owing to its higher engine capacity and speed and higher engine capacty.