India E-Rickshaw and On-Demand Ride Hailing Market to Witness Tremendous Growth Ahead Says P&S Intelligence

 In April 2019, the Indian government approved phase II of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme with a budgetary allocation of INR 10,000 crore. This has given a massive boost to the sale of EVs in the country, especially of e-rickshaws,which were already high here. In 2019 alone, 4.5 lakh (450,000) e-rickshaws were sold in the country, bringing the total number of those in operation to more than 10lakh (1 million)!

Apart from the government support for EV manufacturing and buying, the constant requirement of people for low-cost transportation is also driving the Indian e-rickshaw and on-demand ride hailing market growth. A large number of Indians still cannot afford personal vehicles, which is why public transportation is an important part of the everyday life in the nation. Rides on petrol, diesel, and even compressed natural gas (CNG) three-wheelers (auto rickshaws) are often costly considering the distance traveled, because of the higher cost of refueling these vehicles.

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Another key driver for the Indian e-rickshaw and on-demand ride hailing market is the operational ease that comes with these automobiles. On average, a fully charged e-rickshaw battery offers a driving range of 100 km, enough to keep them running for at least one whole day! Additionally, charging the battery of these vehicles is a no-fuss affair; the cord can be simply plugged into a domestic electricity socket. So, after plying their trade during the day, drivers just have to head home, plug in the battery to their everyday-use electricity socket, and leave it to charge overnight.

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Hence, as the population increases and environmental concerns related to the operation of fossil-fuel-based vehicles surge, the sale of e-rickshaws for short-distance on-demand ride hailing services will burgeon in India.

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