Global Electric Rickshaw Battery Market 2024–2033

Reports Description

The advancements in battery technology are boosting the market.

According to Custom Market Insights (CMI), The Global Electric Rickshaw Battery Market size was worth around USD 1.3 billion in 2021 and is expected to reach USD 1.8 billion in 2022 and is predicted to grow to around USD 5.6 billion by 2030 with a compound annual growth rate (CAGR) of roughly 22% between 2022 and 2030. The report analyses the Electric Rickshaw Battery market’s drivers and restraints and the impact they have on demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Rickshaw Battery market.

Electric Rickshaw Battery Market: Overview

Since the introduction of the E-Rickshaw, the need for E-Rickshaw batteries has grown. E-Rickshaw batteries power e-Rickshaws. These batteries, which E-Rickshaw created for this particular use, are not only necessary to start the rickshaw but also serve as fuel for it.

Electric Rickshaw Battery Market: COVID–19 Impact Analysis

The global public health emergency known as COVID-19 has impacted nearly every industry, and the long-term effects are anticipated to impact industry growth over the course of the projected period. Our ongoing investigation builds upon our research strategy to ensure the inclusion of critical COVID-19 problems and potential future directions. Taking into account shifts in consumer demand and behaviour, supply chain rerouting, purchasing patterns, the dynamics of prevailing market forces, and significant government efforts, the report provides information on COVID-19. The new description, which considers the market impact of COVID-19, offers insights, analyses, projections, and forecasts.

Electric Rickshaw Battery Market: Growth Drivers

Advancements in battery technology

Since, unlike motorcycles, this electric Rickshaw Battery does not lean when cornering, this vehicle’s cornering continues to pose a challenge for its leading vendors. Tilting Electric Rickshaw Batteries were created because of this problem. Furthermore, since battery energy systems power these vehicles, the advancement in battery technology is a crucial component of the global market for electric Rickshaw Batteries.

The advancements in battery technology are anticipated to increase consumer demand for the electric Rickshaw Battery. For instance, the recent development in lithium-ion batteries has made it possible for makers of electric Rickshaw Batteries to reduce the total weight of the vehicle while still providing a battery with a longer lifespan than traditional VRLA and lead acid batteries.

Rising demand for a convenient, eco-friendly mode of transportation 

Due to the growing demand for environmentally friendly and energy-efficient vehicles worldwide, the global market for electric Rickshaw Batteries is anticipated to expand significantly. Furthermore, the advent of high-performance electric vehicles and technological advancements have made it possible for travellers to enjoy both a car and a motorcycle ride simultaneously. As a result, the low-powered electric rickshaw is becoming increasingly popular among local commuters in industrialized nations such as India, Vietnam, the Philippines, and Thailand.

Electric Rickshaw Battery Market: Segmentation Analysis

In our research scope, the electric rickshaw battery market is segmented into battery capacity, battery type, vehicle type, and end-use. The electric rickshaw battery market has been classified into lead-acid and lithium-ion categories based on battery type. In 2021, the lithium-ion battery type had the largest market share; by 2030, the segment is anticipated to continue its dominant position. This is mainly because they are available in typical industry sizes, are 50–60% lighter, and have a 25–50% larger capacity. They also feature a low self-discharge rate, enabling them to sustain their charge for a more extended time. Additionally, they charge quickly—between one and three hours—and include built-in overcharge protection.

The market is classified into passenger and load carriers based on vehicle type. Due to the surging adoption of these vehicles by commuters, the passenger carrier segment held the most significant percentage share in the electric rickshaw battery market in 2021. In addition, due to its less expensive journey, commuters favour this mode of transportation. Furthermore, a significant passenger base across the top countries and the increased need for public transit for last-mile connections are also factors in the segment’s growth. 

Report Scope

Key Insights: 

• As per the analysis shared by our research analyst, the Electric Rickshaw Battery market is estimated to grow annually at a CAGR of around 22% over the forecast period (2022-2030).
• In terms of revenue, the Electric Rickshaw Battery market was valued at around USD 1.3 billion in 2021 and is projected to reach USD 5.6 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on battery type segmentation, the Lithium-Ion segment was estimated to hold the maximum market share in 2021.
• Based on battery capacity segmentation, the <101-Ah Batteries segment was the top revenue-generating category in 2021.
• Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Recent Development

• March 2022: Exide Industries Ltd. collaborated with SVOLT Energy Technology from China to produce lithium-ion batteries. The companies could establish themselves as leaders in the new-age electric mobility and stationary application industries through this collaboration.
• July 2022: The Bawal (Haryana) plant of Harley Davidson was acquired by Saera Electric Auto Pvt. Ltd. (SEAPL), also known as the Mayuri E-rickshaws brand in India, last year with plans to produce e-rickshaws in addition to high and low-speed electric bikes.

Regional Landscape

The market for the e-rickshaw battery is anticipated to be led by the Asia Pacific region in 2021, particularly India and the ASEAN countries, including Vietnam, Thailand, and the Philippines. However, India has a substantial market share due to increasing e-rickshaw manufacturing to meet demand.

China and the ASEAN countries follow India as the countries with the second and third-largest market shares for e-rickshaws, respectively, in terms of production and sales. Further, the Middle East & Africa region is expected to experience moderate growth in the following years. Sales of e-rickshaws are anticipated to rise steadily in the European area. The following factors will directly impact the demand for e-rickshaw batteries.

Competitive Landscape

The report offers a company analysis to give a 360-degree overview of the major players operating in the market. Moreover, the information also comprises key strategic developments related to the market, including new service launches, acquisitions & mergers, agreements, collaborations & joint ventures, partnerships, research & development, and regional expansion of key player participants involved in the global Electric Rickshaw Battery market. 

An in-depth investment analysis has been performed, providing forecast and prevailing opportunities for the market participants. The market report focuses on significant characteristics of the market that comprise historical data, present market revenues, PEST analysis, technological investments, and competitive analysis in the related industry.

Prominent Players:

• Exide Industries Ltd
• Eastman Auto & Power Ltd
• Amara Raja Batteries Ltd
• Okaya Power Pvt. Ltd
• TATA AutoComp GY Batteries Pvt. Ltd
• Grand Batteries Pvt. Ltd
• Sparco Batteries Pvt. Ltd
• Gem Batteries Pvt. Ltd
• Amptek Electric
• Amaron
• Livguard
• SF Sonic Electric
• Tron Electric
• Amperex Technology Limited (ATL)

The global Electric Rickshaw Battery market is segmented as follows:

By Battery Type

• Lead–Acid
• Lithium-Ion

By Battery Capacity

• >101 Ah
• <101 Ah

By Vehicle Type

• Load Carrier
• Passenger Carrier

By End-use

• Replacement
• OEM

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America