Online Shopping Kart Amazon CEO Jeff Bezos in a recent interview with CNBC TV18 stated that his company manufacturing electric rickshaws in India. the company’s efforts to be a part of the Indian EV revolution is significant.
The Indian e-rickshaw market is among the handful of markets that showed impressive growth in the past few years. Organized players such as Kinetic, Hero Electric, and Mahindra and Mahindra forayed into the electric rickshaw segment more than two years ago, but haven’t got a grip on the market yet. India currently is home to about 1.5 million battery-powered three-wheelers, surpassing the number of electric passenger cars sold in Chine since 2011.
Since 2015, the battery-powered rickshaw segment has been growing up to 20% annually on the complete replacement of cycle rickshaws. According to the Vahan portal data market sells 10,000 e-rickshaws a month against the 1,500 to 2,000 Units.
A majority of e-rickshaws are predominantly sold in North India across UP, West Bengal, Delhi and Bihar as one of the most effective means of last-mile connectivity. The cost of an e-rickshaw in the unorganized sector starts from as low as Rs 40,000 as against the offerings from the organized sector that sells such models for more than Rs one lakh.