India Electric Rickshaw Motor and Controller Market Outlook and Forecast 2020 due to COVID-19 Impact

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The Indian electric rickshaw motor and controller market is projected to reach $86 million by 2024, with revenue generation of $59.8 million from the motor domain and of $26.2 million from the controller domain, the market is primarily driven by the growth in the electric rickshaw market in the country and the increasing average age of these vehicles. During the forecast period, the Indian electric rickshaw market is expected to advance with a CAGR of over 15% in terms of sales volume, further propelling the demand for motors and controllers in the country.

However, since the GST rollout, the market for electric rickshaws in the country has consolidated. Owing to this, unorganized players in the market have been largely hit by high costs. As a result, consumers have started preferring more reliable products offered by established MNCs and Indian manufacturers. This has further boosted the demand for motors and controllers used in these vehicles. Additionally, with the growing market share of the organized OEMs, the product quality has also improved, further increasing the average age of the vehicles to 3.6 years. This, in turn, has positively affected the growth of the Indian electric rickshaw motor and controller market.

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Delhi held the largest share in the Indian electric rickshaw motor and controller market during the historical period, accounting for over 20% sales volume in 2018. It is expected to dominate the market in 2019 as well. However, Uttar Pradesh is expected to be the largest market for electric rickshaw motors during 2020–2024 and for electric rickshaw controllers in 2023 and 2024, owing to the growing demand for electric rickshaws from Tier-1 cities, Tier-2 cities, and rural–urban fringes in the state.

CY International and Changzhou Yufeng Vehicles Co. Ltd. are the major players in the Indian electric motor and controller market. Other important players operating in the market are Changzhou Xieheng Power Technology Co. Ltd. and Hangzhou Yuyang Technology Co. Ltd.

Explore Full Report Description At@ https://www.psmarketresearch.com/market-analysis/india-electric-rickshaw-motor-and-controller-market

This market research report provides a comprehensive overview of the Indian electric rickshaw motor and controller market.    

This study covers                                             

·         Historical and the present size of the Indian electric rickshaw motor and controller market.

·         Future potential of the market through its forecast for the period 2014-2024

·         Major factors driving the market and their impact during the short, medium, and long terms

·         Market restraints and their impact during the short, medium, and long terms

·         Recent trends and evolving opportunities for the market participants

·         Historical and the present size of the market segments and understand their comparative future potential

·         Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

·         Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders

·         Major players operating in the market and their service offerings

·         Recent strategic developments by the major players in the market

 

 


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