Electric Tuk-Tuk vehicles
In order to inform a fundraising round for a new company, analyze the tuk-tuk markets in India, Pakistan, Sri Lanka, Thailand, and Bangladesh. This should include the number of tuk-tuks, if/how many are transitioning to electric, the lifespan of electric tuk-tuks, and top players of electric tuk-tuks in each country. Finally, for each country, provide a summary of the current political action around tuk-tuks, including if any government funds are being offered to transition to electric.
- There are 1.5 million electric rickshaws in India. There are over six million rickshaws total in India.
- That number is growing quickly, with an estimated 11,000 new electric rickshaws being sold in India every month. The number of annual sales of electric rickshaws is estimated to increase by 9% by 2021.
- Estimates indicate that the potential market for electric rickshaws could be 20 million vehicles a year, if barriers like lack of charging stations and the inability for rickshaw drivers to obtain financing could be overcome.
- Electric rickshaws are now more popular than gas-powered or pedal rickshaws in India, due to the fact that they are "quieter, faster, cleaner and cheaper to maintain than a traditional auto rickshaw."
- Older electric rickshaws in India originally have a lifespan of 1.8 years, but newer (post GST roll out) electric rickshaws have a lifespan of about 3.6 years.
- The longer lifespan of these rickshaws is driving the market for replacement batteries, which is expected to reach $722.3 million by 2024.
- The longer lifespan is also driving the market for replacement motors, which is expected to reach $86 million by 2024.
- Key players in India's electric rickshaw market include Mahindra & Mahindra Ltd. and Kinetic Engineering Ltd., as well as smaller companies like GreenRick.
- The Indian government does support the use of electric vehicles for public transportation and fleet operations, including three-wheeled rickshaws, taxis and buses.
- Since 2016 in Delhi, the government has subsidized the purchase of e-rickshaws by $446 (INR 30,000).
- One limiting factor to the growth of the electric vehicle market in India, including electric rickshaws, is the limited number of charging stations. The government is stepping in to address this. With combined government and private efforts, by 2022 there are plans to have 2,800 charging points in India.
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