A Frost and Sullivan report suggests that the number of e-rickshaws will grow from 0.4 million to 1 million by the fiscal year 2025. E-Rickshaws, which share 80% of the Indian EV market, offer last-mile connectivity mostly in tier 2 and tier 3 cities.
These rickshaws are between 0-2-year-old and are powered by lead-acid batteries which cost approximately Rs. 25-28,000 each with a life cycle of 6-8 months at max.
Another similar report from Deloitte suggests that e-rickshaws have a great scope of adoption as they offer unparalleled convenience in first and last-mile connectivity.