With innovative ideas that can benefit the general public and the environment, too many new firms and small business owners are emerging. However, it has been determined that the small business owners' enterprises won't generate a profit for the money invested and will also face too many obstacles.
Will this problem be remedied, though?
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The simplest way for business owners to avoid this problem is to go with non-competitive ventures. The production of E-rickshaws is one of the simplest companies that you can start and was just discovered.
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As more people look for affordable transportation options, demand for e-rickshaws skyrocketed. As a result, they can be found in most metropolitan cities as well.
Additionally, E-rickshaw's environmental friendliness comes with more economic potential in this sector.
Related Business Plan: E-rickshaw Assembling
At NPCS we have gathered all relevant information required for an e-rickshaw assembly business in India. This information will help all young entrepreneurs to set their hands in the environmentally friendly profitable business.
Market scope in India
E-rickshaw is a lot in demand, especially in India, China, Bangladesh, and Nepal. Chinese e-rick was the first to be used in the market. Today e-rickshaw is playing an important role in providing livelihood to many unemployed people in India. The high-quality e-rickshaw with economical rates was accepted on Indian roads by consumers. Today e-rickshaw is widely accepted in New Delhi and other parts of the country.
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According to statistics in April 2012, the number of e-rickshaws in New Delhi exceeded 1 lakh. Looking at the increasing demand and the trend of going eco-friendly, the e-rickshaw business is profitable. The market for e-rickshaw will increase to a CAGR of 33.3% by 2022-2025. With this speed, the economy of the market which was $786.2 million in 2019 will increase to $139 4.2 million in 2025.
Space Required
The most important thing before starting any business is the land. To start the business e-rickshaw, you will also need proper land and the land should also be in a good location. The area should have proper parking space, space for assembly, an advertising area, etc. It should also have good space in front of the assembly factory for clients to check samples as well as to prepare and align already prepared e-rickshaws. For this, you will need at least 1000 sq. ft to 15000 sq. ft of space. There should be a good facility for electricity and water on your land.
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Investment Requirements
Investment in an e-rickshaw business depends on the level of your business. If you want to start this business on a small scale, then you will have to invest less, and if you want to start this business on a large scale, then you will need to invest more. If you have your land for business then your business can run in less money, and if you rent or buy land, then you need to invest more in this.
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Documents Required for Registration and Licence
Personal Documents
· ID proof: Aadhar card, PAN card, voter card
· Address proof: ration card, electricity bill
· Bank account with passbook
· Photograph email id phone number
· Property document with title and address, lease agreement, financial document
· NOC
Business Document
· Udyog Aadhar MSME registration
· GST registration and firm registration
· Brand name trademark
· BIS certificate
· Business PAN card
· Shop and Establishment Act
Why e-rickshaw is receiving support from the Indian Government
Eco-friendly: This vehicle never produces smoke because it is powered by electricity. In this way, one can move around the city without polluting the air. Batteries used in these rickshaws can be recycled and thrown away without any consequences.
Less Expensive: An individual from a lower socioeconomic class who cannot easily access large sums of money may be able to buy this e-rickshaw. They undoubtedly offer fuel efficiency for both drivers and passengers.
No Noise Pollution: Compared to gasoline and diesel-powered vehicles, an e-rickshaw produces less noise. Since the entire engine of this e-rickshaw is powered by the battery that is connected to the vehicle, there is less noise as a result.
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Maintenance: Due to the lack of an engine and a gearbox, this vehicle requires the least amount of maintenance. The battery can be charged quite easily. All you need to do is spend money to charge the battery.
Safety: Compared to a fuel rickshaw, an e-rickshaw is less dangerous. They produce fewer mishaps.
Cost and Value of Vehicle: This e-rickshaw is affordable to buy; In India, it costs around the same as a motorcycle. This e-rickshaw is available for purchase for 95,000 rupees. You need to pay two lakhs of rupees for a fuel rickshaw, which is just too expensive.
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Market Outlook: It is estimated that the electronic rickshaw market in India will reach 935.5 thousand units by 2023.
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Conclusion:
If you want a complete report for a start-up of e-rickshaw assembly business, please contact NPCS. We advise you to have a thorough awareness of changes in the EV industry, processes, formulae, specifics of plants, project profiles, machinery, raw materials, etc.
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