The electric scooter segment in India is set for a fierce battle between legacy and new-age OEMs with the launch of Ather Energy s Rizta. Distribution and finance options in small towns and cities will determine the outcome. Legacy OEMs like TVS and Bajaj are expanding their networks, while new-age OEMs face challenges in rural areas due to financing limitations. Offering affordable solutions and innovative financing options could change market dynamics in favor of new-age OEMs.
With Rizta, the electric scooter maker is hopeful of targeting a larger buyer base and growing its market share in the northern and western regions. Ather is also confident that its efforts in value engineering have done the trick in the overall cost management efforts.
India s electric two-wheeler market has seen a significant sales increase in Q3 FY 24 compared to Q2 FY 24, indicating robust growth. There was also a year-on-year growth in Q3 FY 24 compared to Q3 FY 23. The ongoing Q4 FY 24 has already recorded impressive sales figures. The President highlighted the exponential growth of electric vehicle sales in recent years. Stakeholders anticipate potential policy developments in the upcoming budget, including the introduction of FAME III. Industry leaders are optimistic that FAME III will foster a conducive environment, incentivize manufacturers, and boost consumer affordability.
Tata Passenger Electric Mobility Ltd (TPEM) launched its first pure EV, the Punch.ev, based on the advanced Pure EV architecture. With the addition of Punch.ev, Tata Motors expects its EV sales to exceed 1 lakh units. Tata Motors aims to create new segments and offer choices to customers with different body styles and price points, such as the Nexon EV, Tiago, and Punch EV. The company targets volumes beyond 1 lakh next year. The diverse profiles of EV customers include early adopters, pragmatic customers, homemakers, school students, doctors, and smart businessmen.
As the world becomes aware of the merit of sustainable mobility, innovations in EV battery technology continue to increase at a commendable rate. Advancements in battery technology, such as solid-state batteries, lithium-ion and lithium-sulphur batteries, and silicon anode batteries, are taking centre-stage in the industry. Battery manufacturers and EV makers are focusing on increasing battery energy density and fast charging features. They are also keenly navigating technological developments to boost battery longevity and facilitate recycling so that the masses can overcome the challenges in EV adoption.