The entry of new diversified products along with an expanding network will play a big role in tripling and quadrupling the penetration of electric vehicles in the Indian market, says Tarun Mehta, CEO of Ather Energy. The CEO of Ather Energy, a prominent player in the electric two-wheeler segment, has made a bold prediction, foreseeing a staggering over 1 crore two-wheeler sales in India by the year 2028. Speaking at the Seminar on EV manufacturing in Gandhinagar at the 10th Global Summit of Vibrant Gujarat, Mehta said many major players are currently selling only one or two products in the marketplace, which is not common. "You need a variety of options for people to feel compelled to walk in. A wider product portfolio is as important as distribution growth. As we go from having one scooter each to possibly two or three scooters and three or four bikes each, the current penetration levels will automatically triple or quadruple, you add a layer of distribution and the fast penetration is inevitable," said Mehta.
Key Points
1. Rising Tide of Electric Mobility
Ather Energy's CEO is not alone in anticipating a surge in two-wheeler sales, particularly electric ones. The global shift towards sustainable and the eco-friendly transportation solutions has the catalyzed the growth of the electric vehicle market. In India, where two-wheelers dominate to the streets, and this transition is expected to play a pivotal role in shaping the future of mobility.
2. Government Initiatives and Policies
The Indian government's push towards to the electric mobility is a significant catalyst for the anticipated growth. Policies promoting electric vehicles, subsidies, and the incentives have created to conducive the environment for manufacturers and consumers alike to embrace electric two-wheelers. Ather's optimistic forecast to aligns with the government's vision of the cleaner and greener transportation ecosystem.
3. Ather's Role in Shaping the Market
As a key player in the electric two-wheeler segment,and Ather Energy's contributions to be the industry are noteworthy. The success of Ather's electric scooters,and particularly the Ather 450X, has to demonstrated the market's readiness for the high-performance electric alternatives.
4. Technology and Infrastructure Advancements
The CEO's forecast is grounded in the expectation of rapid advancements in technology and infrastructure. Improvements in battery technology, and range capabilities, and the establishment of a robust charging infrastructure are the pivotal factors that can propel the widespread adoption of the electric two-wheelers. Ather's focus on modern technology and the continual improvements in its offerings align with these anticipated advancements.
5. Changing Consumer Mindset
A shift in consumer mindset is paramount for the envisioned surge in two-wheeler sales. Ather's CEO anticipates that as awareness regarding environmental impact and long-term cost savings grows, consumers will increasingly opt for electric two-wheelers. The shift towards sustainability and a reduced carbon footprint is becoming an integral part of the consumer narrative, influencing purchasing decisions.
6. Economic Viability and Total Cost of Ownership
Electric vehicles are gaining traction not just for their environmental benefits but also for their economic viability. Ather's prediction factors in the growing understanding among consumers that the total cost of ownership for electric two-wheelers, considering maintenance and operational expenses, can be more attractive compared to traditional internal combustion engine counterparts.
7. Collaborations and Industry Partnerships
Collaborations between electric vehicle manufacturers, government bodies, and other stakeholders are crucial for the realization of such ambitious projections. Ather's CEO likely envisions a collaborative approach wherein industry players work together to address challenges, share insights, and collectively drive the growth of the electric two-wheeler market.
8. Potential Regulatory Developments
Anticipated regulatory developments, such as stricter emission norms and incentives for electric vehicles, are key factors influencing Ather's forecast. The government's commitment to sustainable transportation solutions could translate into regulatory measures that further boost the adoption of electric two-wheelers.
9. Challenges on the Horizon
While the forecast paints a promising picture, it's essential to acknowledge the challenges that lie ahead. Infrastructure gaps, consumer apprehensions regarding charging, and the need for more affordable electric options are potential roadblocks that need to be addressed for the optimistic vision to materialize.
10. The RipEffect on the Automotive Industry
Ather's bold prediction extends beyond its own success to the broader automotive industry. The surge in electric two-wheeler sales could have a ripple effect, influencing the development of electric four-wheelers and shaping the overall direction of the Indian automotive landscape.
The company has cumulatively sold over 2 lakh units, and the last 1 lakh units were achieved in the last one year alone. Ather Energy has already announced that the company plans to add a family scooter to its existing line up of products. “It's designed with your entire family in mind, offering comfort, ample size and a whole lot more – all wrapped up in one fantastic package. We're ensuring it's affordable, making the Ather family experience accessible to more people,” Mehta had said late last year.