The introduction of a variety of new products and the expansion of networks will significantly contribute to tripling and quadrupling the adoption of electric vehicles in the Indian market, according to Tarun Mehta, the CEO of Ather Energy.

Ather CEO prediction:

In a notable prediction, Tarun Mehta, the CEO of Ather Energy, foresees a remarkable surge in electric two-wheeler sales in India, aiming for over 1 crore units by 2028. Speaking at the 10th Global Summit of Vibrant Gujarat during the Seminar on EV manufacturing in Gandhinagar, Mehta emphasized the crucial role of diverse products and an expanding network in catapulting the penetration of electric vehicles (EVs) in the Indian market.

Factors Influencing Growth on electric two-wheeler sales in India by 2028:

Product Diversification and Network Expansion: Mehta highlights the significance of offering a variety of electric scooters and bikes, stating that a broader product portfolio is as essential as distribution growth. The entry of multiple models and an expanded network will potentially triple or quadruple the current penetration levels.
City-wise Penetration: Mehta points out the varying penetration levels in different cities, citing examples like Bengaluru and Nashik with penetration rates of 30% and 45%, respectively. He envisions a significant impact on the market when there is a saturation of scooters and motorcycles, coupled with extensive distribution.

Market Growth Projections:

Past Performance: Reflecting on the electric two-wheeler market’s performance in 2023, Mehta notes a 36% growth, with retail sales reaching 8.57 lakh units, constituting 60% of the total 1.5 million EVs sold in the country.
Future Outlook: Mehta predicts a colossal growth of more than 10-fold in the Indian electric two-wheeler market over the next five years, reaching around 1.2 crore or 12 million units. Furthermore, he anticipates that 10-15% of the total output will be directed towards overseas markets.
Company Milestones: Ather Energy, under Mehta’s leadership, has achieved remarkable milestones, cumulatively selling over 2 lakh units. The last 1 lakh units were accomplished in the preceding year alone.

Upcoming Offerings:

Family Scooter: Mehta reveals the company’s plans to introduce a family scooter, designed to provide comfort, ample size, and affordability. The aim is to make the Ather family experience accessible to a broader audience.

Frequently Asked Questions (FAQs):

What role does product diversification play in boosting electric vehicle adoption?
Product diversification is crucial for attracting a wider audience to the electric vehicle (EV) market. Offering a variety of options, such as scooters and bikes with different features, caters to diverse consumer needs and preferences, encouraging increased adoption.

How does Ather Energy plan to expand its distribution network?
Ather Energy plans to enhance its distribution network by strategically increasing the number of dealerships and service centers. This expansion aims to improve accessibility and create a broader reach for potential customers.

Which cities in India have shown notable penetration levels for electric two-wheelers?
Larger cities like Bengaluru and Nashik have demonstrated notable penetration levels for electric two-wheelers, reaching 30 percent and 45 percent, respectively.

What were the growth figures for the electric two-wheeler market in 2023?
In 2023, the electric two-wheeler market experienced a growth of 36 percent, with retail sales totaling 8.57 lakh units, contributing to 60 percent of the overall 1.5 million EVs sold in the country.

What strategies does Ather Energy envision for capturing international markets?
Ather Energy plans to allocate a portion of its production capacity to meet international demands. This strategic approach involves exporting electric two-wheelers to overseas markets, contributing to the company’s global presence.

Can the predicted 10-fold growth in the Indian electric two-wheeler market be sustained?
Ather Energy anticipates that the 10-fold growth in the Indian electric two-wheeler market is sustainable. The growth is expected to occur over the next five years, reaching approximately 1.2 crore or 12 million units.

What challenges and opportunities does Ather Energy foresee in achieving its ambitious sales target?
Ather Energy acknowledges the challenges of scaling production, meeting demand, and sustaining growth. Opportunities lie in technological advancements, expanding the distribution network, and leveraging increased consumer interest in electric mobility.

How does Ather Energy plan to contribute to India’s EV manufacturing landscape?
Ather Energy plans to contribute to India’s EV manufacturing landscape by continually investing in engineering hours to improve existing technology, develop new products, and play a vital role in advancing electric mobility in the country.

What technological advancements are expected to drive the growth of the electric two-wheeler market?
Continuous engineering efforts, rather than new fancy technology, are anticipated to drive growth. Improvements in battery technology, range, charging infrastructure, and overall reliability will contribute to the adoption of electric two-wheelers.

When can consumers expect the launch of Ather’s new family scooter, and what features will it offer?
Ather Energy has announced plans to launch a family scooter designed for comfort, size, and affordability. The specific launch date and detailed features of the new family scooter are yet to be disclosed, but it aims to provide a comprehensive and affordable family-oriented electric mobility solution.

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