Title: Electric Scooter Market: Growth Curve Ahead Content: Indian electrical vehicle industry has registered an impressive 37.5% growth in the FY 2015-16. Interestingly, of the 22,000 units sold 20,000 units were two-wheelers. It is for the first time in past 4 years that electric vehicles segment has seen a growth. There are many companies like YOBYKES that have pioneered electric vehicles in India and driving its growth. Their recent success is driven by increased awareness among consumers, as commuters too are seeing better value proposition in EVs. The Indian government too is proactive about ensuring a greener India and thus launched FAME 2030 under the National Electric Mobility Mission 2020 apart from the out-of-the-box initiatives like the ‘Odd-Even’ formula in New Delhi. The market for electric vehicles has yet to gain significant ground and grow and achieve acceptance by the masses. The lack of basic infrastructure facilities and technology bottlenecks act as a deterrent to the growth of the sector. Therefore the Indian government has stated two major initiatives to increase the adoption and promotion of electric vehicles in India: National Electric Mobility Mission Plan 2030: The government has an ambitious plan to achieve 6-7 million sales of electric vehicles in the year 2020 and ultimately go onto become a 100% electric vehicle country by 2030. The scheme provides fiscal and monetary incentives to both manufacturers like YOBYKES and consumers to raise awareness and adoption of electric vehicles. FAME (Faster Adoption and Manufacturing of Hybrid and Electric) Vehicles in India: FAME scheme is part of the broader National Electric Mobility Mission Plan 2020. It offers incentives to customers in form of lower cost of hybrid/ electric vehicles while manufacturers can claim incentive from the government at the end of each month. The scheme envisages support of Rs. 795 Crore in the first two years FY 2015-16 and FY 201617 which will be invested in creating technology platforms, demand incentives, charging infrastructure and pilot projects. According to the scheme, incentives up to Rs. 29000 will be available on electric scooters. Attractive market with big potential: Electric scooters is slowly gaining momentum as shown by recent reports on the sector achieving a 37.5% growth in FY 2015-16, its first in past 4 years. Against the backdrop of government’s encouraging efforts and technology breakthrough, the electric scooter market seems all set for an exponential growth. However lack of sufficient basic infrastructure and technology issues related to batteries are pulling the growth back. Hopefully, given the massive focus that this sector has managed to attract, we shall see things turn in its favor. New Value Proposition for Consumers The various measures by government to curb air-pollution and rising awareness across the Indian customer have contributed to the growth of the EV sector. Apart from the core benefit of
being an environment-friendly vehicle there are many incidental benefits that electric vehicle offers such as: No Registration. No License Ride free-spirited, literally! Electric scooters with motor power output equal to or less than 250W and max speed less than 25km/hr. are exempt from registration. Since no registration is required, you don’t have to worry about carrying a license when riding these EVs. Incentives on Purchase of Electric Vehicles In order to promote the adoption of EVs, the government offers very attractive incentives to consumers. Moreover with lithium batteries becoming cheaper due to incentives from government, the prices will further decrease. Big Saving, Low maintenance The electric scooters are low maintenance vehicles that insulate consumers from the rising prices of fuel and spare parts. As the preferred practical, reliable and commercially viable option, they are big on savings and low on maintenance. Curious about buying an electric scooter that offers you great value and riding experience? YOBYKES – India’s largest and most trusted electric scooter brand brings you exciting range of ‘No Petrol –YoBYKES’. With more than 100,000 satisfied customers and largest pan-India network, YOBYKES offers you great value for money. Visit www.yobykes.in today for exciting offers and discounts.