Ather Energy is setting its sights high, aiming to increase its market share to 30% by Fiscal Year 2025. With two new product releases on the horizon and impressive sales of 73,036 units from January to August this year, the company currently holds a 13% stake in the market, ranking third in terms of market share.
Exciting Developments Ahead
According to Autocar, Ather Energy is diligently working on a new platform that will introduce a brand-new product just in time for the festive season next year. Following that, another model is set to follow shortly after. Ravneet Singh Phokela, Chief Business Officer (CBO) at Ather Energy, shared his insights, stating, “We are going to introduce two strong products, very different from the Ather 450X, which will continue to be our performance line.”
Phokela added, “There are many other areas that we haven’t yet explored. While the 450X remains focused on performance, we are considering expanding into new markets. This will significantly broaden our market opportunity. We should have something in the market around Q1-Q2 FY2025, and another one a few quarters later.”
Performance Excellence with the Ather 450X
The Ather 450X has resonated strongly with youthful electric vehicle customers, establishing Ather’s credentials in the performance e-scooter market. However, Phokela acknowledges that entering other segments will take time. He notes that the performance scooter market, in which Ather currently competes, is not the largest segment of the e-scooter market.
“As we expand into a larger portion of the entire market, there is no reason not to expect an increase of at least 10 to 15 percent on top of our current market share. As we expand into a larger addressable market, our objectives will undoubtedly grow,” Phokela said.
Dominating the Premium Segment
Reports indicate that Ather Energy boasts a commanding 75% market share in the premium or performance-oriented electric two-wheeler segment, covering items priced at Rs 1,50,000 and above. In this sub-segment, Ather faces competition from just three rival vehicles – Ola Electric’s second-generation S1 Pro, TVS Motor Company’s iQube ST, and the recent flagship, performance-oriented EV from TVS, the X, priced at Rs 250,000, targeting a niche audience.
Broadening the Audience
Ather plans to adopt a more traditional approach to designing and styling its two upcoming e-scooters. This approach aims to appeal to a broader audience, including families seeking a unisex scooter suitable for people of all ages.
Ather Energy currently operates 150 experience centers in 100 locations, with a goal of expanding to 120 cities and 200 stores by March 2024.
Ather Energy’s ambitious plans for new product launches and market expansion are set to reshape the electric two-wheeler landscape in India. With a focus on performance and a strategic shift towards broader market segments, Ather is well-positioned to achieve its goal of a 30% market share by 2025.