Electric vehicle startup Ather Energy has set its sights on an ambitious goal: doubling its market share to 30% by March 2025 (FY2025). Currently holding a 13% market share with 73,036 sales, Ather aims to achieve this with 2 new product launches in the near future. Ather is in the process of developing a new platform that will introduce a brand-new product just in time for the festive season next year, followed closely by another model. Ravneet Singh Phokela, the Chief Business Officer of Ather Energy, hinted at the exciting developments, stating, “We are going to introduce two strong products very different from the Ather 450X, which is going to remain our performance line.” While the Ather 450S remains focused on performance, Ather is venturing into new categories, expanding its market opportunities dramatically. Phokela shared the timeline, saying, “We should have something in the market around Q1-Q2 FY2025 and another one a few quarters down the line.” Ather has made waves with its Ather 450S in the performance e-scooter category. As it explores new territories, it expects to take time to establish itself in these areas. Phokela believes that by targeting a much larger market segment, Ather can boost its market share by at least 10-15% beyond its current standing. Ather already holds a dominant 75% share in the premium or performance-oriented electric-two-wheeler segment (products priced Rs 1,50,000 and above). With only 3 rivals in this sub-segment, Ather faces competition from Ola Electric, TVS Motor Company, and their recently unveiled performance-oriented EV flagship – TVS X. Ather plans to adopt a more conventional design approach for its upcoming e-scooters, appealing to a wider audience, including families looking for a versatile, unisex scooter suitable for all age groups. Phokela emphasised, “We are going to address the belly of the market, which lies in the Rs 1.2 lakh-1.5 lakh range.” Acknowledging the potential downfall of the existing Ather 450 scooters, Phokela assured, “The proposition of the 450 is quite strong, and for potential customers for whom the price point could have been a deterrent, we now offer the more affordable 450S with a smaller battery and lesser features.” Ather is on an expansion spree, aiming to establish 200 outlets in 120 cities by March 2024, enhancing its retail presence to reach more customers in Tier-2 & Tier-3 cities. Phokela explained the evolving retail model, tailored to different market dynamics, ensuring quicker profitability. With major players like Ola, TVS, Ather, and Ampere Vehicles dominating around 80% of the market, Phokela noted the consolidation in the electric two-wheeler startup space, which has led to a decline in the combined market share of smaller players from 38% last year to around 22% today. Ather's premium-positioned products have gained traction even in Tier-2 and Tier-3 towns, prompting a shift to a franchise model to accommodate evolving market dynamics. The company aims to expand its presence across 120 cities with 200 outlets by March 2024. Ather Energy is gearing up for an exciting journey of expansion and innovation in the electric vehicle market, and the road ahead looks promising. But till we get any further updates, don’t forget to check out our latest news coverage on the new teaser revealed by BMW on its upcoming R1300GS bike! Are you searching for a new bike? Explore bikejunction & compare your choice of bike, we will help you out with a bike loan. Select your bike according to category and other specifications on Bike Junction with just one click. Follow our news section or Social Media handles to get the latest news & updates related to the bike industry in India. Follow us for Latest Bike Industry UpdatesFacebook - https://bit.ly/BikeJunction_offl_fbInstagram - https://bit.ly/BikeJunction_ofl_instaTwitter - https://bit.ly/BikeJunction_ofl_twitter
