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Ather Energy Co-founder & CEO Tarun Mehta
Bengaluru-based EV maker Ather Energy is aiming to capture a 30% market share by the end of the financial year 2024. The announcement comes amidst a rapidly evolving electric vehicle landscape in India, with several players vying for dominance.
As of February 2023, the electric two-wheeler market witnessed some significant shifts. Ola Electric, a major competitor to Ather, continued its leadership position, registering sales of 17,667 units in February alone, marking a 27% market share for the same period. Cumulatively, for the first 11 months of FY2023, Ola Electric has sold a whopping 1,29,866 units, solidifying its position as the market leader for the fiscal year.
Ather Energy, on the other hand, recorded its best monthly sales since its inception, with 10,013 units sold in February 2023. However, it's worth noting that Ather reported even higher sales of 12,147 units for the month. Their cumulative sales for the 11-month period stood at 63,963 units.
TVS Motor Co currently has a 19% market share as it reported sales of 12,573 units in February this year.
It's worth mentioning that the electric two-wheeler segment in India is experiencing positive growth, driven by increasing environmental awareness, government incentives, and advancements in battery technology.
However, achieving a 30% market share will require Ather to significantly ramp up its production, distribution, and marketing efforts.
“The sports scooters market in India is over 60,000 units a month, that you can segment into 150cc and 125cc. There is really no 110CC sports scooter. The 150cc scooter segment is 8,000-9,000 units per month and the rest (50,000-55,000 units) is 125cc. In the 150cc segment, Ather 450X is pretty much the leader, with 70-80% share. The 125cc segment is obviously the next big segment with five times larger volumes at 55,000 units. The 450S will take competition to that space. It will take 20-25% market share in the short term, then take on segment leaders TVS NTorq and over the long term take a meaningful share of the segment," said Tarun Mehta, co-founder and chief executive of Ather.
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