Electric 2-wheeler adoption in India peaked at 5.5% in FY2023-24 despite multiple new models being launched in the last few years by several OEMs and startups. The adoption rate has hit a threshold notwithstanding a strong push by the EV industry including offering huge discounts.
Key constraints behind low adoption are combination of multiple factors such as high price, poor quality, product unsuitability for the Indian market and lack of charging infrastructure. From the OEM and investor’s perspective profitability still remains obscure due to high costs, marketing budgets and discount burden on the financials. These concerns have remained the same since last many years with only marginal improvements.
Product suitability or product market fit for the Indian market is a very important factor which has been consistently ignored. Current electric 2-wheeler product offerings are mostly targeted towards smaller aspirational users’ segment of the urban market leaving much larger 2-wheeler primary users & rural segment requirements left unmet.
Aventose Energy’spatented scalable platform which offers a portfolio of electrical 2-wheeler products will address all the bottlenecks to help achieve government target of 30% by 2030. Aventose plans to design, develop, manufacture, sell and service a portfolio of high adoption electric 2-wheelers with strong product market fit as well as solid differentiators such as 20% longer battery life, durable 200,000 km vehicle service life and finally 20% more affordable product pricing.
Affordable pricing has been made possible due to use of a patented common platform which will allow 70-80% of common components between 4 completely distinct electric 2-wheeler models. Most of the price reduction activity was accomplished through innovative early-stage engineering.
Product quality in terms of durability and reliability is of utmost importance for Indian as well as other developing markets due to road conditions and extreme use conditions through which the product is put through. In most of the developing countries, it is not just a mode of transportation for families but also a productive asset and source of income. Hence, Aventose target is to provide 200,000 km service life to match the best petrol 2-wheelers in the market. Driver-owned electric vehicles are the best way to reduce last-mile delivery cost in long term.
Charging infrastructure requiring high investments can become a bottleneck for high adoption. To remove dependency on the charging infrastructure, Aventose portfolio products, unlike India’s most selling fixed battery electric 2-wheeler solutions, comes with removable batteries and portable charger. This key factor will allow Aventose vehicles to be able to be charged anywhere anytime.
Aventose vehicles are designed from scratch for the global market. This is very important as the Indian 2-wheeler market size will reach $ 26 billion by 2029 whereas the global 2-wheeler market is much larger and will reach $ 393 billion by 2030 as per market reports. Aventose portfolio is designed keeping in mind Indian, European, African, Latin American and APAC markets.
When it comes to product suitability or product market fit for Indian and global markets, Aventose’s electric 2-wheeler portfolio targets 100-150cc petrol equivalent target market which is 85% of Indian as well as global 2-wheeler market segment. Aventose portfolio covers a large spread of target segment and market. Aventose four models S110, S125, M125 and M150 target multiple demographics (age, gender, income), geographies (global, domestic, urban & rural) and use cases (B2B, B2C, individual, family, primary, aspirational). Each of the 4 models will come with different variants to target different requirements within each segment.
Aventose innovative platform addresses all the current industry bottlenecks of high adoption. To support high adoption in the demand side there are plans for scalability in supply and distribution side as well. A strong technical and business-savvy team with an overall 130+ years of relevant experience is behind the planning and execution of this project.
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