Tata Motors to Emphasis on EVs, Shared Mobility & Rural Market
Published Date | 2018 September 14
The company is tactically placing the Zest and the Bolt for the fleet or shared mobility segments and has strategies to unveil the EV version of Tiago and Tigor for individual buyers.India: After clawing up an impressive market share in passenger vehicles segment, Tata Motors plans to put in place a strategy to focus on emerging business opportunities for electric vehicles, fleet, shared mobility and rural markets besides mainstream individual vehicles. These new strategies will further have a positive impact of the emerging market of electric vehicles in the foreseeable future. The new structure being put in place will help the company ready for specific product plans for each of these segments in the approaching 2-3 years. According To Mayank Pareek, president for passenger vehicle division, “We call it distributed focus. There are several sub-segments in the marketplace with the current range and the range of products we are coming up with, we will cater to different buyers, satisfying specific needs.” The company is tactically placing the Zest and the Bolt for the fleet or shared mobility segments and has plans to unveil the EV version of Tiago and Tigor for individual buyers. It will also cater to bulk-buying companies with its EVs under the ‘One Tata umbrella’ being created. Tata’s mainstream models Nexon, Tigor and Tiago will get a performance variant under JTP sub-brand. The company has plans to penetrate deeper into rural areas with a target of touching 1,500 touch points in the upcoming years. According to the market insights of BlueWeave Consulting, the wave towards the increasing demand for Electric Vehicles, owing to its positive impact on environment, has already been established within the major automobile players, because the players of auto industry are not against electric vehicles and they are working towards their upcoming models of Electric vehicles. The shift to electric vehicles from the conventional combustion engine vehicles will fetch a change in the overall ecosystem of Automobile industry. Speaking on the side lines of the new Tiago NRG the emphasis will extend beyond individual buyers to address developing growth prospects. According to a recently published report by BlueWeave Consulting, on “Global Electric Commercial Vehicles Market, 2018-2024”, the Global Electric Commercial Vehicle is projected to grow over a CAGR of 12% during the forecast period of 2018-2024 by value. The market is expected to reach around USD 149,316 Million by 2024. The expansion of the electric vehicles market is influenced by growing demand for fuel-efficient, high-performance and low-emission vehicles coupled with, stringent rules and regulations in several countries and growth of public charging infrastructures in countries like Norway, France, China and other developed countries. This is in-turn creating an opportunity for automakers to flood the market with electric vehicles. The highly populated developing countries will provide the future market for EVs.