EVolve 2022: Understanding EVolve 2022: Decoding Indian EV consumer


In the case of Indian consumers, utility comes ahead of the novelty. However, it’s not just math and utilitarian logic in the sense that the Indian consumer of electric vehicles is concerned.Economic Pitch explains the Indian electric buyer

When you’ve had the chance to test an electric vehicle it’s difficult to switch back to internal combustion” states Arun Vinayak, the founder of Exponent Energy, a Bengaluru-based manufacturer of batteries as well as battery management system. Vinayak’s assertion may seem skewed and could trigger the ire of a lot of petrolheads but is hard to argue with.

Electric vehicles are able to deliver torque immediately and have fewer parts than a combustion engine which means they experience much less wear and wear. They’re quiet and fast and are able to be continuously updated with simple-to-download software upgrades. They’re the future.

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The EV sector has experienced massive growth over the past two years. The latest financial quarter saw a cumulative increase of 668 percent for three, two and four-wheeled electric cars (according according to Federation of Automobile Dealers Associations information). Experts say that the early users of EVs were attracted to the technology due to a variety of reasons. As per Bertrand D’Souza, Editor-in-Chief of Overdrive Consumers do want to be part of the solution to sustainable development, but the high prices of diesel and petrol are the main reason behind switching to EVs. 

As per Hormazd Sorabjee, Editor-in-Chief of Autocar India, however, the average consumer of electric vehicles is always bolstered by incentives to purchase EVs as they for the first time provide an alternative to the increasing cost of diesel and petrol. Environmental considerations seldom or never, ever come into the mix. “95 percent of people are worried about their pockets, not about protecting the planet”

Although EV startups such as Ather Energy began building an EV brand in 2013 and its cofounders were fresh from IIT but it was not until the year 2004 that the technology began to become an actual solution for mobility. “Back in 2014 the EV was more a urban mobility toy” Vinayak says. Vinayak who was previously Director of Product Management of Ather Energy. Now when people are searching for a product that’s reliable and well constructed, well developed, EVs have made it to the top of the list in all price ranges, he adds. Sorabjee confirms that with a focus on low operating expenses and ease of use as the primary reason for those who are early adopters. EV users are eager to embrace technology as they look to the future.

 It was no longer restricted to golf carts or milk floating floats. In the end, Tesla proved that lithium-ion battery chemistry can be utilized to provide a high-speed performance and luxury, all wrapped up in the best-of-the-best. Tesla could have done a great job to create a technology that is aspirational but the cost that it worked at was not enough to make it more accessible. While automobile makers around the world continue to grapple with the dilemma of the difficult to find cost-effective EV and the difficulty of making EVs accessible has fallen on Indian EV manufacturers, who offer an array of two-wheeled mobility options for a population afflicted by high fuel costs. Contrary to heavily industrialized automobile markets such as those in the US and Europe the Indian market for electric vehicles has been growing from the bottom. According to all reports with respect to Indian customers, utility is more important than innovation. But when it comes to buying decision-making, it’s not only numbers crunching and utilitarian reasoning in the sense that the Indian electric vehicle buyer is concerned.

Srinivas Krishnan the Senior Vice President of Adfactors PR, says that the ability to take risks of the Indian consumers of electric vehicles is not to be underestimated.I believe this Indian consumer, once often, is awestruck by manufacturers, the government and policymakers as well as all other players in the space of mobility. As per Krishnan that there are many gaps in the field of e-mobility, however, customers were prepared to place their trust in a relatively untested technology. “We are an emotional bunch, we view risks and rewards differently than other cohorts of consumers from the world, states Krishnan, saying that companies who recognize this and seek to comprehend the Indian electric vehicle consumer’s desire to test new technology and technologies are the ones who are able to go the distance. The most successful businesses that have been successful in India are those who take care to treat their Indian customers with respect, and make an initiative to learn about their habits instead of trying to make a unilateral change.

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But that’s not to say that central or state government-sponsored incentives and rebates haven’t had a part to play. There is a direct connection to EV sales, specifically for e2W, and those who are eligible for FAME II incentives and state EV policies which were implemented in 2021. However, it’s not like the EV market has been completely stagnant in states yet to provide incentives (Karnataka for instance) comparable to the states that are most supportive of EVs (Gujarat, Maharashtra).

Barriers to entry

Despite the constant growth is the EV sector is seeing, the EV makes up just 3 percent of the total market with electric two-wheelers holding the largest share of the of the automobile pie. There are a myriad of reasons and they are connected in a way that keeps this cycle of EV lack of presence. “Personally I’m looking forward to switching to EVs. However, there’s no vehicle in the category I’d like to see,” says Krishnan, the motoring classicist who has a diesel crossover many days, and has an affinity for vintage and classic cars. The absence of choices in the EV market is among the numerous issues that keep prospective customers from buying and, in turn it has led many companies to continually hedge their bets when it comes to the introduction of EVs. This results in people from switching to EVs.

In the beginning the fact that no local company, whether Tata Motors or Maruti Suzuki has been able to try to make an entry into the low-cost, affordable electric vehicle. It’s a bit of a chimeraera because the absence of local manufacturing of lithium-ion cells and battery cost, makes it difficult to sell EVs at an entry-level cost at a reasonable price. There’s also the fact that low-cost hatchbacks feature the type of footprint that permits a smaller number of battery cells and, consequently less performance. It’s no coincidence that the initial revolutionary EVs was one of the largest, most luxurious EV similar to Model S. Tesla Model S. It provided its creators with a huge canvas on which a massive battery could be positioned in order to justify the price. It also created a product that was more aspirational was a bonus.

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