- AtliQ Motors, a leading automotive company from the USA, specializes in electric vehicles (EV).
- Over the past five years, the company has captured 25% of the electric and hybrid vehicle market share in North America.
- As part of their expansion strategy, AtliQ Motors plans to introduce their bestselling models in India, where their current market share is below 2%.
- Bruce Haryali, Chief of AtliQ Motors India, has initiated a comprehensive market study of the existing EV/Hybrid market in India.
- Ola Electric leads the two-wheeler EV market, maintaining its top position with a significant production increase from 2023 to 2024.
- Maharashtra, Karnataka and Delhi show the highest EV sales, indicating a stronger adoptin of electric vehicle in these regions.
- Tata Motors has experienced a dramatic rise in 4-wheeler EV sales, outpacing competitors in 2023 and 2024.
- BMW India and Volvo Auto India have shown staggering compound annual growth rates (CAGR) for 4-wheeler EVs.
- The Penetration Rates of Electric Vehicles has risen steadily, indicating a growing preference for electric mobility among consumers.
- Maharashtra and Kerala are projected to lead in EV sales by 2030, highlighting their strong market potential.
- The estimated revenue growth rate for 4-wheelers from 2022 to 2024 is significantly higher than that for 2-wheelers.
- Two-wheelers represent a substantial share of EV sales, primarily due to their affordability and convenience for urban use.
- Four-wheelers are steadily attracting interest, especially among eco-conscious consumers and in areas with improved charging infrastructure.
- Long-Term Focus on Maharashtra and Kerala: Focus on investing in Maharashtra and Kerala, which are expected to lead EV sales by 2030. Building a strong brand presence and dealer network in these states will help AtliQ Motors capture a large share of the growing market.
- Promote Key Vehicle Categories: Invest in developing and promoting 2-wheelers to leverage their widespread popularity and affordability. Boost the appeal of 4-wheelers by emphasizing their environmental benefits and long-term cost savings.
- Learn from Tata Motors’ Success: Analyze the strategies employed by Tata Motors, which has shown significant growth in the 4-wheeler EV market.
- Focus marketing efforts, promotions, and product launches around peak sales months, particularly in March. Conversely, during the low seasons (April to July), consider running incentives, discounts, or campaigns to stimulate demand and maintain steady sales.