The eastern Indian electronic two wheeler market is soon to have a new entrant. EeVe is expected to hit the markets by the month of July of the current fiscal year. The company will launch a range of four electronic scooters (named Xeniaa, Wind, 4U and Your) between the price range of Rs. 55,000 and Rs. 70,000.
Globally, the electronic bike market was valued at $16.34 billion in 2017, and is expected to reach $23.83 billion by 2025, registering a Compound Annual Growth Rate (CAGR) of 4.9% from 2018 to 2025. The India electric two wheeler market stood at around $27 million in 2017 and is forecast to grow at a CAGR of over 41% to reach $200 million by 2023, on account of growing need to curb air pollution levels across the country. Growing research and development activities are likely to result in a wide product portfolio for electric two wheelers, thereby positively influencing the country’s electric two wheeler market during the forecast period.
Jay Prakash Didwania, CMD, Bharats Group, which owns the EeVe brand, informed BE, “Rising fuel costs, increased awareness regarding pollution and rising urbanisation has created a positive atmosphere for the electric bike market and by launching EeVe we aim to be a part of this growth process.”
The company is planning to manufacture around sixty thousand bikes per month. According to Atul Dalmia, CMD, Ad Ideas, who is the marketing consultant for this project, “The project has immense potential. These bikes will be using Chinese technology and will be light weight and is ideal for all age groups.”
According to market sources, these bikes will be better placed than most of their competitors. The lithium batteries will ensure a hassle free ride of around 70 kilometres. The charging time for these batteries is around four to six hours. Though based on Chinese technology, the models are being significantly altered to better suit Indian conditions. Enhanced ground clearance and luggage space along with a foot-rest for sitting sidewise has been some of the modifications. The scooters also come with a twin battery option. According to Dalmia, “The average riding cost for these scooters will be around 30 to 40 paise per kilometre. The theft alarm and the smart key option are some of the unique features of these products.”
The company is presently finalising its distribution channel. According to company sources, it is targeting around 250 dealers for the eastern market. Dalmia added, “For Kolkata, we will finalise atleast 10 dealers.” Initially the company plans to have limited set of specialised dealers with expansion capability as there are multiple products in the pipe line.
According to Indian regulations, these two wheelers will not require registration and the rider need would not need a two-wheeler driving license. These provisions may increase the market ambit of these products.
The production unit is located at Badachana, Jajpur in Bhubaneshwar, Odisha. The company is planning to tie up with various finance companies that will make owning the vehicle hassle free and convenient.