Ather Energy plans to increase its market share to 30 per cent (now with two new product releases) by Fiscal Year 2025 (that is by March 2025).
Also, with sales of 73,036 units from January to August this year, the company presently ranks third in terms of market share, with a 13 per cent stake. According to Autocar, Ather claims to be working on a new platform that will bring out a brand-new product before the festive season next year, with another model following soon after that.
“We are going to introduce two strong products very different from the Ather 450X, which is going to remain our performance line,” Ravneet Singh Phokela, Chief Business Officer (CBO), Ather Energy told the portal.
“There are many other areas that we haven’t yet explored. While the 450X remains firmly focused on performance, we are considering expanding into new markets. This will significantly broaden our market opportunity. We should have something in the market around Q1-Q2 FY2025, and another one a few quarters later,” Phokela explained further.
With the 450X, Ather seems to have struck a cord with youthful electric vehicle customers and established its credentials in the performance e-scooter market. Meanwhile, Ravneet Singh Phokela states that it will take time for them to establish themselves in any other space. The performance scooter market, in which the company currently competes, is not the largest segment of the e-scooter market, Phokela claims.
“As we expand into a larger portion of the entire market, there is no reason not to expect an increase of at least 10 to 15 per cent on top of our current market share. As we expand into a larger addressable market, our objectives will undoubtedly grow,” Phokela said.
As per reports, Ather Energy has a 75 per cent market share in the premium or performance-oriented electric two-wheeler segment (items priced at Rs 1,50,000 and above). It has just three rival vehicles to deal with in this sub-segment – Ola Electric’s second-generation S1 Pro, and TVS Motor Company’s iQube ST, as well as the recent release of the flagship, performance-oriented EV – TVS X – priced at Rs 250,000, to cater to a niche audience.
Ather intends to take a more traditional approach to designing and styling its two new incoming e-scooters. This technique will allow it to reach a broader audience, such as families looking for a unisex scooter that can be used by people of all ages. Ather currently has 150 experience centres in 100 locations, with a goal of expanding to 120 cities and 200 stores by March 2024.
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