New Trends Reshape Commercial Electric Vehicle Market
With technological advancements and changing behaviour of consumer, the fast growing automotive market has witnessed many new players in the electric vehicle space. Now consumer has end number of choices according to their needs with better technology including cloud computing, electric vehicles with a value-added experience. Particularly, the players are chalking out new and unique business and awareness strategy to stay in the market with their best product possible.
The new technology has opened various opportunities for the automotive industry players to explore emerging trends like the rising number of electric vehicles on the roads, virtual showrooms, and easy finance options. From innovations in the assembly line to advancements in the supply chain to the personalisation of marketing content, automobile brands are smartly leveraging technology to entice their prospects.
Let’s explore new trends that are reshaping the automotive sector in the country.
Segmented Market And Online Sale
Many players have come up with their virtual showroom for consumer to choose what they want from comfort of their homes which is making entire buying process smooth. The need for the virtual showroom rose tremendously during the pandemic while there were restrictions on physical movement. Meanwhile, Dandera Ventures’ director Sarth Jain said that in the coming years the automobile market is going to be largely segmented according to the needs of consumer. During the India EV Show in Mumbai he said, “Earlier we used to have standard products for all use cases but now with EV we can tap those market to build more use case oriented product which will see the outcome of various range of products which was not earlier possible with internal combustion engine (ICE) product. It will be very gegmented market for times to come.”
Meanwhile, Gensol Electric CEO Pratik Gupta said that as of now we are just converting the existing platform into the EV platform and the next step will be purpose built vehicles.
“We need to understand the use case and start to bring the use case oriented vehicles for smooth ev ecosystem,” he added.
Commercial Adoption In Supply Chain
India is a growing market and is witnessing a revolution in the automobile sector with new electric commercial vehicles coming into the market hence making the supply chain in the various market space smooth. Many companies are there in India which are using the entire fleet of their vehicle in electric vehicle. Howddy CEO, Aashirwad Deshmukkh said, “We are seeing a huge growth in this market. In terms of logistics, it is skyrocketing and the kind of response and support the companies are getting from the government. This has cut down the cost of delivery by 40 per cent and I am sure that this will only going to increase in times to come.”
Though the concept of entirely self-driven cars is still a distant dream for Indian roads, technological advancements, especially in the domains like artificial intelligence (AI), machine learning (ML), and neural networks might soon make possible the commercial availability of advanced driver-assistance systems (ADAS) and semi-autonomous cars. However, for smooth entry of autonomous vehicles, there is an immediate need to address key issues like pricing, safety issues, consumer understanding, and insufficient regulatory base.