Load Carrying

Electric vehicle
Market
Analysis-
Sarbani Mishra
IIM Kozhikode
 Opportunities and Understanding the customer
1) Services and Solutions:
• First and last mile micro-mobility and shared mobility EV services have potential (particularly for
female travellers) offering opportunities for software providers for route-optimisation tools.
• Solutions to managing charging and range anxiety: • Analytics solutions to understand current
range left given weather and traffic conditions.
• Journey planning tools which incorporate planning for battery re-charging or swapping.
2) Electric Vehicles :
• Cutting edge design and innovation in various elements of components manufacturing including
electrical steel, cells, batteries and battery management systems.
• Fleet optimisation software and services for ride-sharing, employee transport and last-mile freight
companies.
• Vehicle sales
3) Charging Infrastructure :
• Partnering with Indian vehicle OEMs to provide charge point hardware and software could be a
route to market for UK charge point manufacturers.
• Specific opportunities include affordable and reliable public charging infrastructure, with
appropriate considerations for the Indian market (e.g. two/three-wheeler compatible); battery
swapping technologies, and online platforms for charging infrastructure visibility.
 Indian EV Consumer
• The Indian (mass) market is very price sensitive. Working to
incorporate local components in order to access subsidies can
help - as well as highlighting potentially cheaper total
ownership costs.
• EVs are generally well suited to Indian driving conditions;
points to emphasise for product launch. However, ensuring that
safety and performance is delivered in the context of a variable
climate, poor roads and a start-stop driving style is important.
Test-drives can help provide reassurance.
• Prospective consumer customers have concerns about
battery life and charging availability – which are often not
material given the likely usage profile in India.
Nonetheless, software for route planning and information on
charge point locations may alleviate concerns.
 Indian EV Consumer
• Usage is heavier amongst professional drivers; battery swapping
provides an interim solution and there will be a ready market for fast-
charging solutions when they become price competitive.
• Consumer customers worry about accessing servicing and
maintenance support for their EVs: consider bundling these with the
vehicle purchase.
• Vehicle ownership is an importance badge of status in India with
larger private vehicles being prized. To encourage adoption of
electric micro-mobility solutions or 2-wheelers, help owners signal
their eco-credentials, something which is also socially desirable.
• The user experience of EVs depends on the ecosystem as a whole
– important to engage and build partnerships therefore to help
prevent a poor experience which isn’t within direct control.
EV ECOSYSTEM ADOPTION
01. 2- wheeler
Introduction
Geography :
Andhra Pradesh, Bihar, Delhi, Karnataka, Kerala, Maharashtra, Tamil
Nadu, Telangana, Uttarakhand, and Uttar Pradesh are ten states and
union territories that are leading the way in building production,
infrastructure, and services to increase the momentum of electric
vehicle usage in India.
Segmentation
Market Segmentation by Technology
• Removable
• Non-removable
Market Segmentation by Battery
• Lithium-ion
• Lead Acid
Market Segmentation by Vehicle
• Scooters
• Motorcycles
Market Segmentation by Voltage
• 48V
• 60V
• 72V& Above
Market Segmentation by Speed
• High
• Low
PRESENT PLAYERS
OKINAWA DUAL

The Dual is said to be the first EV for B2B segment to offer loading capacity on the front as well as
the back of the vehicle; overall loading capacity is 200 kg.
It is designed to cater to the niche requirements of delivery – from heavy items such as gas
cylinders, heavy hardware equipment, water cans, etc., to daily items such as groceries,
medicines,cold storage, etc. Okinawa is offering additional customised accessories such as delivery
box, stackable crates, cold storage boxes for medicines, cylinder carrier, lab on wheels, etc.
EVOLET DHANNO

MADE FOR MOBILE EASY GREEN LITHIUM ION

INDIAN CONNECTIVITY CHARGE VEHICLE BATTERY
CONDITIONS AT HOME

Dhanno, is an e-moped designed to be used for loading items / goods in rural areas. Dhanno
Brushless motor of 2000 watts 72V 26Ah Lithium-ion battery goes 80kms in a single charge
that takes around 3-4 hours to a full charge and has a load capacity of 450 kgs. Evolet Dhanno
comes with Disc breaks in front & rear drum breaks and has wheel size of 12” inches.
HERO ELECTRIC NYX HX(DUAL BATTERY)

Price of Hero Electric NYX is Rs 67,000

Load carrying of 100-120kgs
Key Features are Portable battery, alloy wheels, combi brakes, USB port,
Split folding seat helps the rider for a comfortable journey and at the same time help to load
the weight in the back.
3 years warranty for the entire vehicle (Li-ion version)
They also have the Lead acid battery version
HCD INDIA NPS CARGO

The price of HCD India NPS Cargo starts at Rs. 54,500 and goes upto Rs. 58,500. HCD India
NPS Cargo is offered in 2 variants - NPS Cargo 48V and the top variant NPS Cargo 60V which
comes at a price tag of Rs. 58,500.
 ZYPP CARGO

• The heavy-duty bike has been designed for last-mile

logistics
• Loading capacity of upto 250kg.
• average mileage of the vehicle is 120 km
• 40 Ah battery capacity.
• It has swappable batteries and can support dual battery
systems in it.
• Initially, it will be launched in the Delhi NCR region.
• The scooter will get a coloured display digital panel,
metal body design with limited plastic for durability.
• The seats will open for fitting crates and bags.
• a multi-utility seat for dual seating purposes which can
be used for bike taxi variant.
• The bike will come with technologies like AI (Artificial
Intelligence) and IOT (Internet of Things) to track
Price: Rs IoT and Swappable Load Avg. vehicles and batteries and drivers.
59000 AI Batteries Capacity: Mileage: • Strong OEM tie-up
250Kg 120km
• EMI options
02.
3- wheeler
Introduction
• In the three-wheelers segment, there are an estimated 14
electric three-wheelers for every 100 three-wheelers
(penetration of 14%), representing the highest penetration of
all segments.
• This estimate however doesn’t include the sizeable e-
rickshaw market with estimated annual sales of 0.7 million20.
• More than half of this market, however, is unregulated and
dominated by several small players.
EV MARKET OVERVIEW
 Scope for 3
wheeler cargo EV
● Currently the dominant mode for last mile connectivity in several
states including Delhi, Bihar, West Bengal and Uttar Pradesh.
● The three-wheeler market is expected to witness strong growth in
currently under-penetrated states such as Raipur, Indore, Bhopal and
Orissa in the upcoming years.
● This growth will primarily be driven by the low running costs of
electric three-wheelers which offer savings of 70%-80% compared
to the currently dominant gas-powered three-wheeler
● With several state governments as well as e-commerce companies
planning to convert existing auto fleets to electric, the market is
expected to continue growing at a rapid rate.
● The battery swapping model (which is already popular in two-
wheelers) looks set to further accelerate growth in the segment.
Competitive Landscape
• Mahindra Electric
• Kinetic Green
• Atul Auto
• Lohia Auto
• Piaggio (Italian)
• Gayam Motors
• Clean Motion India
• Transvahan
• Terra Motors (Japanese)
• Goenka Ecoyan
• Saera Electric
• Adapt Motors
• Players like Altigreen and Volta are involved in
retrofitting of conventional three-wheelers to electric.
Product Range of Major Players
Interview Insights for 3 wheeler
cargo EV
• Going forward in the cargo segment, L5 category will quickly bite into the
small commercial vehicles delivery logistics share
• Reasons:
• cost factor
• ease of operation
• loading capacity
• Major areas on application:
growing e-commerce marketplace.
Last mile delivery
Logistics partner
• His opinion: L5 electrics (200cc-435cc ICE equivalents) will gain
momentum
 PIAGGIO PACT
WITH MoEVing
● Commercial vehicle maker Piaggio Vehicles has
partnered with EV fleet operator MoEVing for the
induction of electric vehicles.
● In addition, MoEVing aims to add a total of 500 Piaggio
Ape' E-Xtra FX to the existing fleet by 2022,

● Through an integrated approach of demand aggregation,

supply optimisation and connected charging
infrastructure for various applications, including e-
commerce, the partnership will accelerate the adoption of
electric three-wheelers in India in the last mile
transportation segment..
 PIAGGIO Apé E-Xtra
Price: Charge Battery: Load Avg.
Rs 3.12 Duration: FIxed Li- lon, Capacity: Mileage: 90
3 hours, 48V, 506Kg km
lakh 45 mins Rated : 8 Top Speed:
kWh Gross 45km/h
Weight
(with
batteries)
975 kg

• “We are offering the Ape' E-Xtra with a 6-feet cargo deck and a delivery van option for customised applications. The zero emission and
superior drive makes it the logical choice for last mile transport," said Malind Kapur, Senior Vice President at Piaggio Vehicles.
• 3 year/1-lakh kilometer "super warranty“ +3-year free maintenance
• The e-cargo three-wheeler will also cater to a host of other segments as well like e-commerce, gas cylinders, mineral water bottles and
vegetables (transport) besides FMCG, the company said, claiming that with a running cost of less than 50 paise, it offers last mile goods
movement at the most economical cost.
 Mahindra Treo Zor
Price: Charge Battery: Payload: Avg.
₹ 3.77 Duratio FIxed Li- pickup Mileage:
n: lon, 48V, model - 125 km
- 3 hours, Rated : 8 550 kg, Top
₹ 4.12 50 mins kWh flatbed Speed:
578 kg 50km/h
Lakh delivery
Van 500
kg. 

• True all-electric platform, first of its kind in India that comes with multi-variant models.
• Treo Zor is an indigenously developed cargo electric-three wheeler suitable for all kinds of transport & logistics needs.
• Available right from the launch in Pickup, FlatBed and Delivery Van share the same configurations.
• For reliable performance, the powertrain and aggregates but the key features are also a major highlight of this cargo vehicle. Zor comes
with a real time performance tracking, monitoring operation, data and machine learning, making it not only a cargo vehicle but a truly
connected and new-age vehicle to run an efficient transport business by managing the fleet quite professionally.  
 Lohia Narain Cargo
Price: Charge Battery: Load Avg.
Rs Duration Lead Acid, Capacity: Mileage:
: 48V, 320Kg 100 km
90,000 4-5 Top
HOURS Speed:
25km/h

• Lohia auto also entered this EV space catering the passenger and cargo segment.
• This cargo rickshaw comes with a promise of lower maintenance and high loading capacity offering a solid alternative to the
diesel 3W. 
• offers 320 kg of cargo loading capacities with flexibility and comfort on urban or rural terrains. The battery is 1-5Ah capacity,
with electric start and 1950 W BLDC geared motor.
 Kinetic Safar Jumbo
Price: Charge Battery: Load Avg.
Not Duration: FIxed Li- lon, Capacity: Mileage: 90
Annouced 3 hour+ 48V, 500Kg km
Rated : 8.2 Top Speed:
kWh Gross 55km/h
Weight
(with
batteries)
975 kg

• Kinetic also offers the swappable battery option so that you don’t have to worry about running out of range.
• Safar Jumbo comes with as many as three driving modes high, medium, and low.
• The maximum speed of this cargo 3W is 55km with a full payload capacity of 500 kg. 
• Kinetic Green is another major manufacturer that is betting big on the last-mile all-electric vehicles.
• The company has introduced some of the unique electric vehicles suitable for Indian operating conditions that are reliable,
strong and equipped with modern technologies at an affordable cost.
• Kinetic has launched the Safar Jumbo recently to offer a most suitable last-mile cargo three-wheeler to Indian entrepreneurs
and business owners. 
 Kinetic Safar Shakti
Price: Charge Battery: Load Avg.
₹ 1.53 Duration: Lead acid Capacity: Mileage: 80
10-12 type motor 400Kg km
Lakh hours Rated : 8 Top Speed:
kWh 45km/h

• According to the company, the Safar Shakti’s operating cost is 50 paise per km which makes it a highly compelling vehicle
against its diesel counterpart.
• You get a charger with the vehicle with an electric input AC, single phase 230v-50hz, the output is 48V/15 Amp.
• The company offers a 1-year warranty and the service and spare support for your superior ownership experience. 
 Atul Elite Cargo
Price: Charge Battery: 699 kg Avg.
₹ 1.04 Duration: Lead Acid gross Mileage: 80
8-10 Battery 12V vehicle km
lakh hours 100AH weight Top Speed:
25km/h

• Atul Auto has quite a few electric three wheelers that are running on Indian roads in the cargo and passenger carrier
segment. (USP: EXISTING MARKET SHARE AND RELIABILITY OF BRAND)
• The Atul Elite Cargo is a tiny and reliable e-auto for cargo applications targeted at urban and rural areas. What makes Elite
Cargo stand out among its peers is the contemporary design, loads of features and productivity. 
 EULER MOTORS (SIMILAR IDEA – Might be
direct Competition)
• Euler Motors has supplied an initial batch of electric-three
wheeler to corporations such as Big Basket, Ecom Express,
Udaan, Milk Basket.
• More than 200 three-wheelers are currently operational by
undertaking efficient last-mile cargo duties.
• These 3-wheelers can take a cargo load between 300-400 kg
with a volumetric capacity of 65-70 cubic meters, equipped
with a lithium-ion battery pack of 6 kW/h. .
•  Envision an Ecosystem  

• The company has developed advanced vehicle design capabilities, manufacturing, sourcing, and targeting affordable prices by developing
key components locally. A.
• The plan is to source nearly 90 percent of the parts locally in order to make them more affordable to the last-mile fleet-operators,
entrepreneurs, or small businesses. To make them highly reliable and super quality, the manufacturing capacities have been increased to
100 vehicles per month
 SUGGESTION AND RECOMMENDATION
AREA TO ENTER Power ( Battery
3 wheeler EV CARGO – Swappable in
vehicles
(market is big enough to
the beginning
support new entrants, and then try for
barriers are low, charging station
Geographically – North
and Eastern States – infra)
High Adoption)

Hyperlocal, Add in Refrigeration

Delivery (Because that is the
Services tie- ups only USP and
differentiation Factor)
 4 wheeler Market(interview Insights)
Problem 1
Battery size is big Problem 3
Not enough R & D done in
(EXPENSIVE) – Only fast
charging models reducing the weight ( Scope
for doing R&D here)

P1 P2 P3 P4
Problem 2 Problem 4
Cooling technology, the Consumers don’t trust
vehicle will need advanced ev cargo 4 wheelers
coo,ing technology for the yet so adoption rate is
battery less than 5%
Thank You