With four new models and more than ten updates planned for the launch by FY31 to maintain its leading position, Tata Motors Passenger Vehicles is looking to the majority of customers to push EV adoption as India’s EV growth surpasses the “early adopters" phase. Customers who embrace new concepts or technologies in order to obtain a competitive advantage are known as early adopters.
According to an investor presentation, the firm is getting ready for the next stage of expansion in its electric vehicle market, aiming for over 30 per cent EV penetration by FY31. “Currently, EVs are being considered by the early majority; we will enhance products to drive adoption among early and late majority customers," the company stated.
While late majority consumers are skeptics who adopt new ideas or technologies only after the average individual has done so, early majority consumers require successful case studies before making a purchase. According to the report, EV adoption has moved “from early adopters into the early majority — the volume heart of the market" in India.
The company noted that the laggards make up 16 per cent of the EV market; early adopters make up 13.5 percent, and the early majority and late majority each make up 34 percent. At 2.5 percent, innovators are a minority. Laggards are traditionalists who oppose change and are the last to adopt new ideas, whereas innovators are risk-takers who enjoy being the first to attempt new things.
“We will have a portfolio of 10 EV nameplates by FY31," the organisation stated regarding its product plans to accelerate future growth. In order to strengthen our portfolio overall, we have a consistent launch cadence for the upcoming growth period." Xpres-T, Curvv.ev, Harrier.ev, Nexon.ev, Punch.ev and Tiago.ev are its current nameplates.
The company added that by FY31, the current portfolio would have over ten facelifts and refreshes in addition to the launch of four new products. Sierra is one of the upcoming products. According to the investor presentation, there is one product based on its Avinya concept and two other models.
