The electric scooter market in India has witnessed significant growth in recent years, with several players vying for a share of the pie. One legacy brand that has made a mark in this space is TVS Motor Company’s iQube electric scooters. Since its launch in May 2022, the iQube range has surpassed the 50,000 sales milestone, a remarkable achievement considering the competition from established brands like Ola Electric and Ather Energy.
How TVS iQube is Winning
- TVS iQube: A Legacy Brand’s Advantage
TVS Motor Company enjoys strong brand recognition and trust in the Indian market. With a decades-long legacy, TVS has built a robust dealer network, an established R&D centre in Bengaluru, and a well-oiled supply chain. These factors give TVS a competitive edge over its newer rivals in the electric scooter segment.
- The Balanced Approach of TVS iQube
One of the key reasons behind the success of the TVS iQube is its balanced approach. The iQube range offers three variants, two boasting a claimed range of 100 km and a top speed of 78 kmph. The top-end variant, iQube ST, provides a claimed range of 145 km and a top speed of 82 kmph. The scooters have a charging time of 4 to 4.5 hours and offer 32 litres of storage capacity, enough to accommodate two helmets. Additionally, the iQube range features a 7-inch touchscreen with the SmartXonnect suite of connected features, including navigation assistance.
- Competitive Pricing and Packaging
While the competition, such as Ola Electric and Ather Energy, offer higher true range and top speed, the TVS iQube sits comfortably between them in terms of pricing and packaging. The on-road pricing of the iQube range ranges from Rs 1.12 lakh to Rs 1.25 lakh, including FAME II subsidies. In comparison, the Ola S1 Pro, which offers similar features, costs Rs 1.4 lakh for the top trim, while the Ather 450X, known for its exceptional riding dynamics, is priced at Rs 1.58 lakh.
Legacy Brands vs. Startups
Here, the question is, ‘Why can’t legacy companies build an electric scooter?’. Now, let’s dig that out. Yes, they can make an electric car with the highest possible specifications and fill it with extraordinary features. But the big brands are built on policies and a robust framework, and abruptly shifting from the ideology may cause them a loss greater than the profits they’ll earn by going electric.
However, the success of the TVS iQube highlights that talks about legacy brands losing out to electric two-wheeler startups are premature. While startups like Ola Electric and Ather Energy have made significant strides in the market, TVS has proven that a legacy brand can still capture consumers’ attention. However, India’s electric two-wheeler market is still nascent, with ample room for all players to bring their best offerings.
Why very few startups in E-car market?
The barrier to entry is very high in the electric car manufacturing market. Unlike electric 2-wheelers, making an electric car is a high investment and requires significant expertise. One can’t make many mistakes while running an electric car brand, but with the electric 2-wheeler market, one can afford to do experiments. On the other hand, making an electric scooter is way easier than making traditional ICE vehicles.
That’s why there were very few players in the ICE 2-wheeler market, but the electric scooter market is filled with new-age startups.
The Future of the Indian Electric Scooter Market
As the Indian two-wheeler market moves towards electrification, consumers are set to benefit from better technology, competitive pricing, and improved services. The availability of a wide range of electric scooters from established brands and startups will give buyers more choices. Choosing a legacy brand’s scooter or a new startup’s offering will depend on individual preferences, requirements, and brand loyalty.
Conclusion
The success of the TVS iQube in the electric scooter market is a testament to the strength of a legacy brand. With its brand recognition, extensive dealer network, and established infrastructure, TVS has carved out a significant market share. The iQube’s balanced approach, competitive pricing, and packaging have resonated with consumers, making it a popular choice in the premium electric scooter segment. As the Indian two-wheeler market continues its transition towards electrification, both legacy brands and startups have an opportunity to thrive and cater to the evolving needs of consumers.
