Background: Govt of India launched FAME (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles) program in 2015 to boost penetration and consumption of electric vehicle. This created a new market segment which provided opportunities for both two and 4 wheelers manufacturers specifically bike and cars. The segment in e-bike has seen multiple players however, usually in scooter segment. The bike segment has largely been untouched and that’ why “Ecovel Motors” believes this as a potential segment and offers to launch its E-bike, Electro. The bike is targeted in the “youth” category in urban geography 22 -35 yrs range, particularly for college going, young professionals and segment willing to exchange petrol with EV bikes. Identifying Market Segment: Factors Influencing Purchasing/Customer Segment Seeker Impressionist Aspirational Rodeo Lone Wolf (<70K) (70K-1LPA) (1 LPA - 1.5 LPA) (1.5 LPA – 2.5 LPA) (2.5 LPA<) Purchasing Power Primary Need Low 1.Transportation 2. Economy Medium 1. Transportation 2. Style Statement Medium 1. Transportation 2. Style Statement High 1. Style Statement 2. Transportation V High 1. Racing /Thrill 2. Style Statement 3. Transportation Bikes Available TVS Sport, Bajaj Platina, Bajaj CT 110 Pulsar 125 Neon, Pulsar 150, Honda CB Hornet, TVS Apache RTR 60, Hero Xpulse, Hero Passion, Bajaj Platina Yamaha FX25 Pulsar NS 200 Apache RTR 200 NV Suzuki Gixxer SF Suzuki Intruder Hero Xtreme 200S KTM Duke Royal Enfield Meteor Benelli Imperial Suzuki Gixxer SF 250 Jawa Standard Bajaj Dominor BMW G 310 S Continental GT KTM 390 Duke TVS Apache RR310 Jawa Perak Ownership Personality First Vehicle as Commodity First Thrill about owning a bike First Proud to own a trendy vehicle Body Feature Influence(Connected, Split Seat, Medium V High High First or Second Passionate about Riding, Alternate transport Medium First Independent Attitude, Biking Crazy Medium Low Medium High V High V High Maintenance Influence Brand Awareness & Loyalty City/Outdoor Ride V High Low High Medium V High High V High High Low V High Both City V High Low High Medium City, Occasional Outdoor High V High Mostly Outdoor Economical Environmental Impact Awareness Geographical Setting City, Occasional Outdoor V High High Largely Rural, Tier II, III 18+ Newspaper Distribution, Labor Class, Small Family Rural, Tier I, II Tier I, II and Metros 18-35 Largely Young Professionals, College Students, Young Couple Tier I, Metros Tier I, Metros 18-40 Professionals, Casual Biking, Second Time/Alternate Vehicle buyer 18-30 College Students, Racing Pros, Long Distance Biking Exhaust, LED Taillights) Functional Feature Influence -Engine Power, Speed, Pick up, Road Grip Age Bracket Genre 18 -25 College Student Medium V High Target Segment The above table attempts to identify key drivers of petrol bike segment in India. As evident a very distinct set of segments (Aspirational and Rodeo) desire low maintenance and high economical value (Cost/km) along with style which both are not offered in any of the available segments. Moreover, both these genres are educated, are aware of the environmental impacts of the owned vehicle and are keen to adopt a vehicle which is pollution free and promotes sustainable future. Moreover, the targeted segment also contains young professionals and new family the “tax saving” incentive by government under 80EED can also be a strong pulling factor. A “Concentrated” marketing approach could be used to target these two segments and carve out a unique market segment by filling this gap. With zero maintenance and roughly 1.7 times more economical than conventional bikes Electro provides a unique proposition for young urban population towards a greener mobility landscape. Electro also fits in well within the price range of the above two segments and makes it commercially lucrative offer especially in Rodeo Segment. Not only this it enviably matches the performance of any of the available competitor bikes in the above segments for the city drive. Brand Prism Analysis Physique: Personality: Macho, Solid Built, Ready to Take on Young, Smart, Thoughtful, and Caring Relationship: Culture: Sophisticated, Intelligent and Dependable Value for Money, Trustworthy, Enduring Reflection: Self-Image: Stylish, Mature, Value for Money, Futuristic Responsible & Trendy Brand Positioning Framework and Analysis No Carbon Footprint Zero Maintenance Highly Economical Body Features (Connected) Cleaner Alternative Low Maintenance Low Cost Feature Rich Style Industry Analysis For Who What Ecovel Electro Strong Functional Features Style Statement Maintenance Load Moderately Economical Offers What Customers Want What Competition Provides Urban youth in the age range 22 – 35 yrs. Example include Young Professionals, Young Married couple – new Family, Second Timers-Looking for exchange Product for those: i. Who care about environment/pollution and want to opt greener and cleaner option ii. Looking for Low Maintenance and Economical Product Product Because Electric Bike with smart features, zero maintenance and highly economical. Comparable performance with the available products in Petrol variants for City Drive This e-bike caters to the evolving new market for cleaner and economical transportation Competitor Analysis :2 wheeler bikes Top Brands Ecovel Points of Differentiation Perceived Quality Pricing Availability Value Proposition Core Brand Message Bajaj i. Pollution Free, i. Strong Functional ii. Zero Maintenance, Features iii. Highly Economical: 1.6 ii. Performance Bike Rs/Km Image iv. Caters to select segment iii. Caters to wide v. Smart (Connected) segment iv. Moderately Economical: 2.8 Rs/Km v. Connected: No High Medium to High (Fit to all) 1.5 lakh 77,000 – 1.7 lakh Select Cities through Pan India Network through dealers dealers and retailers Environment Friendly, Style and Performance at Maintenance Free and affordable costing Economical, High Range Care for Nature, Value for Thrill, Street Biking, Style, Money, Trendy Performance, Youthful Energy TVS i. Strong Functional Features ii. Racing Bike Image iii. Caters to wide segment iv. Moderately Economical 2.9 Rs/Km v. Connected: No High 1.1 Lakh – 2.5 lakh Pan India Network through dealers and retailers Racing experience with powerful engine at affordable cost Sports Bike, Racing “For individuals who envision greener mobility option with zero maintenance and high economical value, Ecovel Motors is the fastest emerging leader two-wheeler technology that delivers the most reliable, trendy and best in class E-bike so that biker can proudly own a futuristic vehicle, because Ecovel believes that with smart products we can create a sustainable future and provide a better life to future generations.
