When Energica first burst onto the scene, one of the biggest questions about the company was whether or not it would enter markets outside of its home in Italy. While several Asia-Pacific markets have shown interest, there is still one market that remains untapped: India.
It’s October 2022, and precisely what steps Energica took to get here are inconsequential. You see, at this present moment, the company can be pretty content with itself. It’s a familiar feeling it hasn’t experienced in quite some time.
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Its product line-up has finally found stability; its customer base is continually growing, allowing it to concentrate on building relationships. And that’s not all — because Energica has decided to take a massive plunge into the Indian market!
Energica is a relatively small company, with demand for electric vehicles at a premium in many countries. Many of the larger companies that compete with it worldwide are approaching India with more caution. It reveals that there is excellent potential for Energica in this market.
Challenges
Energica Motor Company CEO Livia Cevolini lists off several challenges, which include as they come to India:
- Convincing investors to invest in the product and influential government officials that electric motorcycles can serve a useful purpose.
- Giving potential buyers—who’re used to having several choices between brands and models.
- To provide enough information to help them make the right choice and finish everything in time.
Its method of entry into the country should come as no surprise to anyone following it for some time now.
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Two crucial questions
However, the question will be how Energica will enter the Indian Market. Will it partner with an existing manufacturer in India that already releases all-electric vehicles, or Will it set up its independent shop in India?
The second question is does Energica have entry-level models to tap the Indian entry-level segment, to which Cevolini said that the technology isn’t there yet to make such machines feasible.
Further, she said. So far, our target markets have taken off so fast that we haven’t even considered other contexts. The target market has said, ‘we want a bike like this. We’ll pay more for better performance, quality, excitement, and status (the latter also applies to India), and that’s what we’ve been able to deliver.
It has allowed us to capture a position as a premium brand in an emerging market while retaining our values. That doesn’t make it easy, of course; it requires staying away from the tempting shortcuts in electric bikes.
Don’t want any compromise.
And here, we will have to make compromises on performance and features, which, at this stage, we don’t want to do. We will enter the segment as we are, as it will excite our customers.
It makes sense that Energica would want to enter the Indian market. The market is enormous, and there’s a lot of growth potential. The debut isn’t expected until 2024, so it will have to wait a couple more years before hitting showrooms in Delhi and Mumbai.
Source: Financial Express and Rideapart
