The SCV segment in India is projected to reach a market value of Rs 34,900 crore by FY2027, with internal combustion engine (ICE) vehicles currently dominating the market, Euler says.
27 Aug 2024 | 12535 Views | By Autocar Professional Bureau
Euler Motors, a commercial electric vehicle manufacturer, has announced its entry into the small commercial vehicle (SCV) segment with a new 4-wheeler offering a payload capacity exceeding 1000 kg. The vehicle is scheduled for launch during the upcoming festive season.
The new SCV aims to address the increasing demand ...
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Euler Motors, a commercial electric vehicle manufacturer, has announced its entry into the small commercial vehicle (SCV) segment with a new 4-wheeler offering a payload capacity exceeding 1000 kg. The vehicle is scheduled for launch during the upcoming festive season.
The new SCV aims to address the increasing demand for cost-effective and high-performance inter- and intra-city transportation solutions. Following the introduction of its 3-wheeler HiLoad EV, Euler Motors' new 4-wheeler is expected to include features designed to enhance performance in the SCV market.
The vehicle is reported to offer a long driving range, high payload capacity, ergonomic design for improved driving experience, and enhanced real-time fleet management capabilities. These features are considered important in the SCV segment, which serves industries such as logistics, FMCG, beverages, dairy, paint, and lubricants.
The SCV segment in India is projected to reach a market value of Rs 34,900 crore by FY2027, with internal combustion engine (ICE) vehicles currently dominating the market. While electric vehicles (EVs) currently represent a smaller market share, they are expected to experience rapid growth. EVs are anticipated to offer cost savings and potentially achieve price parity with traditional fuel vehicles, the officials stated.
Saurav Kumar, Founder and CEO of Euler Motors, stated that commercial electric vehicles need to cater to various industries with different volume, payload, and range requirements. He indicated that their research suggests a significant number of retail and institutional customers in the SCV segment are interested in transitioning to EVs that offer high performance, extended range, and advanced features.
Euler Motors' expansion into the SCV segment is described as aligning with its goal to increase electric vehicle adoption and promote sustainable urban mobility through innovation designed for the Indian market.