The global pandemic crisis brought about various disruptions across sectors and the mobility segment was no exception. While the public mode of transportation took a backseat, consumers started preferring transportation modes that were safe and hygienic. They became extra cautious and conscious about their safety and well-being. While commutation by private vehicles surged significantly, the EV sector boosted at unimaginable levels.
The pandemic transforming the mobility segment
Digital adoption expedited exponentially, all thanks to the coronavirus outbreak. Ever since then, we have been living in a digital-driven where every aspect of our life is run and ruled by technology. As a result, the preference for sustainable and micro-mobility transportation is also rising. Hence, bicycles, and specifically Electric Vehicles have been gaining prominence as well. This was also the time when eMobility for last-mile deliveries and public transportation purposes was widely accepted and adopted.
EVs picked up pace during the pandemic as a clean energy initiative and innovative trend since they offer low to zero-emission levels. While the market is still in its nascent stages in the country, it will continue to boom in the times to come.
The Indian Electric Vehicles market is growing at a significant pace. As per Grand View Research's recent reports, the Indian EV market was valued at $220.1 million in 2020 and is projected to grow at a CAGR of 94.4% by the end of 2030. The rise in fuel prices coupled with stringent emission norms executed by the Government and the growing environmental concern amongst consumers are the major factors contributing to the growth of the market. Hence, it would be appropriate to say that the future of the mobility segment is indeed electric!
The customer preferences and demands
Customer preferences have also undergone a huge shift ever since the pandemic’s occurrence. They now demand convenience and affordability when it comes to making transportation decisions. As of 2019, the EV market comprised of just two vehicle models. However, at the beginning of 2021, it consisted of eight models. This implies consumers nowadays are spoilt with options in the truest sense and this will lure them all the more to opt for Electric Vehicles in the times ahead.
Even the government has realized the dire need of adopting the sustainable path and is making concerted efforts to boost the country's EV sector. It is aiming to achieve 30% sales for private cars, 70% penetration for commercial vehicles, and 80% sales for two and three-wheelers by the end of 2030.
It is not just the government and the common man but even the corporate organizations especially the employee transportation and shuttle providing firms such as ours, WTI Cabs is also embracing the EV path. While offering the services of cab fleet to the employees of other companies, we also provide Electric Vehicles for private purposes instead of the conventional cabs driven by fuel. So far, we have successfully added 25% EVs to our cab fleet ever since and this move has been well received by our partners and their employees. This minute step by other corporates and us is set to make a huge difference in boosting the EV segment in the times to come!
The bottom line
The pandemic has indeed transformed the entire landscape of the mobility sector. While it inflicted a significant impact on the segment, it also pushed the shift in consumers' preferences towards Electric Vehicles, the surge in hyper-local mobility, and the focus on innovations. Considering the present turbulent times, the need of the hour for the industry players would be resilient business models and agile organizations!
We at WTI Cabs are concerned about the environment and strongly support the EV revolution. In case of any requirement for arranging EV cabs or fleets on request, please feel free to get in touch with us at www.wticabs.com or email@example.com.