Early Adopters are those consumers who adopt a new idea or technology to gain a competitive edge.
The company is preparing for the next phase of growth in its electric vehicles segment, eyeing over 30 per cent EV penetration by FY31, according to an investor presentation.
“Currently, EVs are being considered by the early majority; we will enhance products to drive adoption among early and late majority customers,” the company said.
Early majority consumers are those who need to see successful case studies before buying, while late majority consumers are skeptical individuals who adopt only after the average person has adopted a new idea or technology.
EV adoption in India has crossed “from early adopters into the early majority — the volume heart of the market”, it said.
According to the company, early adopters account for 13.5 per cent of the EV market, while the early majority and late majority make up 34 per cent each, and laggards constitute 16 per cent. Innovators are a minority at 2.5 per cent.Innovators are risk-takers who love being the very first to try new things, while laggards are traditionalists who resist change and are the last to adopt.
On the company’s product plans to drive future growth, it said, “By FY31, we will have a portfolio of 10 EV nameplates. We have a sustained launch cadence for the next phase of growth to strengthen our portfolio comprehensively.”
Its current nameplates are Xpres-T, Curvv. ev, Harrier. ev, Nexon. ev, Punch. ev and Tiago. ev.
Four new products will be launched by FY31 along with over ten facelifts and refreshes of the existing portfolio, it added.
Upcoming products include Sierra. ev, one product based on its Avinya concept and two other models, as per the investor presentation.
Tata Motors Passenger Vehicles said it is also working to increase the range of its EVs by two to three times and faster charging by three times, while increasing the energy density of batteries by 20-23 per cent.
It is looking at a third generation battery with over 75 kWh of power to offer two to three times more range than the existing generation, with three times faster charging and 20-23 per cent more energy density.