Mahindra Electric and Meru have recently announced an alliance for a pilot Electric Vehicle project in Hyderabad. Meru will deploy a fleet of eVeritos, an all-electric sedan by Mahindra which will be available for booking by Meru App and Meru Zone at the Hyderabad Airport.

India: Mahindra Electric, a subsidiary of Mahindra Group and Meru, a technology-enabled cab services company, recently announced an alliance for a pilot Electric Vehicle project in Hyderabad.

As per the press release issued by Mahindra Electric, Meru is to deploy a fleet of eVeritos, which is the all-electric sedan by Mahindra in Hyderabad. The model will soon be replicated in other cities.

The CEO for Mahindra Electric in an interview said that Mahindra Electric is happy to lead the adoption of electric fleet in India and are eager to partner with Meru for pilot deployment of eVeritos in Hyderabad. Mahindra believes this initiative will make adopting EV technology easier in the city and will also be in line with the company’s constant endeavor to make EVs accessible to a larger urban population.

The CEO for Meru, claimed that the pilot in Hyderabad with Mahindra eVerito sedan cars in is launching association with AimGreen. Based on the learnings of this pilot, the company will expand the initiative to include more EVs in their network in different cities where Meru operates. Over the next four years, the company aims to move major part of their fleet to EVs. The initiative will benefit the society and consumers greatly while enhancing the earnings of the driver partners.

The Mahindra eVerito will be available for booking in Hyderabad through Meru's mobile apps, website and will also be available at the Meru Zone at Hyderabad airport. The services will be available at the same fare as governed by the Telangana government's radio taxi fares for sedans.

According to TechSci Research, the tie up of Mahindra Electric with Meru will be a huge stepping stone in the direction of the government’s vision of achieving e-mobility in the coming years. The government has set a target of achieving 100% electric public transport vehicles by 2023, under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme. The move by Meru to move most of their fleet to electric vehicles will act as a driver for the growth of electric vehicles market in the country. Electric Vehicle market is expected to witness robust growth due to growing consumer inclination towards electric passenger cars due to vehicular pollution and its effect on the human health as well as the atmosphere. Moreover, declining prices of electric vehicles, favorable government policies and continuous surge in R&D by several automobile companies to develop premium quality electric vehicles will drive the growth of the electric vehicle market in the coming few years.

According to the recently published report by TechSci Research, India Electric Vehicle Market, By Vehicle Type (Three-Wheeler, Two-Wheeler, Passenger Car & Bus), By Drivetrain Technology (Battery Electric Vehicle Vs. Plug-in Electric Vehicle), Competition Forecast & Opportunities, FY2013 – FY2023, India electric vehicle market is projected to grow at a CAGR of over 37%, during FY2018-FY2023. Robust market growth is anticipated because of rising number of government initiatives such as incentive schemes to encourage adoption of environment-friendly electric vehicles, growing consumer inclination towards electric vehicles, concerns over harmful effects of air pollution, and huge investments by various OEMs for developing more affordable and premium electric vehicles in the coming years.

TechSci Research predicts that the tie up will also open endless possibilities for the global market for mobility on demand services. In the last few years, there has been a surge in demand for alternate transportation to curb the air pollution levels globally as well as in India. Moreover, factors such as the need to provide better transportation services through a reliable and fast mobile platform, growing popularity and increasing ease of usage of mobility on demand services through the mobile platform is anticipated to positively influence global mobility on demand market in the coming years.

According to the recently published report by TechSci Research, “Global Mobility on Demand Market Forecast & Opportunities, 2022”, Global mobility on demand market is expected to cross $ 228 billion by 2022, on account of growing traffic congestions, continuous initiatives being taken by several vehicles manufacturing players and increasing inclination of consumers. Asia-Pacific region accounted for the largest share in global mobility on demand market in 2016; and China and Japan registered more than half of the demand for mobility on demand services in the region in the same year. Moreover, the region is anticipated to maintain its dominance in global mobility on demand market during the forecast period as well.

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