Euler reports that by FY2027, the SCV segment in India is expected to achieve a market value of Rs 34,900 crore, with internal combustion engine (ICE) vehicles currently holding a dominant position in the market.
Euler Motors, a venture in commercial electric vehicles, has announced its expansion into the small commercial vehicle (SCV) segment with the introduction of a new 4-wheeler that boasts a payload capacity exceeding 1000 kg. The company has scheduled the launch of this vehicle to coincide with the upcoming festive season.
This latest addition to Euler Motors’ lineup is intended to meet the growing need for cost-effective and efficient transportation solutions suitable for both inter-city and intra-city logistics. Following the successful launch of its 3-wheeler HiLoad EV, the new 4-wheeler is poised to further solidify Euler’s presence in the SCV market with features aimed at enhancing performance and utility.
The forthcoming vehicle promises a range of desirable attributes, including an extended driving range, a high payload capacity, an ergonomic design to improve the driving experience, and advanced fleet management capabilities in real-time. Such features are particularly valuable in the SCV segment, which caters to diverse industries like logistics, FMCG, beverages, dairy, paint, and lubricants.
As projections indicate, the SCV market in India is expected to reach a value of Rs 34,900 crore by FY2027. Currently, this market is predominantly occupied by internal combustion engine (ICE) vehicles. However, electric vehicles (EVs), although they hold a smaller share, are projected to see rapid growth thanks to their potential cost savings and the likelihood of achieving price parity with traditional fuel vehicles, as noted by company officials.
Saurav Kumar, the Founder and CEO of Euler Motors, emphasized the necessity for commercial electric vehicles to meet the diverse needs of various industries, with specific requirements for volume, payload, and range. He pointed out that their research indicates a strong interest among both retail and institutional customers in the SCV segment in transitioning to high-performing EVs with extended ranges and sophisticated features.
Euler Motors’ foray into the SCV sector reflects its strategic commitment to enhancing electric vehicle adoption and promoting sustainable urban mobility. This move is aligned with the company’s broader objective to deliver innovative, tailor-made solutions for the Indian market.
