Author : Varun Senthil 1
Date of Publication :22nd February 2018
Abstract: The automobile industry today is very lucrative. The purchasing capacity of Indian buyers is increasing and we are witnessing trends of growth in Indian racing market with Formula One Grade Racing tracks being set up and more people showing interest in the sport than before. Global fossil fuel depletion is a growing concern with greenhouse gases on the rise; this will have immediate effects on motorsport as a Hobby and Competitive Racing Industry. With Electric Vehicles forecasted to be 54% of new car sales by 2040, a shift is observed where people are beginning to prefer electric automobiles and in due time this shift can be traced down to automobile racing segment too with the likes of Formula E reaching a wider audience. The objective here is to discuss the Feasibility of an Electric Vehicle Racing market in India with respect to upcoming Formula Student Electric Racing Teams in India, namely Team Ojas, based in Vellore Institute of Technology (VIT), Vellore. The target market is classified into three segments based on their approach to Electric Vehicles. All Tier 1 and Tier 2 cities are studied to understand the market potential. The electricity generation costs and CO2 emission index are taken into consideration. This paper also discusses the marketing strategies that can be adapted to sell electric racing cars in Indian market with customer-centric and business-centric approaches. The business model under study involves a simultaneous implementation of B2B as well B2C model in detail. Furthermore, the Premium race car segment is analyzed where the performance of the Electric Vehicle is compared to other Formula III Combustion Vehicles currently in use.