South Korea's POSCO Daewoo to enter Indian consumer goods, e-bike space
- Daewoo India will offer electric two-wheelers and e-cycles, apart from consumer electronics like television sets and audio speakers.
South Korea's POSCO Daewoo announced its India entry on Wednesday after a strategic licensing agreement was signed with India's Kelwon Electronics and Appliances Pvt Ltd. Daewoo India will compete in the field of energy and power, consumer electronics as well as electric bikes.
Daewoo India will initially introduce power and energy products with a focus on batteries for electric cars and two-wheelers. But on the horizon are electric bikes and electric two-wheelers too. “Emerging sectors (in India) such as energy and power, consumer electronics and most importantly e-bikes will play a pivotal role in driving India towards significant economic milestones," said HS Bhatia, MD at Kelwon Electronics & Appliances Pvt Ltd.
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Electric bikes and cycles are coming in the future. “We have exciting plans to unveil a captivating line of e-bikes and e-cycles in the Indian market," Chan Ryu, Director for Daewoo India Operations, said at a press conference.
The Indian electric two-wheeler space is witnessing a bitter battle between new and established players. While the likes of Ola Electric, Ather Energy, Hero, Hero Electric and Okinawa are the power performers, a number of newer entrants have expanded the options available. But there is still room for the taking and Daewoo India would be keen on capitalising on the ever-increasing demand pattern.
India's expanding electric two-wheeler market
Did you know that two-wheelers account for around 70 per cent of all sales in the Indian automotive market? Accessibility and affordability are two key factors that have powered the penetration of two-wheelers into the far flung reaches of the country. And there is a transition at play now.
Although battery-powered two-wheelers are still a small portion of overall two-wheeler sales here, this is changing. And changing fast. A recent study by McKinsey concluded that around 70 per cent of all two-wheeler sales in the country by 2030 will be battery models. And that at present, 50 per cent of the electric two-wheeler segment is being dominated by new entrants, forcing existing giants like TVS, Bajaj and Hero to also roll out battery-powered models. Will Daewoo be able to have an impact then?
Electric two-wheelers is not the only area of focus for the company. There are plans to launch products in the consumer electronics space as well, beginning with LED television sets and audio speakers.
