Ranjivjit Singh, chief growth officer (CGO) at New Delhi-headquartered Hero MotoCorp, told ET the company has decided to have multiple brands of scooters to meet the needs and aspirations of customers across segments and geographies. Hero MotoCorp dominates the motorcycle segment.
“(While) Hero MotoCorp continues to be the undisputed market leader in motorcycles by a fairly big margin. We would like to replicate this performance in scooters as well”, Singh said on the sidelines of the launch of scooter Xoom, priced between ₹68,599 and ₹76,699 (ex-showroom). He said it is an all-new scooter brand that augments “our scooter portfolio and is a very significant milestone in our quest towards rapid market share gain”. With sales of 1.89 million units in the first nine months of the current financial year, Manesar-headquartered Honda Motorcycle & Scooter India (HMSI) controls 58% of the country’s scooter market. During this period, Hero had a market share of 7% in scooters.
“Our product portfolio is poised to undergo a very new, modern, youthful and global makeover. We are strategically building a three-pronged product strategy to make deep inroads into the premium 125cc and scooter segments, while consolidating our dominant leadership in the entry segment,” said Singh.
Premiumisation is a priority for Hero, the company said. It already has a range of premium products, including the XPulse and Xtreme range of motorcycles.
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