Hero MotoCorp is gearing up for highest ever model introductions this fiscal as it looks to consolidate market share especially in the premium bike segment, according to the company's CEO Niranjan Gupta.
The country's largest two-wheeler maker plans to introduce new bikes, including the first product under the Hero MotoCorp-Harley Davidson tie-up, during the ongoing financial year.
The company has leadership in the budget bike segment (100-110cc) and is looking to enhance its presence in the 125 cc and also drive in models to bring in volumes and enhance profitability in the 160-cc and above space.
"We'll have product launches every quarter of this fiscal year. Probably this fiscal, we'll see the maximum number of launches ever seen in the company's history," Gupta said in an analyst call.
The company is bullish on growth prospects this year with plans to further enhance its market share across segments, he noted.
"We are excited about the fiscal and expect to build on our market share and margin recovery. We have a host of new launches lined up, and we will be launching new products every quarter in this fiscal," Gupta said.
He noted that there would be "a lot of launches in the premium segment" during the course of the year.
"There will be big launches...which will then ensure that we can build the right premium portfolio and get our market share on that," Gupta said.
He noted that the company is focusing on the premium segment bikes, with power ranging between 150cc and 450cc.
The company has already announced its accelerated plans to roll out the electric brand VIDA across the country with an aim to cover 100 cities in the current calendar year.
"At Hero, we have the widest and deepest distribution system in the country, and we will be leveraging the same to ensure our reach in the EV business," Gupta said.
He also confirmed the launch of the first Hero MotoCorp-Harley Davidson bike in the current fiscal.
In October 2020, Hero MotoCorp and American brand Harley-Davidson announced a partnership for the Indian market.
As part of the deal, Hero MotoCorp will develop and sell a range of premium motorcycles under the Harley-Davidson brand name in the country.
It will also take care of service and parts requirements for Harley bikes.
Commenting on the business outlook, Gupta said the Indian economy continues to be resilient and is one of the fastest-growing major economies in the world, despite various challenges.
"All the key indicators are moving in the right direction, and we expect the economy to outperform most other countries. Buoyed by the economy and the other trends that we see, we do expect the two-wheeler industry to clock double-digit revenue growth this year," he noted.
Hero MotoCorp currently commands around 51% market share in the overall motorcycle segment.
In the 125cc segment, it has seen its market share in the fourth quarter go up to 22% from around 14% earlier.
Edited by Kanishk Singh