Hero MotoCorp, the largest two-wheeler maker in India, wants to have a bigger market share in the premium bike segment. They plan to introduce new models and expand their sales network. Currently,
they only have about 4-5% market share in this segment, but it is growing at a rate of 20-25% per year. Hero MotoCorp also plans to introduce a new product every quarter in the next year to increase their presence in the 150cc to 450cc bike segment. In simple words, the CEO of Hero MotoCorp said that their market share is currently around 4-5% because they are still new in the industry. Their goal is to quickly create a range of premium products and gain a significant market share. They plan to launch new products every quarter for the next few quarters. They also plan to open 500 stores in the next two years. These are updated versions of the stores that already exist. Additionally, we will open new stores that are only available to our customers for the next year. So, basically, what we’re doing is not just coming up with new products. We’re taking a comprehensive approach to succeed in the high-end market. The company recently brought back the Karizma brand in the country. Hero MotoCorp launched the Karizma XMR, a 210cc bike, at an initial price of Rs 1. 72 lakh (ex-showroom) The bike has a liquid cooled petrol engine and a six-speed transmission. This launch is an important step for Hero MotoCorp in the premium segment. In July, the company also introduced the locally produced Harley-Davidson X 440. When asked about the impact of a deficient monsoon on the two-wheeler market, the company believes that any delay in recovery would be temporary, as the long-term growth outlook is strong. The economic indicators also remain positive, according to Gupta, a representative of Hero MotoCorp. Rewrite this text using easy words.
