Hero MotoCorp Aims for a Record-breaking Festive Season
Their commitment to both the premium and mass market segments positions them as a formidable force in the two-wheeler industry.
Hero MotoCorp, the largest two-wheeler manufacturer in India, is gearing up for an extraordinary festive season this year. With the fervor of Navratri to Diwali sweeping across the nation, Hero MotoCorp is set to make waves by aiming to sell over 1.3 million units, marking a significant double-digit growth. Niranjan Gupta, the CEO of Hero MotoCorp, recently shared his insights with analysts, shedding light on the remarkable progress and surging demand that the company has been experiencing.
A Promising Start to the Festive Season
The 2023 festive season has kicked off to an auspicious beginning, and Hero MotoCorp is riding the tide of optimism. Mr. Niranjan Gupta expressed his confidence in the market's performance, stating, "The festive season has started off very well, and overall, we do expect momentum building as we move forward. So far, we have grown by 15 percent, and we expect that the market will grow in double digits this season."
This encouraging start aligns with the growing economic resilience of India, which stands as one of the fastest-growing economies globally. The signs are all pointing in the right direction, showcasing robust consumer confidence. While some regions experienced patchy monsoons, the rabi crop has yielded positive results, adding further impetus to the prevailing optimism.
Strategic Steps and Core Market Growth
Hero MotoCorp's top management has emphasized its unwavering commitment to the premium motorcycle segment while diversifying its strategies to bolster the core mass market segment. The company's recent strategic initiatives have begun to bear fruit.
Ranjivijit Singh, Chief Growth Officer at Hero MotoCorp, elaborated on their approach: "For us, it is about growing the market and putting our best foot forward to invite more entry-level buyers into our portfolio. With penetration still at 50%, there is a significant need for personal mobility." The company has assured that new product launches will span various segments, and the results from their interventions in the entry-level segment are already evident. Notably, a new 125 cc scooter and motorcycle are in the pipeline.
Unveiling the Premium Range
Hero MotoCorp is not only focusing on the mass market but also expanding its premium range of products. Niranjan Gupta affirmed their commitment to the premium segment, stating, "We will have more launches on the premium side. You will see launches over the next 4-6 quarters. The focus is on the 125 cc segment and above - there will be some action on the scooter side, and we will keep everyone excited in the coming quarters."
This strategic approach showcases Hero MotoCorp's determination to cater to diverse consumer needs, offering both high-quality premium products and affordable, accessible options for entry-level buyers. The company's unwavering dedication to innovation and expanding their product line is a testament to their commitment to providing exceptional choices for customers.