Despite difficult market condition, TVS Motor is eyeing over10 per cent growth in total domestic two-wheeler sales this fiscal on the back of its enhanced portfolio.
“last year we sold a total of 18 lakh two-wheelers in the domestic market. This year we are looking at 20 lakh units,” J S Srinivasan, TVS Motor Company Vice President Sales said.
He addded that the company expected sales to be good in the upcoming months, including the festive season, as rains have been good this year which will boost rural sales that account for 50 per cent of the company’s two-wheeler sales.
The company on Wednesday launched a new scooter model- TVS Jupiter priced at Rs 44,200 (ex-showroom Delhi).
The two-wheeler market has been facing demand slump as the overall automobile segment in India has been hurt by the economy slowdown, high interest rates and fuel prices.
With the launch of Jupiter, Srinivasan said the company will have presence in the single-male use segment, where it has been absent earlier, and expects to sell 50,000 scooters from next month, as against 35,000 units being sold currently.
“With this launch, we are now well positioned to cater to the entire value chain in the scooter segment. Earlier we were just catering to the 60 per cent of the market,” he said. On the back of enhanced product portfolio, Srinivasan said TVS expects to increase market share in the scooter segment.
“Our current market share in the scooter segment is 14 per cent of the 2.7 lakh market. With the launch of Jupiter, which enables us to cover the entire scooter segment, we expect our market share to increase to 20 per cent of the 3 lakh market by next year,” he said.