NEW DELHI: Royal Enfield, the market leader in the mid-size motorcycle segment, expects its apparel and accessories business to remain robust in the coming years. The company said its partnership with leading denim maker Levi’s has been a big hit and in the near future, the company plans to expand this business in the global market.
“The riding gear segment in India is growing very quickly. The market was around $ 21.4 million in 2017 and now it is projected to grow at a CAGR of 12 per cent. So it will be $43.6 million by 2023. The helmet market is also growing fast in India due to rising awareness for safety and government push. We believe the helmet market was about Rs 1,500 crore in 2018 and is expected to grow at a CAGR of 18 per cent and become Rs 4,000 crore by 2024,” said Puneet Sood, Head – Apparel Business, Royal Enfield.
Without giving any numbers, he said, “Our growth numbers are higher than industry growth, telling us that we are moving in the right direction and launching the right products.” While RE leads this segment, rival automakers Honda and TVS, are also aggressively pushing to become more visible.
Motorcycle related products, be it jackets or helmets, helps in creating an ecosystem and brand loyalty, which ultimately aid the core business. Sood said most of its merchandise sold in India meet global safety standards. “We sel l apparel and accessories in markets where we sell our bikes such as USA, South East Asia, Europe and Latin America.”