NEW DELHI: Honda Motorcycle & Scooter India (HMSI) on Monday launched a new midsize bike - CB300F - as the Japanese two-wheeler maker eyes to expand its market share in the growing mid-size segment, which is dominated by Royal Enfield and has seen increased participation from TVS Motor and Bajaj Auto.
The new bike, produced locally at the company’s Gujarat plant, comes at a price tag of Rs 2.26 lakh and will be sold exclusively in Honda’s BigWing Showrooms. “At present, we have a market share of 6% in the segment (300cc and plus), but we are absent in 50% of the market.
In the 50% where we are present, we have a share of 11%. In the next 3 years, we would like to corner the quarter (25%) of the premium motorcycle market,” P. Rajagopi, Operating Officer, Premium Motorcycle Business, Honda Motorcycle & Scooter India told The New Indian Express. According to Rajagopi, HSMI would achieve this by expanding its touch points (BigWing showrooms) from 100, at present, to 200-300 in the next few years, launching new products and engaging with the rider community.
"This segment’s volume used to be 1 million units 5 years back but now it has come down to 6,00,000 units due to the covid, chip shortage, increased regulation and other factors... We expect the market size to bounce back to 1 million units soon. Hence, the opportunity is big," said Rajagopi.
Interestingly, HMSI’s launch in the 300cc segment comes a day after when Royal Enfield, the global leader in the midsized (250cc-750cc) motorcycle segment, launched the new Hunter 350, a ‘two-wheeled double- espresso’ of motorcycling, at Rs 1.50 lakhs. Atsushi Ogata, Managing Director, President & CEO, Honda Motorcycle & Scooter India said, “The two-wheeler landscape in India is undergoing a big shift as we move up in the motorcycle category. Riders, in the mid-size segment and above, in particular, are looking for a fine balance between performance, versatility & modernism.”