NEW DELHI: Two-wheeler major - TVS Motor Company - is confident that its scooter portfolio will continue to better industry growth rate. The automaker also expects a very healthy festive season this year.
“When the two-wheeler industry was growing at 4% CAGR, scooter sales were growing at 8%. Our scooter portfolio has grown by 12% and Jupiter, as a brand, alone has grown by 24%. I want to take this growth much ahead of the industry…I want to better 12% when the industry is growing at 8%,” said KN Radhakrishnan, Director & CEO at TVS Motor Company.
The CEO also anticipates the share of scooters in total 2-wheeler sales to go as high as 40% in the coming years due to the product’s practicality. At present, scooters account for 32% of 2-wheeler sales and including electric vehicles, it goes up to 36%.
The CEO’s statement comes as the Chennai-based company on Thursday launched the all-new TVS Jupiter 110 at a starting price of `73,700 (ex-showroom, Delhi). Developed with an investment of `150 crore, TVS Motor has high hopes from the updated version of its most popular scooter brand.
“This product will delight every customer in India, whether it is rural, urban or semi-urban… Jupiter 110 and Jupiter 125 have also got a huge opportunity in the international market,” said Radhakrishnan. In the international market, TVS sees big opportunities to expand in the ASEAN region.
He projected double-digit growth in two-wheeler industry volumes during this year’s festival season on the back of robust rural market demand.
“Currently, the momentum is very good and this year - the Diwali and Puja season - is going to be great. Currently, we are growing around 12.5% kind of growth, as per the VAHAN data...I am optimistic that this season is going to be much better than 12.5% growth,” said Radhakrishnan.
Festival season, an important period for the automobile industry, is set to kick in with Onam in Kerala in the first half of September and would last till Bhai Dooj after Diwali in November.