TVS Motor looking to expand its presence in the luxury Motorbike Market
With a flurry of launches during the current fiscal year, Chennai-based TVS Motor Corporation hopes to expand its presence in the luxury motorbike market. In this category, the business offers two brands: the Apache and the Ronin. According to the report, the market for high-end motorcycles (those with engines larger than 150 cc) has experienced a robust recovery since Covid, with young, aspirational buyers considering not only the purchase of two-wheelers for daily commuting but also the entire motorcycle experience, which includes rides, community, merchandize, accessories, and connected technologies.
According to TVS Motor Company’s Vimal Sumbly, Head of Business (Premium), the increase in Tourism following Covid has fueled demand for high-end motorbikes among consumers seeking to travel new areas with loved ones and other like-minded people.
Between 2014 and 2019, sales of high-end motorbikes on the domestic market increased at a CAGR of 14%, doubling. Prior to the pandemic, TVS’s Apache series had a CAGR of 24%.
Undoubtedly, the pandemic had an influence on this rise. Yet there is currently a significant resurgence in the sector. In fact, the premium sector currently accounts for up to 23% of motorcycle sales in the local market, up from 14% in FY13.
Premiumization, according to Sumbly, is an “essential pillar” for growth at TVS Motor Company. The corporation is putting effort into making Apache and Ronin aspirational brands on a global scale. In order to do this, he added, “We intend to do this through ongoing product interventions, introduction of first-in-segment technology, unique consumer experiences, and engaged community (through riding events like MotoSoul).”
Now, Apache and Ronin combined account for 14% of TVS Motor Company’s global sales. With new releases and refreshes, we will “further improve our premium product portfolio in FY24 and provide our worldwide clients with the newest generation goods with cutting edge performance and technology.”
Sumbly stated that the TVS Apache Series makes a substantial contribution to overall volumes in overseas markets, where the business sells over one million two-wheelers. He stated, “We sell TVS Apache bikes in more than 60 countries, and the brand just surpassed 5 million global sales. In these markets, we face up against major OEMs like Honda, Yamaha, and Suzuki, and we observe high consumer affinities for the Apache brand at retail locations. Asia, South America, and West Africa are important Markets.
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