Bajaj Auto aims to launch new Triumph motorcycles in India over the next year and plans to expand the sales outlets for the brand to more than 200 by
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Bajaj Auto aims to grab a sizeable share in the robustly growing mid-size motorcydle segment in Indian two-wheeler market and the homegrown automaker is betting big on Triumph motorcycles for that. Bajaj Auto has a global partnership with the iconic British motorcycle brand Triumph and it plans to expand the product lineup under the latter brand to consolidate its position in the above-mentioned segment.
Bajaj Auto, on Tuesday, introduced two 400 cc motorcycles in India, namely the Speed T4 and Speed 400, which are priced at ₹2.17 lakh and ₹2.4 lakh (ex-showroom), respectively. During the launch, Sumeet Narang, President of Bajaj Auto Pro Briking Business Unit, said that having established the Triumph brand in the last year, the company is now focusing on expanding its operations further.
Speaking about the upcoming motorcycles under Triumph brand, he said that the company will be bringing more models into India within the next year. “We should be looking at getting more models within the next year. And we do need all these models, because we have, you know, our dealers have invested, and we have created exclusive prime showrooms based on the global format,” Narang said.
Triumph currently has multiple offerings in the Indian motorcycle market’s modern classics segment with price points upwards of ₹1.7 lakh. The company, with its modern classics motorcycle range, completes with the tough rival like Royal Enfield in the domestic market. Narang said that this segment is roughly about 11 per cent of the total motorcycle industry in India but it is growing at a fast pace. With new models, the company is confident of increasing its lead and strengthening position as a number two player.
The mid-size motorcycle segment in India is growing twice the rate over the last three years, with almost a 30 per cent CAGR, which is twice the growth rate of overall motorcycle segment. With more new Triumph models, Bajaj Auto aims to be a key player in this space. “We have surpassed many other players in the classic segment, and players who have been around for about four or five years to now be the number two player in terms of volumes, behind the market leader, which I think in about one year’s time, is a great encouragement,” he stated.
Sales network expansion is on card
Currently, the company has more than 120 dealerships across over 75 cities in India. But to reach more consumers, not only launching new products, Bajaj Auto is eyeing the expansion of the sales network by opening new outlets as well. “By the end of this year we plan to expand our sales network to around 170 outlets and next year we plan to take it beyond 200 dealerships,” Narang said to PTI. He also said that the focus would be to expand in smaller cities and towns as well.
He further said that there are opportunities also in metro cities at the same time. “There are opportunities also in metro cities at the same time because as the market grows, you will get into larger suburbs of metros as well. But now, having built that foundation of our network, from here, the growth is going to be very rapid in terms of further town penetration,” the Bajaj Auto official noted.
Narang further said that the company is looking at a very rapid growth over the next two years. “So we’re looking at a very rapid growth in coverage over the next about 18 to 24 months,” he said.
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First Published Date: 18 Sep 2024, 07:10 AM IST