ABSTRACT
This report focuses on the motorcycle revolution in India, and its successful foothold in the Indian market. Before deep-diving into the nitty-gritty of this huge market, we need to have an overall perspective of the two wheeler industry in India.
Automobile is one of the largest industries in global market. Being the leader in product and process technologies in the manufacturing sector, it has been recognised as one of the drivers of economic growth. During the last decade, well-directed efforts have been made to provide a new look to the automobile policy for realising the sector’s full potential for the economy. Steps like abolition of licensing, removal of quantitative restrictions and initiatives to bring the policy framework in consonance with WTO requirements have set the industry in a progressive track. Removal of the restrictive environment has helped restructuring, and enabled industry to absorb new technologies, aligning itself with the global development and also to realise its potential in the country. The liberalisation policies have led to continuous increase in competition which has ultimately resulted in modernisation in line with the global standards as well as in substantial cut in prices. Aggressive marketing by the auto finance companies have also played a significant role in boosting automobile demand, especially from the population in the middle income group.
Evolution of the Two Wheeler industry in India
Two-wheeler segment is one of the most important components of the automobile sector that has undergone significant changes due to shift in policy environment. The two-wheeler industry has been in existence in the country since 1955. It consists of three segments viz. scooters, motorcycles and mopeds. According to the figures published by SIAM, the share of two-wheelers in automobile sector in terms of units sold was about 80 per cent during 2003-04. This high figure itself is suggestive of the importance of the sector. In the initial years, entry of firms, capacity expansion, choice of products including capacity mix and technology, all critical areas of functioning of an industry, were effectively controlled by the State machinery.
A Growth Perspective of the Bike Industry
Two wheelers segment has been the most vibrant in the automobile sector. In the past five years this segment has grown at a CAGR of 19 percent, as compared to cars which grew at 13 percent and commercial vehicles which fell by 3 percent. It is the only automobile segment which has withstood the economic downturn of the past few years.
The reasons for this are many: rise in income levels, impact of urbanisation, easy availability of finance and of course the most important, the fact that two wheelers are preferred entry level vehicles. This being due to their low price and reasonable maintenance cost. In a developing country like India, this segment is likely to have buoyant demand over the years to come.
Though overall two wheeler volumes have been growing, the composition of the two wheeler industry has undergone dramatic changes in the last few years. Why has this happened? The answers to this are many. The two main sub-segments scooters and motorcycles have moved in opposite directions. On one hand, scooter volumes have declined while on the other Indo-Japanese motorcycles have reported robust growth rates. Demand for scooters has a direct correlation to industrial growth, while motorcycles have a correlation to agriculture growth. The agriculture sector has performed very well over the last couple of years, while the industrial sector performance was lacklustre during this period. This has lead to opposite demand trends in both the segments.
Motorcycles made their debut around the 1950s.It was in the year 1954 that the Indian government ordered for total number of 800 motorcycles to man the Pakistani borders. In came the Bullets which were initially launched in England as a 350cc bike and it was upgraded to 500cc a year or so later. These bikes have remained unaltered, barring some cosmetic changes which have undergone over the years. Thus one can say without much of a doubt that the 1955 Bullet was one of the initial hits of the Indian two-wheeler industry and till today it continues to be a darling of the motorcycle enthusiasts.
Enfield Bullet had a close competition with another sturdy bike named Rajdoot; as the bike was strong enough to handle the rough Indian roads. The company had roped in Indian He-man Dharmendra for the promotion of the bike. With more than 1.6 million vehicles on the road the Rajdoot motorcycle was one of the initial hits of the earlier years of two-wheeler history in the country.
When heavy motorcycles were the order of the day, a relatively lighter bike had caught on the imagination of the Indian two wheeler user. Ind- Suzuki bike launched by the then TVS Suzuki group was an instant hit; however the bike could not sustain its initial success due to the high import content in the vehicle and less of localization.
Following is a snapshot of the market dominated by scooter and motorcycle till FY 2000
Key Players in the Bike Industry
The key players in the motorcycle segment are Hero Honda, Bajaj Auto and TVS Suzuki. Hero Honda leads the market with a 42 percent market share. Its tie-up with Honda Motors gives it access to the best available technology. It continues to report good growth in volumes and has the distinction of introducing the first disc brake model. Bajaj Auto has the second highest market share at 24 percent. BAL though a late comer has recently become very aggressive in motorcycles and is stepping up its capacity to capture a higher chunk of the industry. This new found aggression of BAL is expected to make it achieve a higher market share in the current year. The third largest player, TVS Suzuki with a 18 percent market enjoys some technological inputs from its partner Suzuki.
A quick snapshot of the market share enjoyed by the various players:
Hero Honda enjoys highest market share
Company
Motorcycles
Market share
Hero Honda
761,700
42%
Bajaj Auto
431,308
24%
TVS Suzuki
326,357
18%
Escorts
251,865
14%
Royal Enfield
25,504
1%
Total industry
1,796,734
100%
Royal Enfield
“Made like a gun, goes like a bullet”
History
Royal Enfield was the name under which the Enfield Cycle Company (a division of the British arms- making company Royal Small Arms Factory in Enfield Lock), made motorcycles, lawn movers and stationary engines. This legacy of weapons manufacture is reflected in the logo, a cannon, and their motto “Made like a gun, goes like a bullet”. Use of the brand name Royal Enfield was licensed by the Crown in 1890. In 1956 Enfield of India started assembling Bullet motorcycles under license from UK components, and by 1962 was manufacturing complete bikes. Enfield of India bought the rights to use the Royal Enfield name in 1995. Royal Enfield production, based in Chennai, continues and Royal Enfield is now the oldest motorcycle brand in the world still in production with the Bullet model enjoying the longest motorcycle production run of all time.
Target Market
Royal Enfield, as a premium brand, targets affluent Indians as its consumers. The segment of market which Royal Enfield caters to is urban working professionals or students, which has really powered bike sales. A large number of these are coming up from industries such as IT, banking, pharma and FMCG. Now, people earn more money and have greater disposable income. They want to make a statement and enjoy the ride for which bike is a perfect fit for them. They have targeted this growing set of consumers with their classic series of motorcycles – Classic 350 and classic 500, along with thunderbird series. With traditional stronghold markets of Punjab and Kerala, Ludhiana being the highest purchaser, Enfield has consumers who really like the feel and sound of the bike and are real loyalists.
The target market of Enfield as mentioned above is based on selective specialization of Market in 350cc-500 cc range. The differentiated products which it offers in this category serve the market or segment which has a pleasure for riding. The target market is the hardcore bullet lovers, the ones who have bought the bike through thick and thin and are looking for steady, sturdy and rough and tough bike. Because of its power and ruggedness it has found a target market in Indian defense services, police and paramilitary forces.
Positioning
Royal Enfield is positioned as a leisure and practical brand and has its own niche market for itself. It has positioned itself as a promoter not of motorcycles but of motorcycling experience.
The voice of Enfield is compared to a tractor, but even that has helped it position in the minds of its customers and aspirants. Built around quality and unflinching loyalty to the customer, a few reasons why the legendary Bullet is not just a bike but is also considered as a motorcycling icon. The ruggedness and reliability of the bike is endorsed by the army, the police, the paramilitary forces and over 500 institutions which form part of the die-hard customer base of the Bullet, dubbed the “Rajagadi”, or royal vehicle.
Another positioning perspective of Royal Enfield is to be considered as a truly genuine touring motorcycle. It’s a bike for long distance travelers, which is known as riding and eating up miles. It is also known, amongst hard core bikers, as promoter of leisure motorcycling as a lifestyle and encourages the Royal Enfield riders/owners to keep riding. It’s a bike which most of bike lovers wants to own and shares a place in their heart.
Marketing Mix
The differentiated positioning and target market of Royal Enfield in the bike market, has forced the Eicher group to strategize and place itself differently.
1) Product:
The two most coveted product offerings from Royal Enfield are Classic 350 and classic 500cc bikes. Following is the brief description of the product in both the segments.
Classic 350cc Classic 500cc
Engine
Single Cylinder, 4 Stroke, OHV, SI Engine, Aircooled, Twinspark
Single Cylinder, 4 Stroke, OHV, SI Engine, Air cooled, and Fuel Injection
Maximum Power
19.8 bhp @ 5250 rpm
27.2 bhp @ 5250 rpm
Maximum Torque
28 Nm @ 4000 rpm
41.3 Nm @ 4000 rpm
Transmission
5 Speed (left foot gear shift)
5 Speed (left foot gear shift)
Front tyres
3.25 – 19
90/90 – 18
Rear tyres
110/90 – 18
110/90 – 18
Front brakes
Hydraulic Disc Brake (Disc dia 280mm)
Hydraulic Disc Brake (Disc dia 280mm)
Rear brakes
Foot Operated 153 mm Single Lead Internal Expanding
Foot Operated 153 mm Single Lead Internal Expanding
Speed
120 Kmph
130 Kmph
The product offers maximum horse power (bhp) of 27.2 bhp which makes it an absolute driving pleasure while being on long drives.
Targeting, Positioning and Marketing Mix (Product) of Royal Enfield
Royal Enfield has positioned itself as a bike for passionate bike riders and those who travel more and frequently. Based on the positioning Enfield has designed the product which is more stable and power driven. The maximum power of 19.8 bhp and 27.2 bhp helps the bike to drive easily on hilly terrains. The torque and five gear transmission helps for more power distribution at each gear level and hence better performance. The disc brake at front tires provides emergency and stable brake system which does not allow bike to skid on the roads at high speeds and thus provide stability which is must for a travelers bike and for all weathers. The maximum speed has been kept again according to the needs and positioning of the brand. To provide the above listed features the most important factor is the engine power, which in Enfield is more than any normal bike i.e. 350 cc and 500 cc as compared to 100cc – 200cc. Youth which is the target market, looks for the above features in a product which also provides them with a non resisting temptation of driving Enfield and adds to their status symbol. Moreover the three colors red, black and grey are bold and evergreen colors in which the bike has its offerings. These colors also appeal to the youth category a lot. Hence the product has been designed after looking in to the considerations of the target market and company has positioned itself in the market in accordance to it.
2) Price
The price of the Royal Enfield has been kept according to the features and product offerings. Following are the prices of Enfield for its two classic 350cc and classic 500 cc offerings.
S No.
Variant
Price*
1
Classic 350 cc
Rs. 98,086/- Indian Rupee (INR)
2
Classic 500 cc
Rs 1,24,918/- Indian Rupee (INR)
*Ex show room Price Delhi Source: http://www.priceindia.in/bike/royal-enfield-classic-500-price/
As the power and features keeps on being added, the price of the bike keeps on rising.
Targeting, Positioning and Marketing Mix (Price) of Royal Enfield
The target market of Royal Enfield is the affluent Indian market which has greater disposable income. Also they have positioned themselves as a royal commodity and the exclusive bike lovers. This is for those who purchase bike as a commodity of pleasure and to enjoy the fun of biking. Enfield is not like any other two wheelers which are on the road. Because of the segment of the market to which it cater to, the positioning of bike in market and the product features it offers (as mentioned above) it is a premium segment bike and hence the pricing is much higher as compared to others bike. While making comparison it will other vehicles, it surely stands in league of high end bikes like pulsar220 cc and some ultra low segment cars like Tata Nano and Reva.
3) Place:
Royal Enfield production, based in Chennai, continues and Royal Enfield is now the oldest motorcycle brand in the world still in production with the Bullet model enjoying the longest motorcycle production run of all time. From here, it is also exported to other parts of the world like Europe and US. Considering India, they have strongholds in Punjab and Kerala, with Ludhiana in Punjab being the largest selling city. The bike has almost pan India level presence but limited to major cities of the states. It’s only Punjab where they have their presence across the states reigning from big to small cities.
Targeting, Positioning and Marketing Mix (Place) of Royal Enfield
Based on the sales and income, Royal Enfield has opened its authorized dealerships. Across India, they have strong regional presence in North India. In western and southern India they have limited themselves to the major cities of the states. Royal Enfield has a very limited presence in eastern India (only upto West Bengal). The strategy can be attributed to the targeting and positioning of the Eicher Motors. The states of Punjab with high per capita income and high disposable income, along with affluent living styles of community, takes a pride in owing this bike and hence turns out to be the leading state in sales. Also the positioning of bike as tough and rugged bike gels along with the mindset of Sikh and Jat community of Northern India. This has also made company to open its dealerships to open in the small towns of Punjab and Haryana. In rest of the country they have followed strategy of selective presence only.
4) Promotion:
The strategy till now for Enfield has been to stay away from the TV advertisements. Rather they have their own very subtle way of campaigning by involvement of individuals and organizing road trips to rough and far reaching areas of India. One of the campaigns in this strategy was Called ‘Keep Riding’, this effort steered clear of traditional forms of selling and, instead, roped in the company’s regional field staff, brand stores and key dealers. Company has entrusted the responsibility of reaching out to Royal Enfield customers to these staff and gave them the opportunity to experience their motorcycles through long rides. Their regional staff would have to plan these rides in advance and intimate their customers. The idea was to pick popular tourist spots and have fun for a whole day on their bikes. Also the site of Royal Enfield provides an immense insight into the company and its products. It also acts as one of the major promotional medium.
Royal Enfield promotional Tour: TOUR OF RAJASTHAN
The tour of Rajasthan is a tour far off the beaten tracks. It promises to test the grit and build of talent on the famed deserts and ride some of the best tarmac in the country.
Ride on routes that few ever ride on, country roads, sand dunes, hills, jungles, highways as good as landing strips, a dry salt lake and all with little or no traffic. Then there’s the border road where riders will be the only vehicle passing through the famous 1971 battle sites. The ride will coincide with the Marwar Festival at Jodhpur. Sumptuous Rajasthani meals and breathtaking monuments is a treat at almost every stop. Stay has been organized at heritage properties, a castle hotel, a palace and luxury dune tents. The ride promises to be another elusive rider’s paradise with the challenge of sand crossings.
Such event by Royal Enfield marks an entirely different strategy as followed by other companies like Hero Honda, Bajaj and TVS and thus Royal Enfield has a niche market for itself unlike others.
Targeting, Positioning and Marketing Mix (Promotion) of Royal Enfield
The promotion strategy as mentioned above is very much in line with the target market and positioning strategy of the company. Royal Enfield being a traveler’s bike and for those who wants to have pleasure of driving, is best promoted by organizing road trips to different tracks and locations of India. This serves two fold advantages to promotion. First, it creates a striking repo with the existing customers. Second, it serves a promotional event for the company.
The positioning of bike as a traveler’s bike could not have been conveyed to the customers in more communicative and apt way. Also, the bike being portrayed as steady, rugged and tough bike is also well described through these events. Such events has eye on the bike lovers, who are the target market, to go for the kill and fulfill their desires by converting them into their needs.
PULSAR
HISTORY
Pulsar is owned by Bajaj Auto in India and developed by the Product engineering division of Bajaj Auto. It was designed by the Japanese design house Tokyo R&D.
MARKET TREND
Pulsar ushered a new revolution in the Indian biking industry. Before the introduction of the Pulsar, Indian motorcycle market considerations were:
Fuel efficiency
Small capacity motorcycles
80-125 cc class
The only exception to the above trend in the market being Enfield Bullet motorcycles with higher capacity.
Pulsar has virtually redefined biking in this country. Pulsar, launched in 2001, is the market leader in the 150 cc + performance bike segment since its introduction. Also this brand has been a brand image of Bajaj Auto Ltd.
Before the launch of Pulsar, Indian bike market was divided broadly into Economy, Executive and Premium Bikes. In 1999 Hero Honda created a new segment of 150 cc performance segment with its CBZ. But Pulsar came and gave a new life into the Performance segment. Although not a pioneer, Pulsar made the performance segment one of the fastest growing segment in the two wheeler market.
VARIANTS
Pulsar has been launched in market in different variants as listed below:
1) Pulsar 135 LS (New)
2) Pulsar 220 DTS-i
3) Pulsar180 DTS-i
4) Pulsar 150 DTS- i
Target Market
Bajaj targeted the 18-24 with Pulsar but later found that the brand appealed to a much older audience. This helped Bajaj to change its target audience to 21-35 years. Currently, the numerical target is to export 1 million vehicles in three years (by 2010). More importantly, their desire is to build the Bajaj brand in some growing overseas markets. Also they want to grab and retain the leadership position.
Positioning
Pulsar was designed by the renowned design house Tokyo R&D. O&M knew that the communication of this brand should also be different. Starting with lot of ideas, O&M stuck upon the Big Idea of India’s He-Bike. Although lots of bikes take the persona of Macho bikes it was more oriented towards being sexy. The Big Idea was to position the bike as World’s first bike endowed with a Sex (Gender).Thus born the classic campaign of all times “Definitely Male”. The campaign together with the design and performance catapulted the brand into stratospheric sales level.
In 2003 milestone event happened in the product lifecycle of the brand. Bajaj launched its new technology DTSI. DTSi stands for Digital Twin Spark Ignition which delivered more power and efficiency. The increased performance of the brand took Pulsar to greater heights. 2004 and 2005 saw some cosmetic changes in the brand which excited the customers and thus cementing Pulsar’s position in the market
When DTSI was launched, the creative duty was assigned to Leo Burnett. Leo Burnett did a big mistake on the brand by changing the positioning of “Definitely Male” to “Digital Biking”. Although the ads were successful in conveying the technological superiority of DTSI and making that acronym popular, it deleted the most successful tagline from the brand’s elements.
Marketing Mix
1. Product
Depending on its target market and positioning strategy, company had a good marketing mix.
MILESTONES
2001: 150cc & 180cc Pulsar
2003: DTSi
2004 and 2005: Cosmetic changes
2007 : 200cc & 220ccDTS-Fi
2001
The original pulsar came with
1) 150 cc or 180 cc
2) Air cooled
3) Single-cylinder
4) 1,235 mm wheelbase
5) Single spark plug
6) Disc brake
2003
The second generation pulsars featured
1) DTSi technology
2) Increased power
3) Increased fuel economy
4) New headlamp assembly
5) 1,320 mm wheelbase
6) Standard twin-tone horn
2005
Bajaj launched another upgrade of the Pulsar
1)DTSi technology
2)17 inch alloy
3)Stance lowered by 12 mm
4)Gas filled Nitrox absorbers
5)1,320 mm wheelbase
6)Power output increased
2007
Bajaj began selling
Pulsar 220 DTS-Fi
Pulsar 200 DTS-I
Featuring
1)Fuel injection
2)Oil cooled engines
3)Digital dash
4)Modern styling
Targeting, Positioning and Marketing Mix (Product) of Pulsar
The Big Idea for the company was to position the bike as World’s first bike endowed with a sex. For this they kept on innovating the product and paid attention to the styling and sex appeal keeping its other features also improving. The new Pulsar boasts of spruced up engine, new digital console and new style. As the target market of bikes is majorly the youth population, greater emphasis is placed on the features and styling. The company made timely changes in the features of the bike so that the youth could connect well to the product and it remains positioned in their minds. In 2005 Bajaj launched another upgrade of the pulsar which had better technical standards and more power output. Also, to appeal it to the masses and rural sector new variant 135 cc was launched recently.
Pulsar is definitely getting better!
2. Price
According to a Zigwheel survey, with the features provided pulsar is available at lower price.
Price Range
* Bajaj Pulsar 180 cc Price in Delhi: 62,000/- Indian Rupee
* Bajaj Pulsar 180 cc Price in Mumbai: 70,000/- Indian Rupee
* Bajaj Pulsar 200 cc Price in Delhi: 72,000/- Indian Rupee
* Bajaj Pulsar 200 cc Price in Mumbai: 80,000/- Indian Rupee
Targeting, Positioning and Marketing Mix (Price) of Pulsar
According to its positioning strategy, it was featured as bike with sex appeal but the company wanted to attract the rural upper income people so pricing became an important factor. According to the survey, people did say pulsar as a ‘low price’ bike compared to others. The company had not kept too many variations in terms of prices and made it according to the mass appeal.
3. Place
Supply chain
Dealers
a) Primary channels
b) Secondary channels
c) Rural India foray
d) Probiking
Targeting, Positioning and Marketing Mix (Price) of Pulsar
For distribution purpose, Bajaj auto uses mix of depots and Cnf agents. This is completely dependent on the distance of manufacturing location from dealer point. For example due to extensive distance from manufacturing plant from West Bengal to north-east India, there exist a deport in Khadakpur with capacity of housing 800 vehicles. There are similar depots in Punjab, Rajasthan and southern India.
DEALERS:
For pulsar Bajaj has approx 221 dealers 600 authorised service stations and 800 rural outlets. Pulsar being a bike of masses is present at pan India level with effective and wide spread distribution network.
4. Promotion
Bajaj ace brand pulsar had a strong promotion strategy. According to Agency FAQ’s, the birth of the “Definitely Male” campaign is interesting. The creative honchos found the new product from Bajaj distinctly different. They have created lot of buzz in the youth market which is also the target market of pulsar 150cc/180cc & DTSi (Definitely Male). The concept of Definitely Male was well accepted by the people and Bajaj came out with some astonishing ads. Though the DTSi technology was new, it was very much accepted and adapted by people, which even prompted Bajaj to imitate it in other bikes like Discover. The message intended to be conveyed was very much clear. The following picture strips conveys the advertisement.
1) Getting on to his bike, a man gets all set to make a move. As he puts his helmet on, a message appears on the windshield, ‘Partially sunny from 16:37 hrs.’
2) While the biker cruises through the city, some army men are out for their jog. Just before they cross a road, a zebra crossing forms ahead them and disappears after them, while the biker waits patiently.
3) A young lady talks to her beau on the phone, while an image of his forms before her. She switches the phone off and the image disappears, in time for her to catch a glimpse of the bike.
4) Riding on, he spots a child playing with a remote controlled toy. In the next shot the toy turns out to be a roller coaster, with children inside enjoying the ride.
5) On arriving home, the biker is greeted by a robotic dog
6) As he takes off his helmet everything turns back to its usual self. MVO: “Imagine a world as advanced as the new pulsar DTS-i”
Targeting, Positioning and Marketing Mix (Promotion) of Pulsar
Bajaj has aggressively publicized Pulsar and in turn it has turned out to be flagship bike of Bajaj. The technology DTSi came out to be very effective and was properly conveyed through publicity advertisements, without any celebrity brand ambassadors. Also another adv with series of bikers performing amazing stunts was launched recently which was an outstanding one like many previous ones. Also, the trend has been long adv in the media to show cause bike more effectively. To increase their appeal in the youth population, they joined hands with MTV and launched a show ‘Stunt Mania’. The show highlighted the unique features of bike and strikes a chord with the bikers. It positioned the bike not only as stylish and appealing but also as a sturdy bike -‘The first choice for all biker’.
YAMAHA
“The heart and Soul of true biking”
Yamaha’s Vision
To establish YAMAHA as the exclusive & trusted brand of customers by “creating Kando” (touching their hearts) – the first time and every time with world class products & services delivered by people having passion for customers.
Yamaha’s Mission
Commitment of company:
* Be the exclusive & Trusted Brand renowned for marketing and manufacturing of YAMAHA products, focusing on serving customers where long term relationships are built by raising customer lifestyle through performance excellence, proactive design & innovative technology.
* Drive innovative solutions which will always exceed the changing needs of customers and provide value added vehicles.
* Build the Winning Team with capabilities for success, thriving in a climate for action and delivering results.
* Grow through continuously innovating business processes for creating value and knowledge across customers thereby earning the loyalty of partners & increasing our stakeholder value.
Aligning the product keeping in mind its vision and mission it has launched the:
Yamaha SZ-X 150 CC bike
Target Market
Yamaha wants to achieve its target of capturing 10% market share in the coming years by riding on volumes. The Japanese bike maker is trying to capture the ever growing youth market in India especially the urban working professionals, students who are coming mainly from Information and Communication Technology (ICT), Banking, Retail, Pharmacy, FMCG industries. The company has been successful in capturing the imagination of the youth by producing performance oriented bikes likes the R15 and FZ series in the past. The firm has now introduced a new model SZ-X that would excite the youth in huge numbers who are looking for a power performance plus a reliable commuter bike.
Positioning
The following lines bring about the intent and motive to buy for the targeted potential consumers:
The company has positioned the bike for consumers who are seeking Power. Also it keeps in line the comfort as the ultimate desire for targeted population. It also does the positioning proposition for going the extra mile with Yamaha .In the very end it seeks to provide the end consumer with unbeatable advantage of staying ahead of all the competitor bikes.
* The bike is positioned in the 150cc commuter segment as a stylish and comfortable motorcycle with adequate performance without having to restructure the monthly fuel budget.
* The SZ series has also been positioned to bring fashionable commuting fundamentals within the reach of wider audience.
* Thus it wants the audience to see it as a powerful, comfortable, fuel efficient bike which is ahead of competition in the contemporary times.
Marketing Mix
1. Product
Design of Yamaha SZ-X
Yamaha SZ-X has a nice and beefy front fairing, racy paint/graphics and sporty rear styling with a bold exhaust. Product design is done to bring out a styling which is very appealing to the youth, which is target audience. . The bikes flaunt some cutting edge design structures like the headlight cowl with 3-dimensional slanting line which along with a sporty fender with split look enhances the look of bikes. The long cushioned seat ensures comfortable riding position enabling a straighter back and Extra Comfort while commuting long distances. SZ-X is also equipped with some of the finest technologies like electric starter and a windscreen to cut inward air swirl, thus making a hassle free riding experience for the rider.
Design of the bike thus links the targeting of youth for a bike positioned to provide them with comfort.
Engine of Yamaha SZ-X
Yamaha SZ-X is aimed to deliver power, so might look out for a powerful engine from its previous series of bikes. To deliver buyers who are looking for more out of their commuter bikes Yamaha India decided to use the 153cc engine from FZ Series. So what they get is more power from engine that has been tuned for optimum performance i.e. Extra Power in the low to mid-speed range thereby ensuring a stress-free ride on Indian roads.
Here again, the alignment to targeting and positioning is visible as the manufacturers have responded keeping in view their objectives of bringing out a powerful vehicle.
Expected Fuel Economy of Yamaha SZ-X
Is around 60-70 kmpl in mixed driving conditions. There is a large capacity 14L fuel tank which gives the ability to go Extra Mile.
Again a conformance to go the EXTRA mile positioning proposition
Shades Available in Yamaha SZ-X
Yamaha SZ-X is available in 3 shades – Red, Grey & Black.
VEHICLE SPECIFICATIONS
Displacement
153cc
Engine
Air cooled,4stroke
Maximum Power
12bhp@7500rpm
Maximum Torque
12.8Nm@4500rpm
Gears
5manual
Fuel Tank
2
Wheel Type
Alloy
Colours
Brakes
Self Start
Red ,Grey & Black
Drum
Yes
SZ-X has sporty alloy wheels. The Yamaha SZ provides world-class level of built quality. SZ-X is available with an electric start but disc brakes have been omitted. Adding to SZ-X charisma are the sophisticated meter panel, shroud with dynamic image, modern look dual tail lights, full plastic chain case (gives protection from dust & water), robust side cover and 5-spoke cast wheel.
Thus synchronicity with the vision, mission, targeting and positioning is very well established through the product after consideration of all aspects of product.
2. Price
Price of Yamaha SZ-X
Yamaha SZ-X has been priced at 60,000 rupees (On-road). So, a realistic on road figure of INR 60,000 could just seal the deal for the Yamaha SZ-X 150 and bring plenty of customers who hitherto had stayed away from the Yamaha fold due to high price of the Yamaha FZ16, which at close to INR 75,000 on road was seen as out of reach for the average commuter motorcycle buyer, who instead preferred to settle with the Unicorn. This time it will appeal to office goers who want to shoot past that diesel fume belching bus faster than they could do with their Splendors and Boxers.
Thus staying ahead is brought about and the positioning is captured through affordable price.
3. Place
Yamaha has a pan India presence with over 500 dealers. Yamaha also plans to restructure its dealership network in India and is toying with the idea of converting the dealership stores into concept stores. Recent initiatives have been launched by Yamaha in the field of business-to-business as well as business-to-consumer cooperation with Dealers. The new showrooms based on YAMAHA VISUAL IDENTITY are one of the many steps in this direction. Dealer network works on the “3S” fundamentals of -SALES SERVICE and SPARE PARTS under one roof. Tries to link the target youth’s psychology of better, efficient and faster services by providing umbrella stores.
4. Promotion
Initial launch at Delhi Auto Expo provided tremendous visibility across the country. Bollywood hunk and Yamaha’s brand ambassador, John Abraham marked the launching event of Yamaha’s SZ-X bike. The company’s association with John Abraham can be seen as a ploy to tap the target audience, as John a passionate biker himself appeals and adds a new dimension to the brand image. He serving as an advisor to the brand also brings about value-additions towards Yamaha’s initiatives.
The Ad Campaign
The picture above depicts the YES! YAMAHA promotional campaign for SZ-X .
Promotion is thus associated with targeting youth market by raking in superstars to bring about ripple effect amongst the potential bike users.
All the 4P’s are very well aligned to Targeting and Positioning and now it remains to be seen how the brand works its way through the real test of competitive market. Here is the end consumers perception after a test ride.
Brand Image and Perception of Yamaha SZ-X
The SZ-X has a muscular don’t-mess-with-me stance. The competition might call it an attitude problem but it sure seems to be helping the SZ-X, especially in view of the paucity of an aggressive looker in this class. But the quality of the console feels very feeble and understated as compared to the SZ-X’s brawny appeal and confident poise.
Styling: The plastic and switchgear quality is well upto the Yamaha standards but the view from the saddle is a little jaded.
Comfort: As much as the bike appears brutish and belligerent to look at, the SZ-X comforts the rider with just as much ease once you get astride it. The ride is plush and the suspension is configured for a bump-free ride even on our broken roads.
Power: SOHC motor pumps out 12.1HP of power at 7,500rpm and an impressive 12.8Nm of torque available low down from 4,500rpmPower is transmitted to the wheel via silky smooth 5-speed transmission that offers seamless shifts with precise feedback each time you slot into a cog.
The road ahead for SZ-X and linking with staying ahead proposition
SZ-X has everything in place for what a power-commuter buyer is looking for in a motorcycle – styling, comfort, power and efficiency. The SZ-X though has its work cut out to take on the true blue power commuter on the market today – the Bajaj Discover 150 DTSi. While the Discover doesn’t have the sheer sparkle in its visual makeup, it delights in its delivery which is of a very high order. The Yamaha must beat Bajaj on the performance front which it lacks right now and so this constitutes an interesting race to see whether style and turnout can compensate for drive and efficiency. Well Yamaha has done its best to keep prices pegged low. The die has been cast and the new 150cc commuter is now out in the open for warfare.
Passion Pro
“Ab sirf style hi style bolega”
History
Hero Honda Moto` Ltd. is the world’s largest manufacturer of two – wheelers, based in India. Hero Honda Moto` entered into a technical-cum-financial collaboration agreement with Honda Motor Co. Ltd., Japan (HML) that began in 1984. As per this collaboration agreement, HML was to furnish complete technical information and know-how and trade secrets and other relevant data. Since then, over a span of two decades, Hero Honda Moto` Limited has metamorphosed into one of the world’s largest motorcycle companies. In 2001, the company achieved the coveted position of being the largest two-wheeler manufacturing company in India and the ‘World No.1’ two-wheeler company in terms of unit volume sales in a calendar year by a single company. The Hero Honda story began with a simple vision – the vision of a mobile and an empowered India, powered by Hero Honda. Hero Honda’s key strategy has been driven by innovation in every sphere of activity – building a robust product portfolio across categories, exploring new markets, aggressively expanding the network and continuing to invest in brand building activities. In the 1980’s Hero Honda pioneered the introduction of fuel-efficient, environment friendly four-stroke motorcycles in the country. Today, Hero Honda continues to be technology pioneer. It became the fi`t company to launch the Fuel Injection (FI) technology in Indian motorcycles, with the launch of the Glamour FI in June 2006. Starting in 80s, Hero Honda introduced new generation motorcycles that set industry benchmarks for high fuel efficiency and low emission. Banking on its ‘Fill it – Shut it – Forget it’ campaign, Hero Honda has sold millions of bikes purely on the commitment of high mileage.
Target Market
Passion Pro is aimed to target the Indian youth with its stylish look and high performance. Passion Pro has a 97.2cc 4-Stroke, Air-Cooled OHC engine with a 4 speed manual transmission that is able to produce 7.8PS power at 7500rpm and 8.04Nm torque at 5000rpm. Hero Honda Motorcycles are well known for its stylish looks, high engine performance and low maintenance. With the launch of this new bike Passion Pro; Hero Honda renewed their interest to capture the low segment (100cc) motorcycle market in India. Contrary to the highly affluent market targeted by Passion Pro, Passion pro cate` more to the lower segment. With its style statement, consume` desiring a complete package of cost and style prefer buying Passion Pro. Strive`, pertaining to the psychographic segmentation comprise the broad targeted market.
Positioning
Passion Pro is positioned as something which gives the consumers the value of a bike at a great mileage. More smiles per mile. It has positioned itself as a one stop solution for features which anyone would desire at the most efficient and optimum cost. Its premium black alloy wheels, matt finished black silencer with heat protector, sporty looks, stylish new chrome graphics, black color engine and bright red color cushion spring makes Passion Pro looks to kill anyone. It has not only positioned itself as a style icon in the consumers’ minds but as no nonsense, reliable, long lasting, acceptably good looking, comfortable, and efficient 100cc bike.
Passion gives an enthralling experience and is really easy to maneuver with around the cities because of its light weight and slightly raised handlebar. Though at higher speeds, the bike feels less confident, on the whole, it is great for riding around bad roads and through cities with a pillion on board.
Marketing Mix
The selective positioning and target market of Hero Honda Passion in the bike market, has forced the Honda group to strategize and place itself differently.
1. Product:
The two most coveted product offerings from Passion Pro are Classic 350 and classic 500cc bikes. Following are some of the striking features of Passion:
* Stylish Visor with Black Tinted Wind Screen
* Self Start/Kick start
* 240mm, Disc Brake Option
* High Performance Fuel Efficient Engine
* Black Alloy Wheels.
* Stylish New Graphics
* Fuel Efficiency
* Engine Type : OHC, 4-stroke, Air Cooled
* Maximum Power : 7.8PS @ 8000rpm
* Bright Red Color Cushion Spring
* Contemporary Body Colored Rear Grip
Targeting, Positioning and Marketing Mix (Product) of Passion Pro
Hero Honda Passion Pro is of 100c engine and it is one of the most powerful engines from the plant of Hero Honda. It attains a top speed of 85kmph and it displaces 97.2cc. Passion Pro showcases some new features and improvements with a facelift. They include new front visor for the modern look, tweaked dials for better readability and new graphics on body panels and tank. The red color sporty shock absorbers at the rear and full silencer guard are welcome additions in Passion Pro. It also gets a new black kick start lever. Roller mechanism of the engine is further tuned to reduce friction and vibrations. An integrated electric motor helps to start the bike with a push- button.
Ride, handling and ergonomics is where it really comes into its element, as soon as the rider sits on the Hero Honda Passion Pro. He not only feels it’s well cushioned seats, and it rides along, notices the neutral riding position which somehow balances the weight and manages not to stress its arms or back. The suspension feels slightly firm when riding alone, but when there is a pillion on board, it becomes much softer and more comfortable, speaking of which, the pillion’s seat is really wide and comfortable and is actually much better that some of the 150cc bikes on the market. The bike can chew up bad roads really well while being stable and rigid.
Available Colors of Hero Honda Passion Pro are: Black with Sports Red, Vibrant Blue, Leaf Green Metallic, Sports Red, Black with Frost Blue and Force Silver. These colors give a completely rejuvenating feel to the bike and establish a link with the personality of the rider.
2. Price
The price of the Passion Pro has been kept according to the features and product offerings. Following are the prices of Passion Pro across different cities:
City
Ex. Show Room
On Road
City
Ex. Show Room
On Road
Delhi
43,000/-
45,489/-
Kolkata
43,500/-
49,825/-
Bangalore
43,600/-
49,195/-
Chennai
43,600/-
49,085/-
Pune
43,819/-
48,969/-
Mumbai
45,000/-
50,292/-
Targeting, Positioning and Marketing Mix (Price) of Passion Pro
The target market of Passion Pro is the low segment Indian market which has greater appetite for stylish products at the right cost. The bike does not only position itself as a style statement for the rider but also gives a wholesome riding experience. Since the bike caters to the middle/low segment, prices even in different metros are not significantly different. Despite an optimal combination of the necessary features and the desired amenities by a rider, Hero Honda is still able to price Passion Pro in the range of `42,000-51000. It offers competition across different brands and has been successful in carving a differentiated market for itself owing to the right allocation of cost
3. Place:
Passion Pro production, based in Chennai, continues and Passion Pro is now the oldest motorcycle brand in the world still in production with the Bullet model enjoying the longest motorcycle production run of all time. From here, it is also exported to other parts of the world like Europe and US. Considering India, they have strongholds in Punjab and Kerala, with Ludhiana in Punjab being the largest selling city. The bike has almost pan India level presence but limited to major cities of the states. It’s only Punjab where they have their presence across the states reigning from big to small cities.
Targeting, Positioning and Marketing Mix (Place) of Passion Pro
Based on the sales and income, Passion Pro has opened its authorized dealerships. Across India, they have strong regional presence in North India. In western and southern India they have limited themselves to the major cities of the states. Passion Pro has a very limited presence in eastern India (only up to West Bengal). The strategy can be attributed to the targeting and positioning of the Eicher Moto`. The states of Punjab with high per capita income and high disposable income, along with affluent living styles of community, takes a pride in owing this bike and hence turns out to be the leading state in sales. Also the positioning of bike as tough and rugged bike gels along with the mindset of Sikh and Jat community of Northern India. This has also made company to open its dealerships to open in the small towns of Punjab and Haryana. In rest of the country they have followed strategy of selective presence only.
4. Promotion:
Hero Honda has stylized its bike Passion Plus with its new avatar ‘Passion Pro’ with enhanced features, graphics and looks, taking the brand ‘Passion’ ahead. A new TVC has been unveiled stressing on the style quotient of the bike and making maintaining one’s composure at all times ‘cool’.
The new TVC is about a Passion Pro rider who remains calm and confident amid a chaotic, impatient traffic. Impatience is the way of life these days, but the Passion Pro rider breaks down this pattern. Despite the traffic snarls and an errant group of boys provoking him, he keeps his composure and appears to be sure of himself. The jingle adds on the captivating element of attitude to the ad by communicating ‘style’, but not overtly.
PerceptH is the agency behind the TVC, which has been produced by Film Farms. Commenting on the ad, S Suresh, AVP, PerceptH, said, “The ad is based on the insight that bikers face a lot of embarrassment when they have to kick start their bikes at busy signals. Perhaps, one actually stresses at the sight of a red light knowing he would need to kick start and get going quickly. There is always this rattling anxiety and nervousness, ‘What if’. The sense gets worse when the bike doesn’t start with repeated kicks. Harping on this issue and setting it in a slice-of-life situation, we played upon ‘reverse embarrassment’. In this, it’s not the biker who faces embarrassment, instead it’s the others who scream at him and make fun of him and are left feeling ashamed and uncomfortable as they are the ones to actually hold up the traffic. Also, certain things in life can be communicated without actually saying it. (Primarily the gist of how we communicated ‘style’). At times, even the attitude and the action communicate the intention.”
Targeting, Positioning and Marketing Mix (Promotion) of Passion Pro
The promotion strategy as mentioned above is very much in line with the target market and positioning strategy of the company. Passion Pro being a traveler’s bike and for those who wants to have pleasure of driving, is best promoted by organizing road trips to different tracks and locations of India. This serves two fold advantages to promotion. Fit, it creates a striking repo with the existing customer. Second, it serves a promotional event for the company.
The positioning of bike as a traveler’s bike could not have been conveyed to the customer in more communicative and apt way. Also, the bike being portrayed as steady, rugged and tough bike is also well described through these events. Such events has eye on the bike love`, who are the target market, to go for the kill and fulfill their desires by converting them into their needs.
Bajaj Discover 100cc
BAJAJ AUTO
Bajaj Auto is a major Indian automobile manufacturer started by a Rajasthani merchant. It is based in Pune, Maharashtra, with plants in Chakan(Pune), Waluj(near Aurangabad) and Pantnagar in Uttaranchal. The oldest plant at Akurdi (Pune) now houses the R&D centre ahead. Bajaj Auto manufactures and exports motor scooters, motorcycles and the auto rickshaw. Bajaj Auto came into existence on November 29, 1945 as M/s Bachraj Trading Corporation Private Limited. It started off by selling imported two- and three-wheelers in India. In 1959, it obtained license from the Government of India to manufacture two- and three-wheelers and it went public in 1960.
The company, headed by Rahul Bajaj, is worth more than US$1.5 billion
Target Market
Bajaj has always introduced sensible machines in an organized segment wise classification of motorcycles. Instead of introducing a machine randomly, the company has defined certain segments of customers and has launched bikes that are targeted to specific consumers. Bajaj before launching Discover DTSi 100cc was not much focused on 100 cc market. The entry level motor cycle Bajaj’s Platina is doing good business in 100 CC segment but there was no bike in mid range business class series where TVS Victor, Splendor, Passion Plus etc. competes. Discover 100 cc has been powered by Bajaj’s revolutionary DTSi technology and has a new combustion engine. It is the first 100 cc bike to include 5 speed transmission. Currently 100 cc is most active bike segment in India in case of sales. So Bajaj had taken extreme care on the design ,specification and price tag of Discover DTSi 100cc .The standard model of the vehicle will include alloy wheels ,electric start auto chock etc .
Bajaj Discover 100cc is targeted towards rural as well as semi urban regions. This is basically an entry level bike priced at Rs. 40,000 (ex-showroom) and targets the middle class two wheeler consumers. It is geared towards long distance rides and promises a host of advantages to the riders over other models.
Positioning
Bajaj Discover 100cc has been positioned as “Discover India with the power of 1 litre”. Giving a true insight into their brand name, the TV commercial takes us with them on a ride to explore lesser known but highly fascinating parts of India. We are introduced to the Magnetic Hill in Ladakh, where vehicles are pulled uphill by magnetic forces: Mattur, near Mangalore – a Vedic village, where the natives converse in the ancient language, Sanskrit: Jambur, near Junagadh – India’s own little mini Africa and Shani Shingnapur, near Aurangabad, where the door-less houses are protected from theft and robbery by Lord Shani. Same is being positioned by print ads.
As common with bike ads, the features of the bike’s shock absorbing suspension, easy maneuverability and stunning good looks are highlighted in the ad, as the rider encounters uneven terrains, to reach these places.
The singular theme being promoted through these ads, is the bike’s mileage. In other words, the bike is simply positioned as ‘don’t be worried about the cost. The bike’s super mileage takes care of it for you.’
An astounding overall mileage of 87 kmpl (102 kmpl on highways) establishes the bike as the most fuel efficient, in its class. The ad works because it knows its target customers and what they are looking for, in this bike. The bike positions itself as a bike for long distance rides and promises a host of advantages to the riders over other models. But by highlighting its mileage in a way it also is meant for a person who is an everyday city commuter, who needs the bike to reach point A from point B. But he doesn’t want a hole in his pocket, after the daily rides.
Marketing Mix
Bajaj Discover comes in two variants currently, 100cc and 150cc. The marketing mix is different for both of them as they cater to different target market and are positioned differently.
1. Product
Creativity is shown by keeping certain elegant features in it like its dazzling body graphics, ride control switch, muscular, sturdy and classy body lining, opt prism head lamp with twin pilot lamps which is placed in a jet canopy styled fairing with a smoked visor, stylish tail lamp, full function twin pod console, integrated new style tail lamp and fluid grab rail design, etc. It is also equipped with an Electric start button. Considering comfort of the biker, this bike is fitted with Spring and Spring (SNS) rear suspension with triple rated springs guarantying longest travel of 110mm, telescopic front suspension of 30mm diameter with the promise of longest travel of 135mm in its class.
The superior performance of this super bike completely rests upon its lighter and stronger 17″ alloy wheels.
100cc Discover
Engine
Single cylinder, 4 stroke, air cooled
Maximum Power (Ps@rpm)
7.7 @ 7500
Maximum Torque (Nm@rpm)
7.85 @ 5000
Transmission
Wheels
Black Alloy wheels
Brakes
Drum brakes
Max Speed
91kph
Targeting, Positioning and Marketing Mix (Product) of Bajaj Discover
Taking into consideration the target market and the way Bajaj Discover has positioned itself we can say that it is value for money. Implied DTSi technology in Discover 100cc has improved the total performance and millage of the bike. It is expected that it would provide 80 kmpl on standard conditions .This millage is far better when compared with other 100cc motor bike which usually provide in range of 60-65 kmpl. Discover DTSi 100cc will upgrade the 100cc customer to the performance level of a 125cc bike. This machine is designed especially for business personals and others who travel more than 50-100 km per day.
Bajaj Discover DTSi 100 cc is be available on five colors Black red, Black green, Black blue, Red and Blue.
2. Price
Discover is a bike which is larger, more comfortable, handles better and surer plus is armed with an engine which might displace 100cc but has response, power and refinement of a class higher. Thanks to finely developed technology by the Stars Ahead team, the fuel efficiency played a critical role in the overall appeal of the bike. The price of Bajaj Discover has been kept considering the features and technology used.
The Bajaj Discover DTS-Si is available in five colors and is priced around Rs 40,000 (ex-showroom, Delhi).
Targeting, Positioning and Marketing Mix (Price) of Bajaj Discover
The target market for Bajaj discover being lower middle class, middle class and two wheeler customers and youth of India who loves traveling on bikes. The superb mileage offered by Discover in 100cc segment is a high value for money. With the rising fuel prices people are more conscious about fuel efficiency and this bike caters to their need very well in an affordable price.
3. Place
Bajaj auto has a PAN India presence, it has got showrooms in all parts of India be it metros, semi urban and rural India. It has a strong distribution network which is used for all its variants of bikes.
The Bajaj Discover a motorcycle made by Bajaj Auto in Chakan, India. From here it is transported throughout India.
Targeting, Positioning and Marketing Mix (Promotion) of Bajaj Discover
The distribution network and the location of the stores are in line with the targeted segment and the positioning of the bike. The bike is easily available in the market without any hassle involved.
4. Promotion
Discover brand was introduced to challenge the Splendor brand, which has been the market leader in the entry-level segment. Their visibility is both in the TV commercials and print media. The TV commercial takes you to some undiscovered Indian places with some amazing features. There is also an interactive map of all these places at the official website of “Discover India with the power of 1 liter” campaign. This made them easily connect with customer as they are seeking a fuel efficient bike.
Targeting, Positioning and Marketing Mix (Promotion) of Bajaj Discover
Considering its target market its promotion strategy was as
* Big on mileage: DTS-Si ver. 2.0 engine
* Big on technology: 5-speed gearbox, Auto choke
* Big on style: All black styling, Alloy wheels, LED tail lamp, Twin pilot lamp
* Big on comfort: Longer wheelbase, Nitrox suspension
* Big on value: Electric start at Rs.40,000
The Road Ahead……………..
The two-wheeler has always been an intrinsic part of the Indian milieu. It offered and continues to offer the Indian middle class the freedom from the clutches of an often non-existent or unreliable public transport system. It offers mobility at a reasonable cost. For a large portion of the population a scooter or a motorcycle is a necessary accessory for their livelihood.
Of late, the two-wheeler industry has been under an analytical microscope with volumes slowing down and even showing a negative growth. Financiers are being more cautious in their lending, leading to greater pressure on volumes. The industry seems to be caught in a negative downturn at the moment but the key question remains – is this downturn temporary or is it here to stay?
From the financiers’ perspective, servicing this industry and this customer segment is an operationally intensive exercise, covering locations that fall outside city limits and being dependent on correspondent banking relationships and a robust collection infrastructure. In the case of a downturn, caution enters the equation as financiers look to keep NPAs under control.
The customer typically belongs to the lower-middle and middle class. For this segment, aspirations have outpaced real income growth leading to a greater propensity to borrow and spend. With rising inflation, this segment has found itself over-leveraged. The hardening of interest rates at such a juncture leads to the customer postponing or deferring a new purchase.
The one-lakh-rupee car Nano is seen to be another threat to the two-wheeler industry but the truth is that the running and maintenance cost and the sheer convenience of a two-wheeler, given our infrastructure, are difficult to replace.
This environment has prevailed for the past six months but this is beginning to see a change with inflation showing a decline and interest rates showing the first signs of softening. As a general trend the industry has begun to lower interest rates, in a segmented fashion. Given these changes in the environment we can expect to see an increase in demand with a certain lag effect – the time it takes the benefits of reduced inflation to impact the customer’s cash flows.
Manufacturers are also working at increased segmenting of the market launching products aimed a newer segments like girls and women. Newer products, such as electrically powered motorbikes are also being introduced in the market. The market also is seeing a lot of action in the 150cc plus market with new models slated to hit the market. At the same time, brand building and promotional spends of top manufacturers have not shown significant reduction, keeping the category in the minds of potential customers. The festive season will bring in price-offs and discounts along with other promotional offers that will provide another fillip to sales.
While this will have a temporary impact, it is imperative that the manufacturers, dealers and financiers work together even more closely. Manufacturers have a very strong relationship with their suppliers and dealers but very often view the financier as an external ‘service provider’. The financier has to have greater integration in the entire supply chain, working towards maximising customer solutions and services.
To sum up, all the economic indicators remain positive. The demographics of the country remain favourable for the industry and there is a tremendous tailwind in the economy and a spirit of prevailing optimism in the country, which makes us very confident that a turnaround in the two-wheeler industry is just around the corner.
According to the Ratings Company Credit Analysis and Research (CARE), the two wheeler industry is expected to grow at 19.4 percent this fiscal.
Longer term outlook is also expected to be healthy, with the domestic sales projected to grow in double-digits over the next five years
CARE also said that it expects investment for capacity expansion of about Rs.900-Rs.1, 000 crore in the sector over the next two-three years. The investment would also be focused towards product development.
References
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