A top executive at TVS Motor stated on Wednesday that the company wants to increase its market share in the premium motorbike class, which they feel is poised to gain traction due to rising Indian wealth.
"In India, infrastructure is rapidly expanding, as is disposable income." People are exploring and spending more," Vimal Sumbly, TVS Motors' head of premium business, told reporters in Kolkata after the launch of the TVS Apache RTR 310 in West Bengal. "Our goal is to increase our market share in this category. "Our goal is to grow the premium motorcycle segment in the country," he continued.
Sumbly further stated that individuals, particularly Generation Z, are shifting from purchasing a product to purchasing an experience. To capitalize on the growing demand, TVS Motor intends to sell products, offer numerous add-ons and customizations, and carry out community programs.
"There is a lot of momentum, and this premium segment is growing at a rate of 10%-15% per year." The premium industry size is 16-17% in India of overall two-wheeler sales at the moment and TVS enjoys the second position in the market," he said.
With the addition of the TVS Apache RTR 310 to its range, TVS Motor now provides premium motorbikes with displacements ranging from 160 cc to 310 cc.
TVS exports two-wheelers in all categories to roughly 55 countries, with a global sales volume of one million units per year, and is eager to extend its presence, he added. "With the new launch, our goal is to increase the volume of the premium segment." "With our new launch RTR 310, we will soon go to Latin America," Sumbly stated.