Hero’s key competitors like TVS Motor, Bajaj, HMSI and Royal Enfield have all upped the ante in the premium end of the market.
Hero MotoCorp, the country’s largest two-wheeler maker, is accelerating its push in the premium end of the market, with multiple products in the pipeline. These models will be launched in the coming years and will also include a motorcycle in the adventure sports segment.
- Hero MotoCorp working on 300cc+ bikes for India
- Aims to capture share in the premium motorcycle segment
This push towards capturing market share in the premium segment comes at a time when its bread-and-butter mass-market segment is under prolonged stress, while premium motorcycle buyers remain relatively insulated from the pressures of inflation.
Sources say Hero plans to foray into the 300cc segment with two new models by the first-half of FY2024. In fact, the brand expects to launch a premium product every year from hereon to drive profitability.
The first motorcycle that’s likely to hit the market is an ADV with a 300cc-plus liquid-cooled engine that will rival the KTM 390 Adventure and the BMW G 310 GS. The second one could be based on the ‘Hero Xtreme 200S’ that will rival the TVS Apache RR310 and KTM RC 390. Both these bikes were recently spotted testing in Ladakh.
During an investor call, the company also confirmed the development of a joint product platform with Harley in India for its super-premium bike range.
Hero’s big push in the premium motorcycle market comes at a time when key competitors like TVS, Bajaj, Honda and Royal Enfield have upped the ante in the premium end of the market. Their wide range of offerings include the Honda CBR300R and H’ness CB350, the TVS Apache RR 310 range, and Royal Enfield Meteor 350 and Hunter 350.
According to Society of Indian Automobile Manufacturers (SIAM) data, Hero MotoCorp, which currently has a market share of 47 percent in the overall motorcycle segment, has a minuscule share of 5-7 percent in the premium segment, with about 47,000 units sold in the first six months of FY2023, which too is largely in the lower end of the market. The new 300cc-plus motorcycle, hence, will have a lot riding on their shoulders.
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