Hero MotoCorp! The company aims for an aggressive new product offensive in the financial year 2024, with several two-wheeler launches across different segments. They intend to introduce new commuter, executive, and premium models.
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Aggressive Strategy
In addition to focusing on these segments, Hero MotoCorp is refreshing its strategy in the 100cc and 110cc segments, where they currently hold a market leadership position. This strategy is primarily driven by the early signs of recovery in rural markets, which have shown improved market sentiments.
Hero MotoCorp aims to strengthen its margin and regain the lost market share by leveraging the improved market sentiments and the ongoing wedding season in April-June. As part of this plan, they intend to introduce one new product every quarter of the 2024 financial year.
Furthermore, Hero MotoCorp wants to expand its product range in the 150-450cc segment, indicating a potential for more powerful motorcycles in their lineup. These launches in various segments and market segments are expected to help the company regain its market position and drive growth in the coming financial year.
CEO
Hero MotoCorp, under the leadership of CEO Niranjan Gupta, is experiencing growth across various segments. The company is witnessing growth in entry-level, deluxe, and 125cc models and in the premium segment and scooters. Gupta mentioned during an analyst call that Hero MotoCorp expects to launch the maximum number of models in its history this fiscal year. The CEO expressed confidence in the upward trend of critical indicators and expected the Indian economy to outperform most other countries.
Hero MotoCorp also focuses on enhancing its presence in the premium segment by upgrading its Xtec variants. There have been discussions about the launch of the 450cc Hero Xpulse and a larger capacity Xoom model.
Furthermore, Hero MotoCorp’s partner, Harley-Davidson, plans to introduce a motorcycle with a displacement of 400cc or more this year. Hero MotoCorp will handle the service and parts requirements for Harley-Davidson bikes in India.
New launches
In anticipation of the wedding season, Hero MotoCorp has expanded its Splendor line. The company has introduced the HF Deluxe at the entry level, equipped with additional features such as tubeless tires and a USB charger to attract urban and semi-urban markets.
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Hero MotoCorp has also focused on improving its market share in the executive 125cc segment, where it previously lagged behind its competitor Honda Motorcycles & Scooters India. The CEO mentioned that the company’s market share in the 125cc space has improved to 22 percent from the previous 14 percent.
In the electric vehicle domain, Hero MotoCorp has accelerated its plans to expand the availability of its Vida electric scooter. The company aims to introduce the Vida scooter in 100 more cities by the end of this calendar year, indicating its focus on the growing market for electric two-wheelers.
Source: Team-BHP
