Hero to Unveil 15 New Products Before the End of Fiscal Year
India: Hero MotoCorp has planned
to launch 15 new products with the first product being the Achiever 150, which
will be on sale by September end. Moreover, the new bike will be enabled with
i3S technology, mainly focusing on auto start-stop system. Also, the Super
Splendor bike will be deployed with the similar technology. In addition to
that, this recent technology would assist the bikes to achieve a higher fuel
efficiency figure as well.
The
company also plans to launch new scooter variants by the end of the year. Besides
that, Hero MotoCorp is also planning to upgrade the two wheeler line-up to BS4
(Bharat Stage IV norms).
The
company is constantly taking steps to expand all across the country as well as
in the overseas market. As a part of its expansion strategy, the company has
invested to open a new plant in Gujarat during third quarter and another one in
Bangladesh during the fourth quarter of the current fiscal year.
Under
the similar strategy, the company has recently appointed distributors in Mexico
and Argentina as well.
According to a recent report published by TechSci Research , “India Tire Market
Forecast & Opportunities, 2021”, with
over 60 tire manufacturing facilities spread across the country in 2015, India
ranks among one of the largest tire markets around the globe. Growing
automobile sales coupled with expanding automobile fleet are the major factors
boosting demand for tires in the country. Moreover, with favourable
inflationary scenario, expanding middle class population and increasing
national disposable income, tire sales across all the automobile segments are
expected to grow in the coming years.
TechSci Research believes that, launch
of 15 new products including motorcycles and scooters by Hero MotoCorp would
result in increase in the demand across both OEM and replacement two-wheeler
tire markets of India. Expected increase in the OEM and replacement demand for
two-wheeler tires would support the dominance of two-wheeler tire segment in
India tire market over the next five years.