The introduction of products like Ronin will help
Company outpace the market in the coming years, said the senior company executive.
K N Radhakrishanan, CEO of
Motor Company said, he expects the two wheeler market to return to a positive growth in FY-23 with the market returning to double digit growth in the next couple of years.
Developed with an investment of little over Rs 100 crore, TVS Motor Company plans to sell about 1 lakh units in FY-23 said Radhakrishnan.
Reflecting on the market dynamics this year, Radhakrishnan said the market is in a strong recovery mode with the opening up of economic activities including schools, colleges and offices in hybrid mode. “We have to be a little cautious, but the market is looking up” Radhakrishnan said of the pick-up in economic activity, particularly in rural areas after monsoons. “We will return to double digit growth in two years,”
Radhakrishnan said that TVS Motor would grow ahead of the industry, with 35% of its products falling in the premium category.
The maker of Apache motorcycle aims to offer “a modern retro” alternative in the premium motorcycle or upgrader space with Ronin priced at Rs 1.49 lakh to Rs 1.68 lakh ex-showroom and challenge
and Yamaha Motorcycle who are the top two alternatives in the segment and also look to wean away entry Royal Enfield buyers.
Codenamed U368 internally, TVS Motor Company is planning to produce about 10000 units per month of Ronin, which will help the company grow its share in the premium motorcycle segment by 3-5%, according to people in the know.
Having established a strong position with Apache for over a decade and half, its recent attempt with RR310 did not take off. With the Ronin, TVS is making yet another attempt to capture a larger share.
To be sure, while TVS has a strong presence in the entry premium motorcycle segment of 150-200 cc with a 40% market share, TVS however has a very miniscule market share with RR310 in 200-350 cc space. With the new range of lifestyle Ronin motorcycles, it is hoping to change its competitive position in the marketplace.
The higher raw material prices and overall pricing of components can cause some headwinds but mobility needs and infrastructure development on a high lane would lead to motorcycle premiumisation. ” I’m sure TVS Ronin will have its own clubs,” said Radhakrishnan.
Even as it explores buyer segments in the conventional petrol market, TVS Motor is also stepping up its electric vehicle drive. Recently, it launched its electric two-wheeler iCube in three variants with a host- of technology-enabled features such as a new touchscreen, with personalisation features, and Amazon Alexa enablement.
TVS Motor would look to export the Ronin to International markets too in the ASEAN, Latin America, and West Asia.
