Hero MotoCorp has lined up an aggressive new product offensive for financial year 2024 with a number of two-wheeler launches in the commuter, executive and premium segments in the current year. The company is also refreshing its strategy in the 100cc and 110cc segments, where it is the market leader, on the back of rural markets that have shown early signs of recovery.
- Largest number of launches by Hero Motocorp in FY2024
- New two-wheelers in 150-450cc segment to be introduced
On the basis of improved market sentiments, and the ongoing wedding season in April-June, it expects to strengthen its margin and regain its lost market share by introducing one product in every quarter in the 2024 financial year.
According to Niranjan Gupta, CEO of Hero MotoCorp, the company is witnessing growth across entry, deluxe, and 125cc models, the premium segment as well as scooters. "Probably this fiscal year, we'll see the maximum number of launches that Hero has ever seen in its history. All of the key indicators are trending upward, and we expect the economy to outperform most other countries," Gupta said during the analyst call.
Additionally, it is also eyeing enhancing its foothold in the premium segment by upgrading its Xtec variants. There has been talk of the 450cc Hero Xpulse, a bigger capacity Xoom and more.
On the other hand, Hero MotoCorp’s partner Harley-Davidson is also planning to launch a 400cc-plus motorcycle this year. The Indian two-wheeler major will also take care of service and parts requirements for Harley bikes.
Hero MotoCorp has also expanded its Splendor line in anticipation of the ongoing wedding season. Ranjivjit Singh, the brand's chief growth officer, told analysts that Hero MotoCorp has introduced the HF Deluxe at the entry-level, with added features like tubeless tyres and the USB charger to better capture the urban and semi-urban markets. The company has given special attention to the executive 125cc segment where it is lagging behind its arch-rival Honda Motorcycles & Scooters India. According to the CEO, the company has improved its market share to 22 percent in 125cc space from 14 percent earlier.
On the electric vehicle front, the company has accelerated its plan to expand its Vida electric scooter to 100 more cities by the end of this calendar year.