Riding on strong sales and market share gains, Bajaj Auto now plans to bring out new products, expand its network and bring in new technologies. A new Chetak, Pulsar NS400 and a CNG-powered bike are on the anvil.
“In the domestic motorcycle market, we grew at twice the rate of the industry in the October-December quarter,” Bajaj Auto’s Executive Director Rakesh Sharma told reporters in a post-earnings call. “But our focus is on the top half of the industry – the 125cc plus segment – where we grew three times the rate of the industry. As a result, our market share went close to 31 percent.” Bajaj Auto has been focusing on the 125cc-plus segment in the motorcycle market to improve its market share and margins amid the premiumisation trend in the industry.
Bajaj to bring frequent updates to products
Sharma noted that Bajaj Auto is targeting to increase Chetak’s monthly sales to 15,000 units by March and plans to add a new model to the Chetak portfolio in the first quarter of the next financial year.
The company’s management said, “Every month you will see two or three updates until May. We are also hoping to present a bigger Pulsar in the first quarter of the next year.” We had exclusively reported earlier that Bajaj Auto is planning to launch a in 2024-2025. The management confirmed the news about the CNG motorcycle being developed, which will be launched next financial year.
Bajaj's electric market share rises
Bajaj's electric two-wheeler market share nearly tripled to 14 percent, from just 5 percent a year ago; Bajaj introduced a new Chetak model in December. Currently, the company sells around 10,000 electric scooters, compared to 3,000-4,000 units at the beginning of the financial year.
The management said that the Triumph Speed 400 and Scrambler 400 X are also getting positive responses in both domestic and export markets. The company plans to increase the model's production capacity to 30,000 units per month by the first half of the next financial year from the current 10,000 units per month. Bajaj Auto is also looking to double the availability of Triumph models by March from the current 41 cities it is spread out across India.
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