Triumph targets a quarter market share in the premium motorcycle segment
Triumph Motorcycles had sold almost 1,200 units in 2021 in India, with a market share of 22%. The company expects its market share to grow to 25% in 2022.
British brand Triumph Motorcycles is aiming for a 25% market share in India’s premium motorcycle segment, which includes models with an engine capacity of over 500cc and priced above Rs 5 lakh, with sales volumes retail of about 1,500 units in 2022, according to a senior company official.
Triumph Motorcycles had sold almost 1,200 units in 2021 in India, with a market share of 22%. The premium motorcycle segment was around 5,500 units last year in terms of volumes, while the market size was close to Rs 440 crore in terms of sales.
“The global segment continues to be at a nascent stage. But the good part is that everyone sees potential in India. You would see all the global brands now having their base in India and getting ready for the expected growth in this industry said FE Shoeb Farooq, business manager, Triumph Motorcycles India.
“We were around 22% of the overall market in 2021. We expect our market share to grow to 25% in 2022,” he added.
Triumph Motorcycles offers models in three different categories – Adventure, Roadsters and Modern Classics – in India. These are available in the price range of Rs 7.45 lakh to Rs 21.40 lakh (ex-showroom). The company recently launched the new model Tiger Sport 660 in the country, priced at Rs 8.95 lakh (ex-showroom).
“Over the past two and a half years, our growth has been in the range of 25% to 30%. It’s been a good 24 to 30 months since the whole pandemic, and even before that we were on the right side of growth,” Farooq said.
The company currently does not manufacture motorcycles in India from scratch. It has an assembly plant in Manesar, Haryana. While CKD (completely knocked down) models contribute 50% of overall volumes, the rest of the sales come from CBU (completely built) units.
“Most CBU units come from our factory in Thailand, which is Triumph Motorcycles’ largest manufacturing facility. The CKD kits also come from Thailand,” Farooq noted.
Farooq said that while Triumph Motorcycles is not considering domestic manufacture of two-wheelers in India at this time, as part of the company’s global non-equity partnership with Bajaj Auto, the products would be launched in the country in 2023.
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Under the partnership, the two companies will develop mid-capacity motorcycles (200cc-750cc), with a starting price of less than Rs 2 lakh. The bikes will be sold under the Triumph brand.
Triumph Motorcycles currently has over 300 pending reservations in India. “At this point, we would have three months of booking for all brands. The next three months of our production would more or less be sold out,” Farooq noted.
The company currently has 14 retail stores across the country. However, he does not foresee a massive expansion anytime soon.
“We are cautiously optimistic about how this whole pandemic and its impact would unfold. There are so many geopolitical issues going on. So we want to see how things unfold. We are optimistic but at the same time cautious in our approach. So we don’t want to get into too much expansion at this point. But you can tell we are in a consolidation phase for the next 12 months, including our growth momentum,” Farooq said.