New Delhi: Two-wheeler market leader Hero MotoCorp plans to launch three new scooter models by next fiscal as part of strategy to enhance its leadership position as erstwhile partner Honda challenges its number one spot.
The company plans to launch a new 125 cc scooter in the fourth quarter of the ongoing fiscal, while two more new models will hit the market in 2018-19, according to people in the know of the development.
Besides, the company is working to enhance its product portfolio in the premium motorcycle segment, with plans to launch a completely new 200cc sports bike by the end of this fiscal.
"Having maintained its leadership in motorcycles, Hero is now looking at further consolidating the pole position with an enhanced focus on premium bike segment and scooters," said a source.
When contacted for comments, a Hero MotoCorp spokesperson declined to comment on the product launch program of the company.
In his message to the company's shareholders in the annual report for 2016-17, Hero MotoCorp CMD Pawan Munjal had said: "We have lined up half a dozen new products - across segments, including the premium and scooter categories - for launch in the next fiscal (FY'18) to drive our growth.”
The three new upcoming models will further augment Hero's existing portfolio of three scooters Maestro Edge and Duet (both 110cc) and the Pleasure (100cc).
Over six years since separating from Honda, Hero MotoCorp still continues to lead the domestic motorcycle market with over 50 per cent share.
However, in the scooter segment, Hero MotoCorp has just over 12 per cent share. It is third in the segment behind HMSI (nearly 60 per cent share) and TVS Motor Co (over 15 per cent share).
Recently, Honda had reiterated its intention to overtake erstwhile partner Hero MotoCorp and become the top two-wheeler manufacturer in India by 2020.