Chennai-based TVS Motor Company today said it is looking at over 10% growth in total domestic two-wheeler sales this fiscal on the back of new product offerings amid a difficult market.
The company, which today launched a new scooter model- TVS Jupiter priced at Rs. 44,200 (ex-showroom Delhi), is eyeing a 20% market share in domestic scooter segment that is expected to touch 3 lakh units per month by the next year.
"Last year we sold a total of 18 lakh two-wheelers in the domestic market. This year we are looking at 20 lakh units," J S Srinivasan, TVS Motor Company Vice President Sales said.
He addded that the company expected sales to be good in the upcoming months, including the festive season, as rains have been good this year which will boost rural sales that account for 50% of the company's two-wheeler sales.
The two-wheeler market has been facing demand slump as the overall automobile segment in India has been hurt by the economy slowdown, high interest rates and fuel prices.
With the launch of Jupiter, Srinivasan said the company will have presence in the single-male use segment, where it has been absent earlier, and expects to sell 50,000 scooters from next month, as against 35,000 units being sold currently.
"With this launch, we are now well positioned to cater to the entire value chain in the scooter segment. Earlier we were just catering to the 60% of the market," he said.
On the back of enhanced product portfolio, Srinivasan said TVS expects to increase market share in the scooter segment.
"Our current market share in the scooter segment is 14 per cent of the 2.7 lakh market. With the launch of Jupiter, which enables us to cover the entire scooter segment, we expect our market share to increase to 20% of the 3 lakh market by next year," he said.
With sales of around 50,000 units per month, the company will come close to the current second player in the scooter segment, Hero MotoCorp. The current leader in the scooter segment being Honda Motorcycle & Scooter India.
On growth in the scooter segment, Srinivasan said the vertical has been growing 15-20% on monthly basis and the category has grown from the 18 to 23% in the last four years.
Besides TVS Jupiter, the company sells other models including TVS Wego and TVS Scooty in the scooter segment.