Source | New Delhi: TVS Motor Company expects the scooter segment to grow further and account for around 40% of the overall two-wheeler sales, its CEO KN Radhakrishnan said on Thursday. The company, which on Thursday introduced the new Jupiter 110, said it has outpaced the industry in scooter sales with a compound annual growth rate (CAGR) of 12% compared with the industry’s 8%.
“Scooter category share is currently around 32%. I am a firm believer that the scooter segment will substantially expand, it may even go to 40% and above, that’s my expectation,” Radhakrishnan told reporters.
He noted that the share of the scooter segment is witnessing growth in both urban and rural regions.
“We are confident that the Jupiter 110 with its many first-in-segment features will further build our position in the two-wheeler market,” Radhakrishnan stated.
The company has launched the new model at a starting price of INR 73,700 (ex-showroom, Delhi).
On the sales outlook for the festive season, Radhakrishnan said, “Currently, the momentum is very good…Currently, we are having around 12.5% of growth…we are optimistic that this season it is going to be much better than the 12.5% mark.”
