British brand Triumph Motorcycles is targeting a market share of 25% in India’s premium motorcycle segment, which includes models having engine capacity of more than 500 cc and priced above Rs 5 lakh, with retail volumes of about 1,500 units in 2022, according to a senior company official.
Triumph Motorcycles had retailed nearly 1,200 units in 2021 in India with its market share being 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 so far as sales are concerned.
“The overall segment continues to be in a nascent stage. But the good part is that everybody sees potential in India. You would see all the global brands now having their base in India and preparing themselves for the expected growth to come in this industry,” Shoeb Farooq, business head, Triumph Motorcycles India, told FE.
“We were around 22% of the overall market in 2021. We are expecting a growth in our market share to 25% in 2022,” he added.
Triumph Motorcycles offers models across 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 Tiger Sport 660 model in the country, priced at Rs 8.95 lakh (ex-showroom).
“In the last two-and-a-half years, our growth has been in the 25%-30% range. It has been a good 24-30 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 the ground up. It has an assembly plant in Manesar, Haryana. While CKD (completely knocked down) models contribute 50% to the overall volumes, the remaining sales come from CBU (completely built-up) units.
“Most of the CBU units are coming from our Thailand plant, which is Triumph Motorcycles’ biggest manufacturing plant. The CKD Kits are coming from Thailand as well,” Farooq noted.
Farooq said that although Triumph Motorcycles is not looking at domestic manufacturing of two-wheelers in India right now, as part of the company’s non-equity global partnership with Bajaj Auto, the products would be launched in the country in 2023.
Under the partnership, the two companies will develop motorcycles in the mid-capacity range (200 cc-750 cc), with the starting price being less than Rs 2 lakh. The bikes will be sold under the Triumph brand name.
Triumph Motorcycles currently has more than 300 pending bookings in India. “At this point right now, we would be having three months of booking across all brands. The next three months of our production would be sold more or less,” Farooq noted.
The company currently has 14 retail stores across the country. However, it is not planning a massive expansion immediately.
“We are cautiously optimistic on how this whole pandemic and the impact would shape up. There are so many geopolitical issues also going on. So we want to see how things pan out. 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 say we are in a consolidation phase for the next 12 months, including our growth momentum,” Farooq said.