Along with an increase in market share, Hero has also registered a massive sales growth on a monthly basis
Although Hero MotoCorp has registered a sales decline of 28.5 per cent on a Year-on-Year (YoY) basis, the company has registered growth in its market share. The homegrown manufacturer now owns 42.38 per cent of the Indian two-wheeler market, up from the previous 36.40 per cent, thus registering an increase of 5.98 per cent in its market share.
In contrast, Honda has registered the biggest loss in terms of market share, losing 7.32 per cent. The Japanese manufacturer registered a de-growth of 55 per cent on a YoY basis. Bajaj and TVS hold a similar market share, 14.48 per cent and 12.29 per cent, respectively.
Also, in June 2020, Hero was able to retail 4,29,493 units in the domestic market. According to Pawan Munjal, CEO and Chairman of Hero MotoCorp, the strong monthly growth figures show that the Indian market has the potential to recover, irrespective of adversities. Considering the rate of recovery since the beginning of the end of lockdown, it surely seems like the case.
Speaking about the demographic of sales, Pawan Munjal said, “A major part of the market demand is emanating from the rural and semi-urban markets, which have been helped to a large extent by the various stimulus packages rolled out by the government. With that, a combination of multiple factors like the forecast of a normal monsoon, a bumper Rabi crop and the upcoming festive season are expected to keep the momentum going over the next few months,”
The company has also stated that it has increased production in all eight of its manufacturing facilities, six of which are domestic while two are international. The company has also reopened a majority of its dealerships throughout the country, with strict health and safety precautions in place. With most of its supply-chain operation, its no wonder that the company has reported such strong figures.
Hero also has a few upcoming motorcycles lined-up, which will help the company increase its audience. The company is prepared to launch the BS6-compliant Xpulse 200, followed quickly by the BS6 versions rest of its 200cc range (Xpulse 200T, Xtreme 200R and Xtreme 200S). There have also been reports that the company is developing an electric scooter based on the Maestro.