The automaker’s Director and CEO KN Radhakrishnan said TVS Motor’s scooter sales have outpaced the industry with a CAGR of 12% while the industry grew by 8%.
22 Aug 2024 | 3541 Views | By Kiran Murali
India's third largest two-wheeler maker TVS Motor Company is betting on the new version of Jupiter and its newly developed next-generation scooter platform to capitalize on the booming domestic scooter market, which it expects to expand significantly going forward.
The Karnataka-based automaker today launcheda new version of the ...
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India's third largest two-wheeler maker TVS Motor Company is betting on the new version of Jupiter and its newly developed next-generation scooter platform to capitalize on the booming domestic scooter market, which it expects to expand significantly going forward.
The Karnataka-based automaker today launched a new version of the Jupiter 110cc scooter developed on its new platform. The company has invested Rs 150 crore to develop the new platform, which is in line with its Reimagine strategy. The new platform boasts of unparalleled design, performance, comfort and convenience.
TVS Motor Director and Chief Executive Officer KN Radhakrishnan believes India’s scooter segment is poised to witness significant growth. Factors such as easy-to-drive, storage space, and automatic transmission have increased the popularity of scooters in India. He noted that the new Jupiter will play a significant role in boosting the company’s market position.
The domestic two-wheeler industry sold 18 million units in 2023-24, of which 5.84 million units were scooters, according to the data from the SIAM. Scooters accounted for 32% of the overall sales and the share was almost the same in the year-ago period as well.
Honda Motorcycle and Scooter India is the leader in the domestic scooter market, followed by TVS Motor. Activa is the largest-selling scooter brand that helps Honda Motorcycle maintain its leadership with a market share of around 43%. Jupiter is the second largest-selling scooter brand, supporting TVS Motors' 25% share.
Radhakrishnan said TVS Motor's scooter sales have outpaced the industry with a CAGR of 12% while the industry grew by 8%. The company attributes this growth to its product portfolio, which has scooters across all major segments. Its current portfolio includes four scooters – Zest 110, Jupiter 110, NTorq 125 and Jupiter 125.
The Jupiter has played a crucial role in driving the company's growth. "The Jupiter portfolio has grown at 24% CAGR," he added. The new Jupiter boasts 15 first-in-class features such as an infinity light bar, real-time fuel economy display, and turn signal lamp reset. The new version maintained the same price point as its previous iteration.
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