India Premium Motorcycle Market to Grow at Over 30% through 2019, Says TechSci Research
Released on: October 01, 2014, 8:20 am (EDT)
Burnaby, British Columbia, October 01, 2014 -- /EPR NETWORK/ -- Prior to 2011, the demand for premium motorcycles in India was entirely addressed through imports. Heavy import dutieson these premium motorcycles used to significantly increase the selling price, thereby limiting the potential customer base.However, with the entry of US based premium motorcycle giant Harley Davidson in India in 2010and the company establishing its domestic assembling plant in the country, the market scenario changed significantly. The huge price differential between locally assembled Harley Davidson motorcycles and other imported motorcycles, coupled with brand value attached with Harley Davidson motorcycles significantly increased the sales of high powered motorcycles among Indian consumers.
According to “India Premium Motorcycle Market Forecast & Opportunities, 2019”, the India premium motorcycle market is forecast to grow at a CAGR of more than 30% during 2014-19. High Net Worth Individuals (HNI) in the country are the key target customers for premium motorcycle player operating in India. Total number of HNIs in India are projected to increase by more than 115% over the next decade, thus portraying a very positive outlook for the premium motorcycle market in India.
Premium motorcycle companies are further pushing their products in the market by starting organized travelling clubs in India, which are opened exclusively for premium motorcycle owners. This marketing strategy is further expected to increase the market penetration of premium motorcycles among India’s HNIs, especially the young HNIs.
“Premium motorcycles with engine capacities ranging from 500cc to 800cc offers better maneuver ability compared to more than 800cc motorcycles and are therefore more suitable for rough Indian roads. Consequently, the 500cc to 800cc motorcycle segment offers great growth potential in the premium motorcycle market in India over the next five years. Major global motorcycle manufacturers are expected to be increasing their focus in this segment to offer product specifically tailored to satisfy the customer requirementsin this segment.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Premium Motorcycle Market Forecast and Opportunities, 2019” has evaluated the future growth potential of India premium motorcycle industry and provides statistics and information on market structure, exports and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides all this, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India’s premium motorcycle market.
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