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NEW DELHI,YUTHIKA BHARGAVA:Chennai-based TVS Motor is targeting to increase the share of its best selling scooter model Jupiter to 12 per cent in the highly competitive 110 cc scooter segment in 2016.
The Jupiter, which has sold a million units in the 30 months since it was unveiled in 2014, currently commands a 10 per cent market share in the segment.
“The growth in this industry is not just driven by money or affordability but also sentiments. We are now seeing sentiments turning positive. We expect a two per cent increase in the market share for Jupiter in the current year,” said Aniruddha Haldar, Vice President (Marketing) at TVS Motor Company.
Besides Jupiter, TVS Motor, the third largest scooter maker in the country, offers two other scooter brands – Scooty and Wego.
The scooters market in India grew by nearly 12 per cent in the last financial year with 50,31,678 units against 45,00,920 units in 2014-15, according to the Society of Indian Automobile Manufacturers (SIAM).
The 110cc segment accounts for nearly half of the scooter market.
Asked about product roadmap, Mr. Haldar said the company has identified new sub segments in which it will be rolling out products.