The company has on offer two brands, the Apache, and the Ronin, in the category. It said the market for premium motorcycles (above 150 cc) has witnessed strong recovery post Covid with young, aspirational buyers not just looking at purchasing two-wheelers for daily commute but the whole experience of motorcycling that including rides, community, merchandize, accessories and connected technologies.
Vimal Sumbly, Head Business (Premium), at TVS Motor Company, told ET, the rise in tourism post Covid has spurred demand for premium motorcycles with consumers looking to explore new places with friends, family and a like-minded community. “This is supporting our premiumization drive, both in India and overseas”, he said.
Sales of premium motorcycles in the domestic market grew at a CAGR of 14% to double between 2014 and 2019. At TVS, Apache series registered a CAGR of 24% pre-pandemic.
To be sure, this growth was impacted during the pandemic. But the category is now seeing strong recovery. In fact, as much as 23% of sales of motorcycles in the local market now come from the premium segment, compared to 14% in FY13.
Sumbly said premiumization is a “key pillar” for growth at TVS Motor Company. The company is working to build Apache and Ronin as globally aspirational brands. “We plan to do this through continuous product interventions, introduction of first-in-segment technologies, unique customer experiences, engaged community (through biking festivals like MotoSoul),” he said.
The Apache and the Ronin together already contribute 14% to TVS Motor Company’s global sales, currently.“We will be further strengthening our premium product offerings in FY24 with new launches and refreshes and offer our global customers the latest generation products with cutting edge performance and technology,” added Sumbly.Sumbly said in international markets, where the company sells over one million two-wheelers, TVS Apache Series contributes significantly to overall volumes. He informed, “We sell TVS Apache bikes across 60+ countries and recently crossed the 5 million global sales mark for the brand. We are competing against global OEMs such as Honda, Yamaha and Suzuki in these markets and see a strong affinity for the Apache brand at retail points.” Key markets include Asia, Latin America, and West Africa.
