Two-Wheeler maker Hero MotoCorp is betting on the sporty 110 cc scooter segment as it looks to accelerate sales, company Chief Growth Officer Ranjivit Singh said on Monday.
The company, which launched its new scooter Xoom with introductory prices ranging between Rs 68,599 and Rs 76,699, is looking to cash in on rising demand for scooters as normalcy returns after the pandemic eases.
”In scooters, the 110 cc continues to be the biggest segment with more than 60 per cent contribution to the scooter market,” Hero MotoCorp Chief growth Officer Ranjivit Singh told reporters at the launch.
It is not just amongst the fastest growing sub-segments, but also very well aligned to consumer expectations, he added.
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At the same time, he said, ”Sporty continues to be the new growth driver for the scooter market and is the fastest growing sub-segment in the last three years.” With 50 per cent of of Indians below the age of 25 and more than 65 per cent below the age of 35, it is imperative this segment’s needs should be front and centre of every new development, he asserted.
”Our intent is also to drive positive changes in this segment and continue to fuel growth momentum for these consumers. We see a big opportunity in the sporty scooter segment,” Singh said.
He said as normalcy has returned after the pandemic years, students are going back to schools and colleges, and employees are back in offices, which is driving demand for scooters.
The Hero Xoom comes with a 110cc BS-VI compliant engine with peak power output of 8.05 BHP @ 7,250 RPM and torque of 8.7 Nm @ 5,750 RPM.
It is equipped with features such as full digital speedometer with bluetooth connectivity, caller ID and SMS updates, and key alerts such as low fuel indicator and phone battery levels.
It also has features such as the side stand engine cut off, boot light and mobile charger in front glove box.
In the April-December period of 2022-23, the company sold 2,82,169 units of scooters as compared to 2,41,346 units in the same period last fiscal, according to Society of Indian Automobile Manufacturers data.
Its motorcycle sales in the April-December period this fiscal were at 36,39,140 units, up from 32,96,294 units in the same period last fiscal.