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The 100-cc segment accounts for almost one-third of the total two-wheeler market in the country.
The Indian arm of the Japanese two-wheeler maker Honda also said it is looking at utilising its total capacity next fiscal. HMSI’s capacity stands at 5.2 million units per annum and it is currently operating at almost 100 per cent capacity.
”Shine 100 is Honda’s next big leap to make mobility more accessible and affordable for people across India. We continue to prioritise the needs and aspirations of our customers,” said Atsushi Ogata, Managing Director, President and CEO of Honda Motorcycle and Scooter India at the launch.
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”Internal target (for Shine 100) is 3-lakh units,” Ogata said and added that the target for the next three years is to attain 6-lakh units.
According to the company’s operating officer, sales and marketing Yogesh Mathur, the industry has shown green shoots with business back to normal and the two-wheeler industry has bounced back with 16 per cent growth.
”As far as an overall portfolio is concerned, we are confident that with this kind of product along with price, we will be able to touch the 3-lakh unit sales target,” he said.
”HMSI is growing faster than the industry,” he said and added that it has consolidated its position further with a 1.3 per cent market share gain in retail sales and 1 per cent in wholesales.
Amid the two-wheeler demand gradually bouncing back, it is looking to start a new manufacturing line at its Gujarat facility, Ogata said.
”The demand is coming back and with the introduction of Shine 100, for the first time I expect that next year we will be operating close to our total capacity,” he said.
HMSI, at present, commands a 35 per cent market share in rural areas.
Mathur said that as far as the industry is concerned, the 100-cc segment has grown by 5 per cent while the overall industry has grown by 16 per cent. ”With that, even the rural demand is picking up. Pan-geography, HMSI is already number 1 in West and South while the Eastern market is also progressing very well,” he said.
The only challenge we had was the north and central market, which the new product will seek to address, Mathur said.
HMSI also said it is open to alliances in the rapidly growing green mobility space and may roll out its electric vehicle (EV) strategy by this month-end with Karnataka likely to be the base for its EVs, HMSI said.
The company has already announced its plans to roll out its first electric scooter likely by March 2024.