Triumph Motorcycles India has witnessed a 30% increase in sales in the last year, with "just over" 1,200 units sold.
Triumph, the British luxury motorcycle brand, is optimistic about the possibilities for the specialist two-wheeler category in India over the next year, a period during which the business hopes to increase its market share to 25% from its current 22% According to a senior executive,. He claims that Triumph Motorcycles India has grown by 30% in the last year, with sales of "just over" 1,200 units.
The business, which entered India nine years ago, has a foothold in the 500cc and higher motorcycle sectors, with prices starting at above Rs 5 lakh.
"We are in a good place right now," Business Head Shoeb Farooq said in a report. "We want to increase by 25-30% in the next year, selling roughly 1,500 units."
According to Farooq, premium section growth has been slower than predicted in recent years, with the COVID-19 epidemic affecting sales.
"The good news is that the industry sector right below ours (the 250-500 cc category) is doing very well, with over 100,000 bikes sold each year. This is fantastic news for us since consumers are likely to transition to the next segment of 500 cc and upwards from here on," he added.
On the sidelines of the launch of a dealership in Kolkata, he remarked that motorcycles with engines larger than 500 cc give far better value for money.
In the previous six months, Farooq added, Triumph, which has 14 exclusive stores in India, passed on a share of growing commodity and shipping expenses to clients, resulting in a price increase of roughly 2% across categories. "Prices are anticipated to rise marginally in August as well, but the exact amount is still to be determined," he said.