Hero MotoCorp has planned an ambitious new product offensive for the fiscal year 2024. Beginning with a slew of two-wheeler launches in the commuter, executive, and luxury sectors this year. On the back of rural markets that have shown early indications of recovery, the company is also renewing its approach in the 100cc and 110cc segments, where it is the market leader.
Based on better market sentiments and the ongoing wedding season from April to June. It plans to expand its margin and reclaim lost market share by introducing one product in each quarter of the fiscal year 2024.
According to the CEO of Hero MotoCorp, the company is growing across entry, deluxe and 125cc models, and the premium sector and scooters. "This fiscal year will most likely witness the highest number of launches in Hero's history. All the important indicators are rising, and we expect that the economy will outperform most other countries.”
It also intends to strengthen its position in the luxury category by updating its Xtec variations. There has been speculation of a 450cc Hero Xpulse, a larger capacity Xoom, and other models.
Harley-Davidson, Hero MotoCorp's partner, also plans to produce a 400cc-plus motorcycle this year. The Indian two-wheeler manufacturer will also handle Harley-Davidson service and spares.
For the upcoming wedding season, Hero MotoCorp has recently increased its updated Splendor collection. According to the brand's chief growth officer, Hero MotoCorp has introduced the HF Deluxe at the basic level with extra amenities. Such as tubeless tyres and a USB charger to better target the urban and semi-urban markets.
The company has focused particularly on the executive 125cc segment. It lags there behind archrival Honda Motorcycles & Scooters India. According to the CEO, the company has increased its market share in the 125cc segment from 14% to 22%. The business has accelerated its aim to bring its Vida electric scooter to 100 new cities by the end of the year.
List of Upcoming Hero Bikes and Scooters in India (New Launches)
- Hero Karizma ZMR 210
- Hero Passion Plus (2023)
- Hero XPulse 300 / Hero XPulse 400
- Hero Xtreme 400S
- Hero Xtreme 200R
- Hero Maestro Electric
- New Hero Splendor Variant
- More Powerful Hero XOOM Variant