India Premium Motorcycles Market to exhibit CAGR of over 27% By 2020
Increasing demand for premium motorcycles by high net-worth individuals coupled with upcoming domestic assembling plants to drive India premium motorcycles market
According to recently released TechSci Research report, “India Premium Motorcycles Market Forecast and Opportunities, 2020’’, premium motorcycles market in India is forecast to grow at a CAGR of more than 27% CAGR during 2015-20 on account of declining premium motorcycle prices and launch of new premium motorcycle variants. Prior to 2011, premium motorcycles were imported in India as completely built units (CBU’s), which used to result in imposition of heavy custom duty, thereby restricting the demand for premium motorcycles in the country. However, with lower import duties on account of setting up of domestic assembling units by global premium motorcycles manufacturers like Harley Davidson, Kawasaki and Hyosung, the premium motorcycles market in India has witnessed a complete turnaround.
The market penetration of premium motorcycles has been witnessing a continuous increase among high net worth individuals in the country. Significant price differential between a Completely Knock Down (CKD) assembled premium motorcycles and Completely Build Unit (CBU) imported motorcycles has led to robust increase in sales of premium motorcycles among Indian consumers. Premium motorcycles market is witnessing intense competition due to competitive pricing strategy being adoption by the leading players coupled with introduction of new variants over the last few years.
“Premium motorcycles with engine capacities ranging from 500cc to 800cc offer better maneuverabilityin comparison to more than 800cc motorcycles and are therefore more suitable for rough Indian roads. Moreover, low price point of 500cc to 800cc category further increases the consumer interest. This segment offers huge growth potential in the premium motorcycle market in India over the next five years. Major global motorcycle manufacturers are expected to be increasing their focus in this segment to offer products specifically tailored to satisfy customer requirements in 500cc to 800cc category.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Premium Motorcycles Market Forecast and Opportunities, 2020” evaluates the future growth potential of premium motorcycles market in India, and provides statistics and information on market structure, consumer behavior and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in the India premium motorcycles market.
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