TVS Motor today launched a new scooter targeting male drivers. The new product named 'TVS Jupiter' targeted mainly self employeed, businessmen and traders.
The company hopes that this new product will increase company’s market share in the scooter segment by around 3%.
Company officials said that scooter industry was doing well in the current market condition and the market has been growing.
Today 29% of the scooters drivers are female, 35% are dual drivers and 36% are male drivers. The immediate competitor for TVS Jupiter will be Activa from Honda Motor.
The company has Scooty Pep Plus for the female drivers, Wego for dual and it was lacking a product for men. This product will now fill the gap. With the launch of the new product, TVS Motor claims it is the only company to have the widest range of scooters in India, including TVS Wego, TVS Scooty Pep+ and TVS Scooty Streak.
TVS Jupiter is a 110 CC and the company claims fuel consumption is 62 km per litre.
Venu Srinivasan, chairman and managing director, TVS Motor said “this will be the best in class scooter in the industry. Certainly the company was slower in launching the product for the last three years, because we invested the time on quality”.
"Every quarter we will introduce one new product," said Srinivasan. By January first week the company plans to launch new Scooty Zest.
He said at present total scooter sales of the company is around 35,000 units, with the launch of Jupiter TVS Motor expected to increase it to 50,000 units end of December.
The company target to sell around 20,000 units of Jupiterin the next two months. All the products will be in the same platform, said Srinivasan. The company also plans to export the product to Bangladesh, Sri Lanka, Turkey and other markets.
K N Radhakrishnan, President and CEO, TVS Motor Company said at present company’s market share in the scooter segment is around 13-13.5% and the company hopes to increase it to 16.5% with the new launch.
He also added whole the overall two-wheeler industry is expected to remain flat during the current fiscal, TVS Motor would report seven% growth and plans to increase its market share by around two% from the current 12.3%.