Hero or Honda: Which 2 Wheeler Company Dominates the Indian Market?
As of August 2023, Hero MotoCorp reigns supreme in the Indian two-wheeler market, consistently holding the largest market share in terms of sales. This dominance can be attributed to its extensive range of motorcycles and scooters, tailored to meet the specific needs of Indian consumers. While Honda is a formidable player, known for its quality and technology, it ranks second in the market share.
Hero MotoCorp's Dominance in India
Market Share and Sales Numbers: Hero MotoCorp has sold over 62.31 L of vehicles from April 2019 to March 2020, commanding a market share of 35.78%. This impressive performance can be attributed to several factors:
Branding and Recognition: Heros strong brand presence and popularity translate into increased sales and market loyalty. Distribution Network: The extensive distribution network ensures that Hero bikes are readily available to customers across the country. Affordability: Hero bikes offer a competitive price point, making them accessible to a wide range of consumers. Excellence in Mileage: Heros motorcycles and scooters provide better mileage, which appeals to a large number of Indian consumers. Maintenance Costs: Hero bikes are also known for their lower maintenance costs, making them a cost-effective choice in the long run.Popularity of Hero Bikes in the Indian Market
The popularity of Hero bikes is evident on Indian roads. Models like the Splendor and Passion Pro are widely seen, leading to a surge in demand. These bikes are loved for their affordability, reliability, and fuel efficiency. People trust Hero bikes more than Honda bikes due to their consistent performance and lower maintenance costs.
Honda's Presence in the Indian Market
Honda is a strong competitor in the Indian two-wheeler market, known for its quality and advanced technology. While Hero leads in terms of sales, Honda holds a significant position in the market. In the scooter segment, Honda Activa is a top-selling model, reflecting the brand's strong presence in this category.
Global Market Position
In the global market, Honda Motor Company consistently ranks among the top for revenue, net profit, and unit sales. This global success is a testament to Honda's innovative approach and quality manufacturing. However, in the Indian context, Hero MotoCorp demonstrates its local prowess and commitment to meeting the unique needs of Indian consumers.
Future Prospects and Expansion
Hero MotoCorp has ambitious plans for expansion, targeting 30 countries as its export market by 2020. This strategic move showcases the brand's global aspirations and its ability to maintain its dominance in the domestic market. Meanwhile, Honda is actively working to increase its market share in India, introducing both economical and high-end models to cater to different segments of the market.
Conclusion
The Indian two-wheeler market is a fiercely competitive landscape, with Hero MotoCorp currently leading the charge. However, the ongoing efforts of brands like Honda to improve their market share in India indicate a dynamic and evolving market. Whether Hero or Honda will continue to dominate, the competition ensures that Indian consumers benefit from the latest innovations in motorcycle and scooter technology.