Bajaj Auto Limited, a significant player in the commuter segment, has now made inroads into the middleweight segment with Triumph-branded motorbikes like Speed 400 and Scrambler 400 X launched last fiscal.
In an official release on April 18, the Rajiv Bajaj-led automaker stated that while KTM delivered its "biggest year" in FY24, Triumph added strength to its premium portfolio, delivering 42,000 units in the eight months post launch.
“Triumph capacity augmentation with vendors is underway to feed the further scale up across both domestic and export markets; the Speed 400 and Scrambler 400 X experience is now present across 56 cities and 16 countries, while continuing to expand,” the company said in a statement.
Bajaj Auto inked a strategic partnership with Triumph in 2020 under which they planned to collaborate to create a new range of mid-sized Triumph Motorcycles. This is the third key partnership for Bajaj Auto to manufacture higher CC bikes apart from KTM & Husqvarna.
In July last year, both the companies jointly launched the Triumph Speed 400 premium bike for the Indian market at Rs 2.33 lakh and Triumph Scrambler 400 X at Rs. 2.63 lakh (both ex-showroom introductory prices) in October. Both the bikes are built by Bajaj Auto at its Chakan facility for the British two-wheeler major's domestic and global markets.
Bajaj Auto was planning to to achieve a monthly sales target of 10,000 units for Bajaj-built Triumphs, and envisions a production and sales surge in the third quarter of the current fiscal, aiming to reach 18,000 units, Rajiv Bajaj, Chairman, MD & CEO Bajaj Auto had earlier told CNBC-TV18.
The company's CFO has now reaffirmed that it aims to achieve its objective of rolling out 10,000 units by September this year. Currently, Bajaj Auto makes about 6,500 units of its Triumph motorcycles a month.
Meanwhile, the homegrown automaker stated that Triumph's volumes improved sequentially, with nearly 18,800 units delivered in the fourth quarter of FY24, with 70 percent of them being sold in the overseas markets.
Bajaj Auto had commenced exports of Triumph motorcycles in the October-December 2023 quarter by shipping out both the models in markets such as the UK, US, Japan, Australia and Poland.
“Work is well underway to unlock capacity in the next few months to service the growing domestic network and exports potential,” the statement further added.
Competition in middleweight bikes segment
The Pune-based automaker is yet to give a tough competition to Royal Enfield, which is the market leader in the country’s 350-750cc motorcycle market. Both Bajaj's alliance and Hero MotoCorp's partnership with Harley Davidson are anticipated aiming to take on the maker of Bullet motorcycles.
As per the data shared by Society of Indian Automobile Manufacturers (SIAM), the total number of motorcycles sold in the B7 segment of the two-wheeler market, which comprises motorcycles with engine capacity more than 250cc but less than or equal to 350cc segment, were 815,448 units in FY 24, up from 7,17,362 units in the same period a year back.
Within that segment, Royal Enfield (with Bullet 350 and Bullet Electra) remained the market leader at 7,65, 411 units during last fiscal, up from 678,110 units in FY 23.
In the B8 segment, which comprises motorcycles with engine capacity more than 350cc but less than or equal to 500cc segment, the total number of bikes sold were 94,349 units, up from 53,525 units in FY23.
In that market, Bajaj Auto collectively sold 41,750 units of Bajaj Dominor, Triumph (Speed 400 and Scrambler 400), Husqvarna, KTM motorcycles. Royal Enfield sold 37,073 units of Himalayan (slightly less than 37,108 units sold in FY23), as per the data shared by SIAM.
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