Royal Enfield, a part of the Eicher Motors, is eyeing various global markets, including Latin America and southeast Asia to grow its international business, as it aims to become a significant player in the mid-sized motorcycle segment.
The company, which expanded its motorcycle range in the country with the launch of 535 cc Continental GT at at R2.05 lakh, said the model has given it confidence and belief to do well in the global markets.
“We believe the mid-sized motorcycle segment is between 250cc and 750 cc, so that’s the space we want to play in as Royal Enfield. We believe that this market is totally under-served,” Eicher Motors MD and CEO Siddhartha Lal said.
There is traction in this segment and it is open for growth in all the developing markets — Latin America, southeast Asia in particular and other markets as well, he added.
Globally, the mid-sized motorcycle segment is estimated to be around 8 lakh units per annum. In India the size of the segment is in the range of 2 lakh units, he added. “We believe the market is going to move up from small bikes to mid-segment... Nobody is focusing on this segment, so that is the market we want to get into at global level,” Lal said.