NEW DELHI: Hero MotoCorpBSE -2.28 % is banking on its revamped existing brands to claw back some of its lost market share, and is debuting an all new indigenously developed Splendor as its first indigenous product after parting ways with its erstwhile partner Honda.
While the product was shown to dealer partners at the annual Hero Global Marketing & Sales Conference in Macau last week, the refurbished bike - called Splendor iSmart - is likely to hit the market in the next few months.
Splendor is world's largest-selling bike and has been the mainstay for Hero MotoCorp, contributing more than 35% to its total annual sales of around 6 million units.
ET independently confirmed the development with three separate Hero dealers, who spoke to this correspondent on condition of anonymity. According to a dealer, who was part of the visiting delegation, "Splendor iSmart" has moved away from the regular bike currently available in the market and comes loaded with an all-new meter console, youthful body graphics, front cowl with wind screen, and split grab rails. The product has been added with new overall design, but would carry the same 100cc engine for the time being as Hero develops new set of engines that would meet the next level of stricter emission norms. In addition to the Splendor, Hero also showcased as many of the 14 new offerings across its current range, including upgrades and variants, which will be launched in the market in a phased manner, starting this festive season.
"The new products demonstrate Hero 'Can Do' approach to have independent strength to develop indigenously. The new line showcases progress Hero has made on its current range, and also indicates the company's plans to bring new platforms in 2014," said one of the Hero dealers.
Another dealer who participated in the annual event told ET from Macau, "The company had promised some breakthrough products and the all new Splendor has surprised us with sharp features and some new design cues. While this is still on the current platform, it is clear that Hero is certainly working on a range of products to be developed on new platforms."
Dealer sources said that the new products are expected to help the company tide over the ongoing fierce competition over market share in the lucrative Indian two-wheeler market.
While Hero have an edge with a 53% market share in the domestic motorcycles market, though its overall market share in two-wheelers has come down to 43% in the current fiscal. Rival Honda at the same time has been on a gaining spree and its market share has touched all-time high of 22%, and has left other rivals like Bajaj AutoBSE 0.49 % and TVS Motors much behind in the Indian market.
At the Global Marketing & Sales Conference in Macau, Hero MotoCorp also showcased a refreshed version of its high-end bike Karizma. This is Hero's first commercial production model that has been developed in technical partnership with its US-based partner Erik Buell Racing (EBR). Most of these products are for the domestic market and are likely to hit the market in the October-December quarter as the company looks to cash in on the festive season demand in India.
Hero MD and CEO Pawan Munjal has already told ET earlier that products on the all new platforms, developed in collaboration with its three new technology partners - Erik Buell Racing of the US, Engines Engineering of Italy and AVL of Austria - will be launched in calendar year 2014.
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