Eyeing on tapping the growing luxury motorcycle segment in the Indian market, Polaris India Private Limited a subsidiary of US-based Polaris Industries Inc is speculating on setting up an assembly plant in India.
Currently, Polaris India imports all of its models. Managing Director of Polaris India Pankaj Dubey stated that the plan is still in its early stage and it may take a couple of years to execute the plan.
Polaris will be also opening two new franchisee based dealerships in Kochin and Jaipur which will take the total number of showrooms to ten across the country by January 2017.
The overall luxury motorcycle market in India is estimated at around 10,000 motorcycles a year. Out of which 1,500 motorcycles were sold with a price tag of over Rs 15 lakh.
Polaris India accounts for ten percent market share in the country in luxury motorcycle segment. Polaris also launched two new models - Indian Springfield and Chieftain Dark Horse in India.
Dubey said, "Luxury bike segment in India is growing at the rate of 25% annually and it will continue in coming days. We are currently importing all our models to India. Looking at the demand, we may set up an assembly unit in the country."
He added, "The company is open to setting up the assembly unit near a port for ease of imports of components. "If we assemble our models in India we would prefer closer to a port to ease import of components."