Bajaj Auto plans to revamp its complete range of three-wheelers in order to boost sales.
The company, one of the largest three-wheeler manufacturers in the country, is working on new platforms that will be launched next fiscal.
“Work on new platform for three-wheelers has begun at our research and development centre, and we will be revamping the entire range with the new vehicles,” said S Ravikumar, senior vice-president, business development, Bajaj Auto.
The company did not disclose the investment in the new platform as it plans to announce this in April.
“Just like we developed new platforms for Pulsar and Discover, we are developing new platforms for three-wheelers,” said Ravikumar.
Experts said the company will target the passenger segment with the new range of three-wheelers, where it holds a strong position.
“Generally, the replacement cycle of a three-wheeler passenger vehicle is 15-20 years. The company could aim for a faster replacement demand with the new range,” said Ajay Shethiya, analyst with Centrum Broking.
Bajaj Auto is the leader in the domestic three-wheeler market with a share of 41.29% this fiscal so far. It sold 166,052 units in April-December with a year-on-year growth of 10.9%. Piaggio is the close competitor with a market share of 34.48%.
According to the statement by Bajaj Auto for its Q3 results, three-wheeler sales growth was led by the diesel passenger carrier segment, which grew 24% as against the industry growth of 14%.
The three-wheeler industry has remained flat in the current fiscal with not many permits up for grabs. According to Society of Indian Automobile Manufacturers, three-wheeler sales grew 4.96% in April-December 2012. Of this, passenger carriers grew 8.96% while goods carriers de-grew 10.29%.