Premiumisation is a rising global megatrend. Aspirational spending and the demand for more choices are on the rise, giving way to premium products from well-established brands that offer better experience and performance, focus on sustainability, and deliver higher value. The trend can be seen reflected in Indian youth opting for premium two-wheels to reflect their identity. The trend is so strong that a recent forecast by CRISIL suggests demand in the premium category will drive 13 to 14% of revenue in the two-wheeler market.
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The last few years have seen a distinct shift in the preferences of youth in India. They are now looking at their daily commute as a new experience that includes rides, community, adventure, accessories, customisation, personalisation and connected technologies. The growing urbanisation and affluence, along with the availability of easy financing options, are further fueling the trend.
A distinct feature of the trend is the need to be part of a like-minded community. This provides two-wheeler owners the assurance that they are not alone, can build new connections and lasting bonds with fellow enthusiasts, can be inspired by experts, and gain from their knowledge and experience.
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TVS Motor Company believes that community building through immersive consumer experiences has been crucial in moving the needle for the premium two-wheeler category. These consumer trends and developments have placed greater demands on our design and manufacturing functions to innovate, incorporate the latest technologies, raise the bar on aesthetics and styling, and deliver an overall experience that is safer, more intuitive, unique, exciting, and fun.
Our early entry into the segment gave us a strong sense of where the premium market is headed. We quickly understood customer needs as we connected with buyers in this segment. At TVS Motor, we are now running the largest immersive brand experience program in our history. This includes ride events, marquee rides, the Apache Racing Experience (ARE), Apache Pro Performance (APP), TVS Racing which has a history of over 40 years in motorsports, TVS Ronin CuLT, top-quality merchandise, and a range of exciting accessories. The program showcases products that reflect consumer preferences and the desire for fresh experiences.
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While TVS Motor’s motorcycles are defining new standards in the premium segment, we have been ultra-conscious of the need to expand the scope of what we offer customers, moving from motorcycles to motorcycling as an experience. To enable this, the company introduces TVS MotoSoul, the ultimate biking festival and a platform to immerse and engage with TVS Motor’s world of premium two-wheelers. This is our flagship event, designed to bring together a community with a cult-like following and fierce loyalty to the brand.
The quest to meet the growing demand from the premium segment offers an exciting growth opportunity for two-wheeler manufacturers. It’s imperative that brands look at the challenges, seize opportunities and delight customers to make a meaningful contribution to this growth story. At TVS Motor, we are already on the path to exploring and incorporating new technologies, collaborations that create new communities, and events that focus on delivering never-before experiences. TVS Motor Company will continue to strive to set benchmarks in the premium segment in India, with a strong focus on our global aspirations.
