Piaggio eyes 50 % market share in next two years
Mumbai: Piaggio India on Tuesday said it is looking to corner half of the three-wheeler market pie within the next two years.
The company has rolled out three variants of its popular three-wheeler Ape under the label of Ape City in CNG, LPG and petrol versions.
Currently, the Italian company enjoys around 35 percent of the market share in the country with its Ape diesel model.
"We enjoy around 35 percent market share in the three-wheeler segment, and with these new offerings we aim to garner 45-50 percent of the market pie in the next 18-24 months, Piaggio India Chairman and Managing Director Ravi Chopra said here.
The prices of these variants range between Rs 1.10-1.25 lakh (ex-showroom Maharashtra).
With the launch, the company is eyeing to expand its market share and enhance its product portfolio, he said.
The company already enjoys leadership position in the diesel three-wheeler cargo segment with 65 percent market share, Chopra said.
The company is also looking at exporting these models to Latin America, Africa and the Saarc region, he said, adding it plans to ship out 50,000 units in the next 12 months.