New Delhi: Riding on new launches in sports as well as mid-segment bikes, Bajaj Auto is eyeing 5 per cent increase in its domestic market share to around 23 per cent by the end of current fiscal.
The company, which sells various popular motorcycle models including Pulsar, Discover and Platina, currently has a market share of 18 per cent in the domestic market.
"We have improved our total market share in the bike segment to around 18 per cent in the domestic market at the end of the first quarter.
"Going ahead, we plan to launch one more product in the mid segment and also few products in the sports segment," Bajaj Auto president (Business Development & Assurance) S Ravikumar told PTI.
With these launches, the company expects its market share to touch 23 per cent by March 31, 2016, he added.
During the fourth quarter of 2014-15, the total domestic motorcycle segment stood at 25,00,024 units while Bajaj's sales stood at 3,79,130 units, representing 15 per cent market share.
At the end of April-June quarter of 2015-16 fiscal, the total bike sales in domestic market stood at 27,10,986 units, while that of Bajaj stood at 48,58,18 units, accounting for 18 per cent of the market share.
The company's market share in the mid segment, where it is represented by Discover range, has been below par and it is now working on various strategies, including new launches, in the segment to consolidate its position in the coming quarters.
"We have already launched 125-cc Discover model in the mid segment. With this introduction, our market share has improved and we further plan to add another product in this segment later in the year," Ravikumar said.
During the first quarter, the company sold over 2.5 lakh units of its entry level offerings CT100 and Platina, thereby increasing share in the domestic market from 26 per cent in fourth quarter of 2014-15 to over 39 per cent in the first quarter of financial year 2015-16.
In the sports segment, where it sells Pulsar and Avenger models, the Pune-based firm continues to be a market leader with sales of over 1.58 lakh units during the first quarter.
In super sports segment, where it is represented by Pulsar RS200 and KTM, the company continues to hold sway with sales of 14,000 units in first quarter, translating to 59 per cent market share.