Annual General Meeting

Chairman's speech, Hero Motocorp Ltd. 2012

Back

Despite the short term uncertainty in the economy, the increased consumer appetite for two-wheelers is especially promising. According to the data received from Census 2011, the share of Indian households owning two-wheelers spurted to 21%, having risen from 12% indicated in Census 2001. Not surprisingly, the two-wheeler industry continued to defy gravity and the base effect. During the year, more than 15.4 million two-wheelers were sold, recording a growth of 15% compared with 13.4 million units sold a year earlier. Each of the three industry segments posted double-digit growth.

Continuing the trend witnessed in the last few years, scooters emerged as the fastest growing segment in the two-wheeler industry. The segment grew 24% with annual sales of 2.7 million, inching close to the 3-million mark, compared with 2.2 million scooters sold in the previous year. Motorcycle sales grew 14% to 11.9 million units. Domestic motorcycle sales crossed the 10 million mark during the year, compared with 9 million units sold earlier. Moped sales jumped 12% from over 0.70 million units to over 0.78 million units.