"We have the right distribution network and the right product (ape City compact diesel) in place. I think we should be able to reach our target," he told mediapersons after launching ape City in Hyderabad on Tuesday.
While the size of the overall three-wheeler market in India, commercial and passenger segments put together, is currently pegged at 50,000 units per month, the passenger segment (both large and compact) alone accounts for 42,000 units of this. At present, PVPL enjoys 60% of the three-wheeler cargo market, more than 50% in the bigger diesel segment, and over 31% in the three-wheeler passenger market.
With the launch of ape City diesel, the company has full-filled its portfolio and has no plans to launch new models in the near future, Goindi said, adding that Piaggio's manufacturing plant at Baramati in Maharashtra had an installed capacity of over 300,000 three-wheelers and 80,000 four-wheelers with 70% capacity utilisation.
Stating that the three-wheeler vehicle market in India had been witnessing a stagnant growth since the last couple of years including six-seven% negative growth last year, with government permits being the main challenge, he said the governments in various states, however, were listening to the industry now.
"The need for transportation is there. I think the sentiments are bad currently. Once they improve it is a matter of time that the commercial and passenger three-wheeler segments will grow," Goindi said.
On entering the quadricycle segment and whether there would be any impact on the three-wheeler market, Goindi said quadricycle would create its own segment but three-wheelers were here to stay and wold not get affected in a real way.
"Quadricycle is likely to make some impact in some cities. We are currently looking at it ... on how do we take it forward," he said, while refusing to comment further.