Polaris India, a wholly-owned subsidiary of the US-based off-road vehicle maker Polaris Industries, expects sales of its iconic motorcycle brand 'Indian' to grow over 20 per cent year-on-year in the next five years.
The company, which sells six models of the 'Indian' bike brand priced between Rs 12 lakh and Rs 35 lakh, is also looking to almost double its sales network by 2016-end.
"We expect high growth to continue in the next five years. The industry is expected to grow by 20 per cent year-on-year and we expect to grow better than that," Polaris India MD Pankaj Dubey told PTI.
Polaris, which introduced the Indian bikes in India last year, has performed "better than expected" in the country, he said without sharing numbers.
In India, the superbike segment with models priced upwards of Rs 12 lakh currently has a market of around 1,200-1,500 units per annum.
The Minnesota-based Polaris had acquired Indian Motorcycles in April 2011 and unveiled an all new range of motorcycles in August 2013.
Indian, which is the oldest US motorcycle brand, competes with the likes of Harley Davidson and the British superbike brand Triumph here in India.
The brand is named so as a reference to ethnic Indian community in America.
The company today opened its fifth dealership in Mumbai and plans to expand its presence in non-metro cities.
"We plan to open dealership in Ahmedabad in the next few days. With this, our strength will go up to six outlets. By the end of next year, we plan to have some 12 dealerships in the country," Dubey said.
It aims to have outlets at places like Goa, Pune, Chandigarh, Cochin and Kolkata.
When asked if the company aims to introduce new models in India, Dubey said that as soon as new models are launched globally, they will also be rolled out in the country.
