The country’s largest two-wheeler manufacturer, Hero MotoCorp is endeavoring to implement its expansion plans by prospecting for the possible target markets in the global auto sector. As per the scrutiny conducted by a team of automotive professionals in Africa, the continent is the next potential market for two-wheelers.
The study was based upon deep analysis of each market, the legislations governed in the country as well as the business and economics ethics practiced there.
Mr. Sunil Kant Munjal, the Chairman of Hero Corporate Service, was quoted as saying, "We have identified some of the countries which have potential to be high growth markets. We will probably set up assembly plants in some. In some, there may be manufacturing and in others it will probably be exports."
The motorcycle and scooter manufacturer is gearing up for establishing production facilities and assembly plants in Africa to advantageously rival against the well established foreign companies operating in the continent.
Mr. Munjal further said, "Many of our Indian friends have gone there. There are also many Chinese and Thai companies present there; even older and larger Japanese players are there. But because of the way we operate, our scale and volume, we feel Africa offers a great promise."
Hero MotoCorp is pacing towards achieving a high production capacity of more than 6.5 million vehicles from its three production plants and is aiming to secure 10 percent of its total revenue from exports to its newer markets like Africa, Latin America and Southeast Asia.
