Hero MotoCorp to enter Nigeria, Ghana, Liberia and Guinea- Report
Hero's export markets now count to 30.
Hero MotoCorp has announced its intentions to strengthen its presence in the West African two-wheeler market. The size of the market is 1.5 million units per year. The company will begin exporting its products to Nigeria, Ghana, Liberia and Guinea from the coming fiscal. It is to be noted that Nigeria is the largest two-wheeler market in Africa.
Hero's current export markets in West Africa include Angola, Burkina Faso, Democratic Republic of Congo, Ivory Coast and Madagascar. The brand is currently present in 26 countries across Asia, Africa and South and Central America. The four new markets take the tally to 30 countries. Hero is working on establishing its presence in 50 countries by the year 2020.
This is a part of the company's exports expansion plan which has a target of 1.2 million units by 2020. Hero currently exports only 0.2 million (2 lakh) units per annum. The gross sales is targeted at 12 million units annually by 2020.
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In an interview with Economic Times, Hero MotoCorp chairman Pawan Munjal expressed confidence that the company's global sales will see manifold growth over the next three-four years. The sales growth will be backed up by Hero's recently-inaugurated R&D centre which should help speed up product launches.
[Source: Economic Times]