Greetings! Indian automobile market is luring as it is studded with opportunities and many consumers in search of better products from the vehicle manufacturers. As a matter of fact the market is luring automobile manufacturers from across the world to try their luck on the Indian soil. Recently Polaris Industries, a US based off-road vehicle maker, talked about Indian markets and motorcycles. Polaris Industries recently have forayed into Indian market with plans to set up an assembly unit within the next five years as it aims to clock revenue of up to USD 400 million by then.
Polaris Industries has started its operations in India through a wholly owned subsidiary is now looking to set up research and development center in order to introduce high end premium motorcycles in India in the next 3 to 5 years. There effort looks solid and the company plans to take over and establish their brand in the market more firmly. In order to enhance their working, Polaris Industries has earlier appointed Pankaj Dubey (Former National Head of Yamaha India) as the Managing Director of Polaris India Pvt.Ltd.
Speaking on Polaris Industries making their way to India, Mr. J. Morgan (President and COO of Polaris Industries) said that the company sees significant growth opportunities in next five years India and is aiming to clock revenue up to $5 billion globally. He further said that the company is seeing India from a long term perspective and they are expecting revenue up to USD 400 million by the end of five years.
Mr. Morgan also said that India will play a major role in helping them achieve the global revenue target along with Brazil and China. When asked about the manufacturing facilities, Morgan said that the company is currently paying huge duty and thus once the volume increases the company would look to open the manufacturing facilities. He also said that the company might partner with local manufacturers to produce products under a contract manufacturing agreement.
Polaris Industries Vice President was of the opinion that the company is looking to study the Indian market conditions and will roll out products based on the taste of Indian consumers. He also added that the company is looking to establish a design center in India in the coming 3-5 years that will probably strengthen the company’s portfolio. Lastly he said that Polaris India have already partnered with TCS and L&T for technical and engineering services.