Due to the ongoing COVID-19 pandemic, we know the motorcycle market has slowed down. What kind of slowdown have helmets sales experienced during this time?
India two-wheeler helmet market is projected to grow at a very rapid rate, owing to increasingly stringent regulations for both commuters and manufacturers of helmets in the country. With increase in consumer spending and demand for safer helmets due to rising number of road accidents in India, sales of two-wheeler helmets are forecasted to continue growing across the country in the coming years. With the new regulations from the govt. about banning of non-ISI helmets will only lead to more sales for organised helmets manufacturer. Also, the removal of weight restriction will see much safer & technologically advanced helmets coming to Indian market leading to availability of better choices for commuters.
With the motorcycle market really expanding with new varieties of models and body styles on sale, do you have plans to get into the premium segment of motorcycle helmets? Tell us how are you planning to deal with foreign competitors in the premium range?
Being the industry leaders, we are present in the international helmet markets with both our brands Studds and SMK. SMK is our premium brand and was launched in 2016. It is being sold in the price bracket of INR 4000 to 12000. The response for SMK has been phenomenal especially from markets including Europe and Latin America. Currently, we export both our brands to over 40 countries and have gained a healthy market share in Latin America, European market, Africa and South East Asia. We are also looking for doubling our base in export markets in next 1-2 years.
How has the recent limitation on Chinese imports affected the business?
We have aligned ourselves with PM Modi’s vision of make in India and due to which 99% of our products and their child parts are being made in house leading to zero dependency on other countries. We have recently started with two new manufacturing units with a total investment of Rs. 200 crore which talks volume about our commitment to make in India for the world.
Are you happy with the new helmet regulations or you think there's more that needs to be done?
It has been a welcome move from the Govt. Prohibition on sale of non-ISI helmets will only help riders remaining safe. This will also help organized players in helmet industry in increasing their sales. Also, removal of weight restriction on helmets will change the dynamics of the industry as these helmets would be much safer along with being technologically advanced. This will also allow commuters to have better choices.