Riding on strong global demand for bicycles, e-bikes, and automotive components, Hero Motors is set to cross INR 1,000 crore in exports and international revenue by FY22, an increase of 92% over FY21.
The group has set a target to further treble this figure to INR 3,000 crore by FY24, banking on high growth in the European and American markets, the company said in a press release.
“We are confident of crossing INR 1,000 crore of exports and international revenue and meeting another ambitious target of INR 3,000 crore by FY24,” said Pankaj M Munjal, Chairman and Managing Director, HMC.
The company claims that it retained its market-leading share of about 43% in the organised industry and led what is termed by CRISIL as the decadal-high growth in demand for cycles.
With the plan to expand the business, HMC unveiled on Baisakhi this year its new hi-end export-oriented manufacturing plant at the ambitious Hero E Cycle Valley.
On the international front, Hero International – the European bike and e-bike arm of HMC established in March 2021 – aims to achieve organic revenue of up to € 300 million by 2025, while adding € 200 million from inorganic growth, the company said.