We expect continued value migration away from the Executive motorcycle 100/125cc segment toward the Scooters (driven by wider appeal), Premium >150cc (driven by need for uniqueness and upgrade) and Entry motorcycle 100cc (driven by substantial value proposition) segments. BJAUT's strategy is to capitalize on this value migration by focusing on the Entry and Premium motorcycle segments. BJAUT attributed the loss of volumes (~1% decline) and market share (~230bp to 15.7% in domestic motorcycle) to the poor performance in the M2 & M3 segment (Executive segment) in FY18. Commuter and Commuter Deluxe segment (with a size of ~6.5m per annum) is the largest in the motorcycle industry, but BJAUT has a very weak presence with just 2.6% market share in FY18 through Discover and the V. Nevertheless, BJAUT has realized the need to compete far more vigorously in this segment.