Premium segment will definitely see a war for market share with Hero doubling down on their premium strategy (plus partnership with Harley Davidson) and Bajaj increasing focus on domestic market. All of these players have the same advantages (distribution, brand and scale) that you have highlighted. TVS is doing quite well and most of all those positives seem to be priced in (at a lofty P/E of 60) as stock has seen one way rally for last couple of years.
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