PREMIUM BICYCLES SEGMENT IS EXPECTED TO GRAB ABOUT 7% OF THE TOTAL BICYCLE MARKET IN INDIA BY 2021: BONAFIDE RESEARCH

Acceptance of global trend, high import duties raised by the Indian Government, influence of Chinese market, and Fitness activity through cycling are the major growth drivers for premium bicycle category within Indian bicycle market.

Indian bicycle market is witnessing sluggish growth in consumption. The market for standard cycles represents the decline growth in India mainly due to the increasing purchasing power of consumers and development in infrastructure of the country which leads to increase in motor vehicular population. At present, the scenario of purchasing bicycle has been gradually changing among Indian consumers. The Indian premium bicycle market has been constantly growing at the significant growth rate per annum. The acceptance of the global trends tending Indian consumers towards premium cycles such as fitness cycle, lifestyle cycle, mountain bikes, etc which ensures the demand for these products. The purpose of using bicycles is transforming to adventure, leisure, health, and environmental reasons from just a single intention of transport.

The continuous efforts of domestic players such as Hero Cycles, TI Cycles, Avon Cycles and Atlas in making innovation within the premium bicycle segments are further developing the premium bicycles segment. The promotional activities in terms of advertisements are trying to catch the consumer attention towards the ultra benefits offering cycles. The manufacturers target the lifestyle, health & fitness conscious consumer and professional cyclists. The premium cycles are very popular among the celebrities as they have to keep themselves fit for their work and hence many movie starts, sportsmen, etc regular ride bicycle. Indian bicycle manufacturers have expanded their base in the professional and recreational categories in metros and the segment is mainly dominated by metro cities such as Bangalore, Chennai, Hyderabad, Pune, and Mumbai. However, the demand for these cycles at present is extremely limited but is expected to grow at a frantic pace in upcoming years.

According to recently published report of Bonafide Research “India Bicycle Market Outlook, 2021”, Overall Indian bicycle market is almost flat at a rate of one to two per cent. The low end and standard cycle market is dominated by rural India as still at present, cycle is the primary mode of transport for middle or lower middle income group of consumers. However, the standard cycle market is going down. Whereas, with growth in urban cycling, the premium and super premium bicycle market is taking upward trend in India. The manufacturers are now eying the urban market for premium and super premium cycles. Now, the all the key Indian and international bicycle brands are expanding through the franchise route in the country. This ensures the great availability of premium cycles in the country which may lead to increase in demand for these cycles. Moreover, due to the high import duty on bicycles the demand for imported brands has been negatively impacted. Thus, foreign companies are now building their manufacturing plants in India instead of importing the brands in the country. For instance, the Taiwan based Giant Manufacturing Company Ltd, which was earlier imported by Starkenn Bikes in India, has recently established its new plant in Pune with production capacity of 30000-45000 units per annum.

According to Zalak Bhavsar, Research Analyst at Bonafide Research, “As premium bicycle market serves tremendous opportunities for manufacturers, the domestic players will make footprints in this segment as well as the international players would enter the market along with the innovative premium models. This would build the competitive platform for manufacturers than ever. This will surely generate the equilibrium supply demand curve for Indian premium bicycle market”.

Major companies operating in bicycle market of India are Hero Cycles, TI Cycles, Avon Cycles, and Atlas Cycles.


Contact Details

Company Name: Bonafide Research & Marketing Pvt. Ltd.
Issued By: STEVEN THOMAS
Phone: +91- 265 – 2331309
Address: 301, Goklesh-II, B/h. Standard Charted Bank, Sampat Rao colony, R. C. Dutt Road, Alkapuri, Vadodara-390007, Gujarat, India
City: VADODARA
State: GUJARAT
Zip: 390007
Country: India
Website: Visit the website

Keywords : Bicycle, Premium Bicycle, Hero Cycles, TI Cycles, Avon, Atlas,

by STEVEN THOMAS (few years ago!)

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