Date : December 19, 2020
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Now the industry is trying to sell experience and not just bicycles- Bonafide Research

Now the industry is trying to sell experience and not just bicycles- Bonafide Research

Earlier the bicycle market was dominated by utility bicycles and considered just as means of commute, whereas now a new segment has emerged in the market with a preference towards premium bicycles, which are considered more of a luxury and style statement. This is expected to allow the India Bicycle market to grow with a CAGR of over 15%. The premium range of bicycles though has a small share but is priced high and compared to utility bicycles that cater to a mass market and have an affordable pricing range. The increasing demand for high-end bicycles along with developmental infrastructures in major cities is a positive sign for the market.

The report titled- India Bicycle Market Outlook, 2026 published by Bonafide Research, highlights the fact that currently the government are focused towards the eastern region; the least contributing region is expected to show a marginal change in the value share over the forecasted period, reaching a share of less than 17%.

Meanwhile, a rise in bicycling events being organized in various cities is fuelling the sales of mountain and road bicycles. The super-premium bicycles are expected to cross a value of INR 955 Cr., by the end of the forecasted period. The domestic demand in India for the cycles majorly comes from rural areas, which are characterized by poor infrastructural facilities and low-income groups. The urban region is partially inclined away from the roadsters and thus expected to account for a share of over 35% in volume terms, by the end of the forecasted period. The emergence of new, better, and innovative product offerings at competitive pricing has taken place and ultimately benefitting the consumers and manufacturers. Eventually, for the survival of domestic players, the need for innovation and up-gradation is the need of the hour.

The misery of migrant workers and their urge to return to their home states at any cost has also proven to be a blessing in disguise for the market during the Covid pandemic. There has been a 20% rise in sales across the country. Many tourist destinations have provided options for sightseeing and roaming around in the leisure of cycle, which have also directly allowed the market to grow. Various governments are aggressively rolling out the infrastructure necessary to support bicycle commutation, encouraging people to opt for bicycles. There are 19 cities where bicycle lanes have been constructed in the cities like Ahmedabad, Rajkot, Pune, Delhi, Hyderabad, Pimpri Chinchwad, Indore, Jaipur, Nagpur, Chandigarh, Mysore, Alwar, Nanded, Bhubaneswar, Vijayawada, Amritsar, Patna, Jabalpur, Bhopal.

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Now the industry is trying to sell experience and not just bicycles- Bonafide Research

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