India Bicycle Market Overview, 2022-28

A bicycle is a common mode of transport for people in rural areas, particularly within low-income societies but is continuously gaining traction in urban areas as well, especially among successful and affluent people. The Indian bicycle market comprises main roadsters, fancy, kids, and other types of bicycles. Other bicycles include cycles meant for different purposes like mountain bikes, sports bikes, hybrid bikes, touring bikes, etc. The categorization of the bicycle market can be done based on end-users viz. retail sector and institutional sector. The retail sector encompasses residents or people who buy bicycles for their personal use or for their near and dear ones from retail outlets. Whereas institutional sales are usually done in bulk and the prospective customers include Central or State Governments or societies or clubs at times. According to the published report of Bonafide Research “India Bicycle Market Overview, 2022-2028”, the bicycle market in India is expected to register a CAGR of more than 17% in terms of value during the forecasted period of 2022-23 to 2027-28. The key domestic players in the bicycle industry are Hero Cycles, Avon Cycles, TI Cycles, Atlas, Firefox Cycles, and Starkenn Sports. The top two players together constitute approximately 40% of the market revenues. The bicycle industry has remained stagnant for a long time, but the winds are changing now, a lot is happening in the industry and in the country, due to which the market is set to grow in the future. The efforts made by manufacturers to grab the market through interventions like entering into joint ventures with foreign brands, revisions in the marketing and distribution strategies, the introduction of a wider product portfolio, and innovations like carbon frames, etc. have impacted the market positively. On the other hand, the lifestyle changes in the society and inclination towards the premiumization of bicycles have also contributed to a changed outlook towards bicycles.

Now more Indians living in cities take cycling for reasons ranging from keeping fit to general purpose, office commuting, and leisure; cycling clubs have also mushroomed on social networking sites. The bicycle companies are focusing on this niche but growing segment of recreational bicycles. Moreover, opinion leaders like Salman Khan and John Abraham have also influenced the population to a large extent. Government orders of bicycles have added to the growth of the standard bicycle market. Based on the price, the market can be further categorized into standard/mass, fancy, premium, and super-premium/high-end segments. Apart from domestic brands, foreign brands also have significant demand in the country, and keeping that in mind foreign players are entering the market. Considered for the Report: • Geography: India • Base Year: FY 2021-22 • Estimated Year: FY 2022-23 • Forecast Year: FY 2027-28 “India Bicycle Market Overview, 2022-2028” discusses the following aspects of bicycles in India: The report gives an in-depth understanding of the bicycle market in India: - India Bicycle Market Outlook - India Bicycle Market Size By Value & Forecast - India Standard/ Mass Bicycle Market Size By Value & Forecast - India Fancy Bicycle Market Size By Value & Forecast - India Premium Bicycle Market Size By Value & Forecast - India Super-premium Bicycle Market Size By Value & Forecast - India Bicycle Market Size By Volume & Forecast - India Standard/ Mass Bicycle Market Size By Volume & Forecast - India Fancy Bicycle Market Size By Volume & Forecast - India Premium Bicycle Market Size By Volume & Forecast - India Super-premium Bicycle Market Size By Volume & Forecast - India Bicycle Market Segmental Analysis: By Company, By Price Category, By End User - The key vendors in this market space

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Manmayi Raval

Research Consultant

Intended Audience This report can be useful to Industry consultants, manufacturers, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. Report Methodology The information contained in this report is based on both primary and secondary research. Primary research included interviews with various channel partners of bicycles in India. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports, and proprietary databases. Keywords: India, Bicycle industry, urban area, livelihoods, COVID-19, Engineering exports, industry, economy, Gear Bicycle, Gearless Bicycle, Hero Cycles, TI Cycles, Avon, Atlas, Firefox Bikes, Starkenn Sports

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