Cycling is more of a social activity than it ever was before and for many members of the millennial generation, the high-end bicycle becomes a means to express and exude their identities,” says Pankaj Munjal, Chairman and Managing Director, Hero Cycles.
The Indian bicycle market, which until a decade ago was confined to local players like Hero, BSA, Hercules, Avon and Atlas, has seen the influx of international players like Trek, Kona, Schwinn, Giant, Fomas (an Indo-Chinese venture) Decathlon, Bianchi, Scott Sports, among others.
According to him, lifestyle changes in the society and people’s inclination towards premium bicycles have also contributed to the different outlook towards bicycles.
Last year, as per industry estimates, bicycle sales in India stood at over 16.5 million units, valued at Rs 5,000-5,500 crore.
” Entry of niche players Besides, the Indian bike market has also seen the entry of niche players like GoZero Mobility, a British electric bike maker which manufactures premium electric performance bikes and signature lifestyle merchandise.