India Bicycle Market Outlook 2022

Bollywood actor Salman Khan’s retail brand 'Being Human' launched a new category of products under e-cycles at Mumbai on June 2017. The new e-cycles venture would be headed by Mr. Atul Gupta, who has worked formerly as executive Vice-President at Suzuki Motorcycles India. With his much talked about entry, the domestic bicycle industry is set to grow on the path of premium hi-fashion bikes. The residents of Mumbai doesn't gets surprised when they spot bollywood star Salman Khan cycling on roads of Bandra. For them it's been a usual phenomenon but recently, what he announced at the press conference was little unexpected and delightful for his fans. The actor's retail brand 'Being Human' launched a range of e-cycles under 'Being Human E-Cycle' brand. The brand unveiled two variants of the e-cycle, BH27 and BH12 that would be available in four colours - white, yellow, red and black. The company plans to roll out more variants in the next few months. The e-bike, which looks like a regular bicycle, has a range of about 30 km and can be rode at speed of as high as 25 kmph. The bikes are priced between Rs. 39,990 and Rs. 57,190 depending on the power of the battery. The e-bike uses a battery pack, which triggers the propulsion system of the bicycle with the switch of a button. Initially, the Being Human E-Cycles will be available only in Mumbai but the company has plans to go pan-India in the next few months. According to recently published report of Bonafide Research "India Bicycle Market Outlook, 2022", domestic players like Hero Cycles, TI Cycles, Avon and Atlas together constitute for almost 75% of the market revenues. The foreign companies in the bicycle market of India have entered through joint ventures and provide their distribution rights to domestic companies. Major international companies offering their products through this kind of partnership are Shimano Inc., Giant Manufacturing Co. Ltd., Trek Bicycle Corporation, The Birmingham Small Arms Company Limited (BSA) and Hercules Cycle and Motor Company Limited. Apart from this there are companies which have set up their subsidiaries in India, for instance, Scott Sports SA operates in India as Scott Sports India Private Limited. The popularity of bicycles is being increasing particularly in the elite class of people owing to increase in disposable income, growing health consciousness among people and adoption of cycling as a means of recreational activity. Cycling has emerged out as an efficient option for today's busy world. It offers work out while commuting, at the same time helps in reducing stress and anxiety, thus keeping one fit and fab. The demand is further accelerated by opinion leaders like Salman Khan, John Abraham, who possess the power of influencing the population to a large extent. Thus usage and promotion of bicycles by these celebrities will attract a large number of people. Moreover, people in this digital era don't have time to socialize and relax, so bicycle clubs like MTB Himalaya facilitate them in socializing and engaging in adventurous activities that they are keen to do. The rising concerns regarding environment has also helped in awakening the Government thus offering improved infrastructure for cyclists. India is one of the fastest growing economies in the world and the customer preferences are changing owing to increased purchasing power and increased access to information. The customer in this era is smart and is seeking world class quality at appropriate prices. In this global village, new innovations have enhanced the choices ranging from carbon frames to gears; thus making bicycle industry more competitive and opening gates for global players. Major companies operating in the bicycle market of India are Hero Cycles Limited, Tube Investments of India Limited, Avon Cycles Limited, Atlas Cycles Limited, Firefox Bikes Private Limited and Starkenn Sports Private Limited.