Bicycle had been the childhood best friend of almost everybody, but slowly with time the bond faded away and got replaced with bikes and cars. But the recent study has revealed how bicycle industry has evolved with years and is soon going to be an essential part of urban living.
The Indian bicycle market is expected to grow significantly in the near future due to increasing adoption of premium bicycles apart from standard ones, according to the India Bicycle Market Outlook, 2021.
Premium bicycles segment is expected to grab about 7% of the total bicycle market in India by 2021. The data from domestic cycle manufactures show that in 2012-13 India produced around 15.5 million bicycles out of which 12 million bicycles were sold.
The Indian bicycle market grew with a CAGR of just 1.04% from 2010 to 2015. At present, the trend of premium bicycle is emerging in India and therefore, the major domestic players are making efforts to grab this space.
Here are some of the reasons which will help the entrepreneurs and startup owners, who have ideas related to bicycle business, to get more firm and rigid about their business plans, because the business is back in the game and how:
The present generation has already witnessed the ill effects of pollution, even the government is trying to help them preserve what is left and do patch work at the damaged parts.
The Haryana government has pitched in to facilitate collaborations between Chinese and Indian companies to manufacture state-of-the-art bicycles in Ludhiana. The plan is to set up the world’s largest, high-end, electric bicycle manufacturing facility with a capacity of 15 million cycles per year.
Bicycles are eco-friendly, cheap and safe, which is why one can see a habitual shift among the millennial.
Indian bicycle industry is mostly dominated by the middle class people, who cannot afford cars and other big vehicles, which is why bicycle for them is proved to be a boon as well as healthy choice of transportation.
I.K.Rohit, CEO and Co-Founder of ChooseMyBicycle.com said, “The Indian market for bicycles has been changing rapidly over the past decade. The consumer’s preferences across age groups have seen a dramatic shift which has forced the industry to accelerate its innovation, design and technology, while keeping in mind that India has always been a price sensitive market. The key dynamics that drive and determine the Indian bicycle market are innovation along with price.”
3. Health Benefits:
The current generation has become health consciousness, where cycling plays an important role in working out. When some prefer indoor cycling, others prefer outdoor cycling.
Moreover the big companies, who promote social awareness programs, are basically done through cyclathons. There are many health related programs too are conducted by renowned companies, where they offer cycles to their employees as well as play cycle racing games and innovative recycling techniques.
Bicycle is slowly cycling its way through into our lives be it as commodity or business.
4. Space Constraints:
When the time has arrived, where space has become expensive, every inch counts when it comes to doing business. The growing population has left little space for accommodation, which is why entrepreneurs are coming up with rented bicycles schemes and bicycle sharing apps.
There is no hassle to park bicycle in compounds or one can exchange cycles quite easily, without getting worried for the parking charges or getting stolen. Entrepreneurs and startups are cashing out through their brilliant ideas invested in bicycle industry and recycling parts.