Premium Bicycles Segment Is Expected to Grab About 7% of the Total Bicycle Market in India by 2021: Bonafide Research

Acceptance of global trend, high import duties raised by the Indian Government, influence of Chinese market, and Fitness activity through cycling are the major growth drivers for premium bicycle category within Indian bicycle market.

    Indian bicycle market is witnessing sluggish growth in consumption. The market for standard cycles represents the decline growth in India mainly due to the increasing purchasing power of consumers and development in infrastructure of the country which leads to increase in motor vehicular population. At present, the scenario of purchasing bicycle has been gradually changing among Indian consumers. The Indian premium bicycle market has been constantly growing at the significant growth rate per annum. The acceptance of the global trends tending Indian consumers towards premium cycles such as fitness cycle, lifestyle cycle, mountain bikes, etc which ensures the demand for these products. The purpose of using bicycles is transforming to adventure, leisure, health, and environmental reasons from just a single intention of transport.

    The continuous efforts of domestic players such as Hero Cycles, TI Cycles, Avon Cycles and Atlas in making innovation within the premium bicycle segments are further developing the premium bicycles segment. The promotional activities in terms of advertisements are trying to catch the consumer attention towards the ultra benefits offering cycles. The manufacturers target the lifestyle, health & fitness conscious consumer and professional cyclists.   The premium cycles are very popular among the celebrities as they have to keep themselves fit for their work and hence many movie starts, sportsmen, etc regular ride bicycle. Indian bicycle manufacturers have expanded their base in the professional and recreational categories in metros and the segment is mainly dominated by metro cities such as Bangalore, Chennai, Hyderabad, Pune, and Mumbai. However, the demand for these cycles at present is...