India Bicycle Market (2023-2029) | Growth, Companies, Size, Industry, COVID-19 IMPACT, Forecast, Analysis, Share, Revenue, Value & Trends

Market Forecast By Product (Mountain Bikes, Hybrid Bikes, Road Bikes, Cargo Bikes, Others), By Technology (Electric, Conventional), By End-user (Men, Women, Kids), By Distribution Channel (Online, Offline) And Competitive Landscape

Product Code: ETC362124	Publication Date: Aug 2023	Updated Date: Apr 2024	Product Type: Market Research Report
Publisher: 6Wresearch	No. of Pages: 75	No. of Figures: 35	No. of Tables: 20

Report Description
Related Topics

India Bicycle Market Shipment Analysis

India Bicycle Market registered a decline of -44.55% in value shipments in 2022 as compared to 2021 and an increase of 6.72% CAGR in 2022 over a period of 2017. In Bicycle Market India is becoming more competitive as the HHI index in 2022 was 2337 while in 2017 it was 2808. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on domestic production to meet its growing demand in Bicycle Market.

India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Bicycle Market in 2022 was 0.75 while in 2017 it was 0.95. China, Sri Lanka, Bangladesh, Viet Nam and Other Asia, nes were among the top players of the market in 2022, where China acquired the largest market share of 32% with a shipment value of 12.69 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 44.15% with the shipment value of 21.38 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitor in 2017.

India Bicycle Market Competition 2023

India Export Potential Assessment For Bicycle Market (Values in Thousand)

Topics Covered in India Bicycle Market Report

India Bicycle Market report thoroughly covers the market by product, by technology, by end-user, and by distribution channel. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Bicycle Market Synopsis

The India bicycle market is one of the significant markets and it is projected to attain more progress during the forecast period attributed to the growing trend of health as well as fitness consciousness among consumers. The government of the country is also promoting cycling one of the most essential activities for fitness which is also stimulating the progression of the market in the country.

According to 6Wresearch, the India Bicycle Market size is estimated to attain a CAGR of around 5.68% during 2023–2029. The India Bicycle market is driven by several factors that have shaped its growth trajectory. Firstly, there is a rising trend of health and fitness consciousness among consumers, leading to an increased preference for cycling as a recreational and fitness activity. Moreover, bicycles are considered an eco-friendly and economical mode of transportation, especially for short distances, which has led to their popularity as an alternative to motorized vehicles in congested urban areas. Additionally, the government`s initiatives to promote cycling for sustainable mobility and its support for bicycle-sharing programs have further bolstered the demand for bicycles. The advent of e-bikes and electric cycles has opened up new opportunities, attracting tech-savvy consumers looking for innovative and eco-conscious commuting options. These factors are aiding in stimulating the India Bicycle Market Growth.

The India bicycle market faces several challenges that impact its growth and penetration. One of the primary challenges is the dominance of motorized vehicles and inadequate cycling infrastructure. The preference for motorized transportation and the lack of dedicated cycling lanes and safe routes deters people from using bicycles for daily commuting and recreational purposes. Additionally, the perception of bicycles as a mode of transportation primarily used by low-income communities or as a last resort contributes to the challenge of increasing bicycle adoption among the urban population. Moreover, the lack of awareness about the health and environmental benefits of cycling is a significant challenge. Promoting cycling as a sustainable and healthy mode of transportation requires effective awareness campaigns and educational initiatives. Furthermore, the affordability and quality of bicycles are crucial factors influencing the market. Cheap and low-quality bicycles can discourage potential buyers, impacting the perception of bicycles as a reliable and long-lasting transportation option. Another challenge is the preference for motorized two-wheelers over bicycles, driven by factors such as convenience and speed. Encouraging a shift towards bicycles for short-distance commutes requires addressing these preferences and providing incentives for cycling.

COVID-19 Impact on India Bicycle Industry

The COVID-19 pandemic led to a surge in demand for bicycles in India. With restrictions on public transport and a growing interest in health and fitness during the lockdowns, bicycles became a preferred mode of transportation and recreation for many. This unexpected surge in demand put pressure on the supply chain, leading to shortages of bicycles in the market. Manufacturers faced production challenges due to labor shortages and social distancing measures. However, the renewed interest in cycling and the government`s push towards promoting cycling infrastructure will continue to drive the bicycle market`s growth in the post-pandemic era.

Key Players in Bicycle Market in India

In the India bicycle market, several key players contribute to the manufacturing and distribution of bicycles for various purposes, including commuting, fitness, and recreational activities. Hero Cycles Limited, a prominent player, is one of the largest bicycle manufacturers in the world, offering a wide range of bicycles for all age groups. They focus on promoting cycling as a sustainable and healthy mode of transportation. Atlas Cycles (Haryana) Limited is another major player known for its affordable and durable bicycles, catering to diverse customer segments. They focus on providing bicycles suitable for India road conditions and consumer preferences. Additionally, Firefox Bikes Pvt. Ltd. is a key player in the premium bicycle segment, offering high-quality bicycles with advanced features for enthusiasts and sports cyclists. These key players actively collaborate with bicycle dealers, retailers, and cycling communities to promote cycling culture and support environmental sustainability. Their commitment to quality, design innovation, and affordable pricing has established them as influential players in the India bicycle market. These market players have a key role to play in the growing India Bicycle Market Size.

India Bicycle Industry: Government Initiatives

One of the key initiatives by the government of the country has been the "Cycle Mission" under the National Urban Transport Policy (NUTP), and this mission seeks to inspire cycling as a sustainable mode of transportation in cities. This initiative involves the development of cycling infrastructure, including parking facilities, and dedicated lanes in order to promote cycling as an eco-friendly and viable alternative. The government has also introduced schemes to incentivize the adoption of bicycles, especially in rural area. Pradhan Mantri Gram Sadak Yojana (PMGSY), program has allocated funds for construction of roads with separate cycling tracks in the rural areas. These government initiatives determine the future of bicycle industry in India.

Market by Product

The road bicycle segment registered the largest revenue share is likely to remain dominant over the forecast period. This growth is due to the fact that these are the most basic vehicles, which do not require any sophisticated accessories. The mountain bicycle is also anticipated to rise in the coming years.

Market by Technology

On the basis of technology, conventional segment dominated by attaining the largest revenue share the market and is projected to remain dominant segment in the future. Electric segment also has chances to grow in the coming years, which will help in boosting the Bicycle Market Share in India.

Market by Distribution Channel

The offline distribution channel segment attained the largest revenue share and it is attributed to the presence of a large number of consumers electing to purchase from offline channels/stores owing to the availability of test-drive options. The online segment is estimated to emerge as the fastest-growing segment over the forecast period.

Key Attractiveness of the Report

COVID-19 Impact on the Market.
10 Years Market Numbers.
Historical Data Starting from 2019 to 2022.
Base Year: 2022
Forecast Data until 2029.
Key Performance Indicators Impacting the Market.
Major Upcoming Developments and Projects.

Key Highlights of the Report:

India Bicycle Market Outlook
Market Size of India Bicycle Market, 2022
Forecast of India Bicycle Market, 2029
Historical Data and Forecast of India Bicycle Revenues & Volume for the Period 2019 - 2029
India Bicycle Market Trend Evolution
India Bicycle Market Drivers and Challenges
India Bicycle Price Trends
India Bicycle Porter's Five Forces
India Bicycle Industry Life Cycle
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Product for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Mountain Bikes for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Hybrid Bikes for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Road Bikes for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Cargo Bikes for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Others for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Technology for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Electric for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Conventional for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By End-user for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Men for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Women for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Kids for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Distribution Channel for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Online for the Period 2019 - 2029
Historical Data and Forecast of India Bicycle Market Revenues & Volume By Offline for the Period 2019 - 2029
India Bicycle Import Export Trade Statistics
Market Opportunity Assessment By Product
Market Opportunity Assessment By Technology
Market Opportunity Assessment By End-user
Market Opportunity Assessment By Distribution Channel
India Bicycle Top Companies Market Share
India Bicycle Competitive Benchmarking By Technical and Operational Parameters
India Bicycle Company Profiles
India Bicycle Key Strategic Recommendations