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: May 2024 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 | |
India Bicycle market currently, in 2023, has witnessed an HHI of 2337, Which has decreased slightly as compared to the HHI of 2808 in 2017. The market is moving towards moderately competitive. 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 fewer numbers of players or countries exporting in the market.
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.
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 fitnessย 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.ย
According to 6Wresearch, the India Bicycle Market size is estimated to attain a CAGR of around 5.68% during 2023โ2029. 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.
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.
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.
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.
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.
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.
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.
The report offers a comprehensive study of the subsequent market segments: