Bicycle Market in India 2022-2027

Bicycle Market in India 2022-2027

Market insights:

Bicycles and E-bikes are becoming more popular due to rising disposable incomes and the fact that they provide an affordable, environmentally friendly alternative to other forms of transportation. Even, though bicycles are the least expensive form of transportation, the rising fuel price in India is driving the growth of the bicycle market.

A total of 11.44 million units of bicycles were sold in India in FY 2022. Sales are expected to reach 14.43 million units by FY 2027, expanding at a compound annual growth rate of ~5.50% during the FY 2023 – FY 2027 period

Segment insights:

The industry is classified into five product segments -- standard, premium, kids, exports, and E-bikes. The top 3 exporters of Bicycle are China, India, and Vietnam. The market share of exports is expected to increase from 8.49% in FY 2022 to 9.71% by the end of 2027. In FY 2022, China was the largest exporter of Bicycles and accounted for 988,055 shipments, followed by India with 367,964 and Vietnam at the 3rd spot with 345,214 shipments. In FY 2022, the Roadster segment held a major market share of 40.51%. Since e-bikes are a more affordable form of transportation than other fuel-based vehicles, it is predicted that the e-bike segment will grow its market share from 0.01% in FY 2022 to 3.45% by FY 2027 with a CAGR of 49.74%.

Post COVID-19 Impact Analysis:

Since COVID 19, Indian bicycle market saw huge growth both in terms of domestic sales and exports. Leading Indian bicycle producers have stated a strong desire to boost their exports. This effort has expanded bicycle exports significantly since the pandemic. Leading Indian manufacturers are attempting to fill the supply gap because of the closure of numerous bicycle manufacturing plants since the outbreak.

Competitive insights:

Tube Investments of India Limited holds the major market share of the Indian bicycle market and followed by Hero cycles and others. These bicycle companies are continuously innovating their product range to serve the changing customer preference.