BICYCLE INDUSTRY IN INDIA
A total of 11.44 million units of bicycles were sold in India in FY 2023. 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. 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.
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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.
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%.
Source: - GlobeNewswire
Cycle
