India Bicycle Market to Grow at CAGR 11%till 2021

Rising awareness about health benefits of cycling, increasing popularity of sports bicycles and implementation of favorable government schemes to propel India bicycle market through 2021

According to TechSci Research report, “India Bicycle Market By Type, By Geared Vs Gearless, By Rim Size, Competition Forecast and Opportunities, 2011 - 2021”, the bicycle market in India is projected to grow at a CAGR of over 11%, during 2016-2021, on account of growing population base, increasing discretionary spending and rising health consciousness among people. In India, cycling is being swiftly adopted as a means to stay fit and as a popular recreational activity. Further, many of state governments have started construction of dedicated bicycle lanes in major cities to encourage cycling, as an environment friendly means of transportation. This is also projected to drive sales of bicycles across the country in the coming years.

Browse 19 market data Tables and 34 Figures spread through 115 Pages and an in-depth TOC on "India Bicycle Market"

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Large share of the country’s total population is based in rural areas, where roadster bicycle is an important mode of transportation. With constant increase in volume demand for roadster bicycles in India, the segment is anticipated to continue dominating India bicycle market. Due to unavailability of efficient transportation facilities and appropriate road network in rural part of India, roadster bicycles are extensively used for transportation. Moreover, many state governments have also distributed bicycles to school children.As per Census 2011, despite absolute increase in urban population in India, over 70% of the country’s population resides in rural areas. Share of the rural population in India’s total population, however declined from 72.19% in 2001 to 68.84% in 2011. Consequently, level of urbanization in the country increased from 27.81% in 2001 to 31.16% in 2011. Growing urban population base and rising demand for roadster bicycles from rural population is projected to drive growth in the country’s bicycle market in the ensuing years.

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“India, one of the fastest growing economies in the world, is witnessing high demand for sports bicycle. Growing focus on fitness and health, and increasing trend of using cycles to commute to work is projected drive sales of sports bicycles in the country during the coming years. On the back of growing demand for sports bicycles in the country,many international players have introduced their products in India bicycle market. Although, India has emerged as one of the major manufacturers of bicycles in the world, the country imports considerable number of high-end or premium bicycles from other countries to address domestic demand for high end bicycles. Moreover, widespread presence of well-established network of dealers and distributors has been strengthening position of international bicycle manufacturers in India.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Bicycle Market By Type, By Geared Vs Gearless, By Rim Size, Competition Forecast and Opportunities, 2011 - 2021” evaluates the future growth potential of bicycle market in India, and provides statistics and information on market structure, consumer behavior and trends. The report intends to provide cutting-edge market intelligence and helps decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in India bicycle market.

 

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