The Indian bicycle market is experiencing a remarkable transformation, driven by a growing awareness of the health and environmental benefits of cycling, government initiatives, and the rise of e-commerce. In this blog, we will delve into the market size, share, and growth, key trends shaping the industry, and the major players and their market share.

Bicycle Market Size, Share, and Growth

The Indian bicycle market is expected to reach a value of $1.8 billion by 2025, growing at a CAGR of 6.5% during the forecast period. Revenue in the bicycle market is projected to reach US$4.16bn in 2023, with an expected annual growth rate (CAGR 2023-2027) of 10.40%, resulting in a projected market volume of US$6.18bn by 2027. The market is expected to see rapid growth, with bicycle unit sales projected to reach 50.09m bicycles in 2027. The volume-weighted average price of Bicycles in India is expected to amount to US$97.73 in 2023.

Market Trends

Demand for Tubeless Tires

The demand for tubeless tires is growing, particularly among amateur and pro riders. Tubeless tires offer lower rolling resistance, increased speed, and a lower chance of flat tires.

E-bikes

E-bikes are expected to dominate the future of the Indian bicycle market, with manufacturers predicting a 3x increase in their market share over the next five years. Foldable e-bike models are becoming increasingly popular among commuters, while electric mountain bikes are also gaining traction.

Bikepacking Setup

Bikepacking, a combination of backpacking and cycling, is becoming a popular trend among adventure-seeking enthusiasts. Lightweight and compact bike-packing setups are being used for road and mountain trips.

Market Players and Market Share

The Indian bicycle market is dominated by several key players, including:

Hero Cycles

Hero Cycles is one of the largest bicycle manufacturers in India, offering a wide range of bicycles, including standard bicycles, kids' bikes, mountain bikes, and electric bicycles.

TI Cycles (BSA and Hercules)

TI Cycles is another major player in the market, offering a range of bicycles under the BSA and Hercules brands. The company has also launched its premium brand, Montra, and the Mach City line of commuter bicycles.

Firefox Bikes

Firefox Bikes, acquired by Hero Cycles, is a leading player in the premium bicycle segment, offering a range of mountain bikes, hybrids, and road bikes.

Trek Bicycles

Trek Bicycles, an American brand, entered the Indian market early on and has since expanded its product line-up for the Indian market.

Other Players

Other major players in the Indian bicycle market include Giant, Scott, Specialized, Merida, Ghost, Focus, Fuji, Polygon, Bergamont, and KHS. These brands offer a range of bicycles, from entry-level to high-performance models.

Conclusion

The Indian bicycle market is poised for continued growth, driven by increasing awareness of the health and environmental benefits of cycling, government initiatives, and the rise of e-commerce. The market is expected to reach a value of $1.8 billion by 2025, with a CAGR of 6.5% during the forecast period. Key trends shaping the market include the growing demand for tubeless tires, the rise of e-bikes, and the increasing popularity of bike-packing setups. The market is dominated by several key players, including Hero Cycles, TI Cycles, Firefox Bikes, Trek Bicycles, and other major brands. As the market continues to evolve, it will be interesting to see how the key players adapt to changing consumer preferences and capitalize on the opportunities presented by the growing demand for bicycles in India.