Industry insiders see great potential for e-cycles in India, especially since bicycles are gaining popularity as a mode of transportation due to their eco-friendliness and cost-effectiveness for short-distance commutes.
According to Aditya Munjal, the director of Hero Cycles, the adoption of e-cycles has picked up pace over the last few years, with the market size doubling annually in the past few years.
He cites a report by the Federation of Indian Chambers of Commerce & Industry (FICCI) and Klynveld Peat Marwick Goerdeler (KPMG) which estimates that India’s e-cycles market will be over a million units in a few years with a Compound Annual Growth Rate (CAGR) of 55% over the next five years.
Firefox Bikes, another player in the industry, also feels e-cycles are poised to be “a game-changer in the quest for a more sustainable and environmentally friendly future.”
According to Sundresan, the consumer base of their company consists of young urban individuals who value an active lifestyle, adventure, fitness, and style. Hero Cycles, the company he represents, is not only offering high-quality bikes but is also expanding its product range to meet the needs of women and children.
The COVID-19 pandemic played a significant role in driving people towards a healthier and more sustainable lifestyle, with many individuals adopting e-cycles for various purposes. The cycle industry in the country witnessed a surge in sales during the pandemic, leading to a supply shortage to fulfill the demand.