Hero Cycles Breaks Record in Sales on Home Market
NEW DELHI, India – The biggest bicycle manufacturer in India – Hero Cycles – sold over 600,000 bikes last December; 20% more compared to December 2014. It is the highest one-month sale in the history of the bicycle industry by any company in India, Hero Cycles said in a statement.
According to a report in ‘The Times of India’ Hero Cycles attributed its record breaking sales to strong growth in the premium cycles segment as well as strong sales in rural and semi urban areas.
Dominating the Indian market
In The Times of India Hero Cycles Chairman and Managing Director Pankaj Munjal said, “We have not only strengthened our dominance in the Indian cycle market but have also become the first ever company to achieve a sale of over 600,000 units in a month in the history of India’s cycle industry.”
5.5 million bikes
He added that India’s domestic bicycle market is on renewal path with a fresh surge in the premium product category as well a high interest for bikes in rural and semi urban areas.
For its fiscal year 2014 – 2015 Hero Cycles recorded a total turnover of about INR 30 billion (€ 413mn) with a production of 5.5 million bikes.