Indian Hi-End Market Poised to Touch 1 Million Mark
LUDHIANA, India – The Indian high-end bicycle market is expected to make a threefold jump in the next five years. This scenario unfolded during the recently concluded International Cycle Expo which took place in Ludhiana, India from 3rd to 5th April.
The show reflected a clear trend towards high priced international bike brands and accessories hitting the Indian market. According to industry insiders this is a clear indication that India will be the next growth market for these brands. The hi-end bicycle segment is new to the industry. In the past years it gained a market share of an estimated 5 or 6 percent of the 6 million standard bicycles sold every year in India.
Only six years ago Trek, Tern, Firefox and Shimano distributor Firefox launched a hi-end bicycle range on the Indian market. “At that time people laughed about our adventurous idea but over the years the Indian bike market has matured,” said Shiv Inder Singh, Managing Director of Firefox Bikes. “It has gained formidable ground and it is growing at the rate of 25-30 percent annually.”
“Currently the market volumes around 350,000 high-end bikes and by 2020 this figure would likely to touch the one million mark. The majority of the 5 or 6 percent high-end bicycles are imported and distributed by popular international brands.
This success attracts other brands like the Italian saddle maker Selle Italia who is considering opening the Indian market. “We are trying to understand the market and the range of products that should suit India. We are looking at a new distribution channel to begin with and visited five outlets in Delhi before coming to the show,” said Mauro Moretto, Sales Manager of Selle Italia.
Also the Dutch firm Holland Mechanics is optimistic about the Indian market considering its sales performance of last couple of years. “We have sold 16 wheel building machines in India in the last two years. To grow the sales and to support our installed equipment, we have appointed a local Sales & Service engineer based in Ludhiana,” said Frank Zhang, Sales Director of Holland Mechanics on Asian markets.