CHENNAI: Despite a pandemic outbreak and subsequent lockdowns impacting the global economy, Hero Cycles said it looks forward to strong growth, with plans to capture 10 per cent of the global bicycle market by 2023.
According to Pankaj Munjal, chairman and managing director of Hero Cycles Ltd, the company is confident about its strong growth, especially as it saw 600 times rise in sales in its overseas markets such as the UK and Germany in April 2020, against the figures in April last year.
Hero Cycles now has 5 per cent market share globally and it plans to double it in three years. Speaking to TNIE, Munjal said Hero plans to collaborate with foreign brands, expand its capacity to generate demand and to ensure rise in sales.
“Post Covid-19, the bicycle market would see more demand as people would prefer individual and safe commuting, and become more aware about eco-friendly ways of transportation. Bicycles also help keep you fit and conserve the environment,” Munjal said, adding that several countries are promoting bicycles as a safe mode of commuting, which will prove beneficial for the company.
Munjal further said that India too should focus on enhancing the cycle industry. “The government should try to encash this opportunity to strengthen the bicycle industry in the country,” he said, adding, “Like China, India should focus on creating clusters meant exclusively for the cycle industry, to ensure smooth supply chain and logistics.” A dedicated cluster, he said, will give a much-needed boost to cycle industry.
Hero Cycles has launched an awareness campaign to encourage people ride bicycles. Along with global markets, the company will also focus on its growth in the domestic market.
“Bicycles are a potential alternative mode for people who used crowded public transport systems. There will be growth in cycle sales even in rural areas too,” Munjal said. The company will ramp up its production soon, while its current focus is on export-led growth. It will also focus on its electric vehicle and auto component sectors to make a quick revival, he said.
Grand plans, buoyed by high growth in sales
Hero Cycles now has 5 per cent market share globally and it plans to double this in three years. The firm will ramp up production soon, while focusing on export-led growth. It will also focus on its electric vehicle and auto compo-nent sectors for a quick recovery.