The bicycle market in India is a rapidly growing industry. According to a report by ResearchAndMarkets.com, 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.
One of the main factors driving this growth is the increasing awareness of the health and environmental benefits of cycling. As more people in India become health-conscious and environmentally aware, they are turning to bicycles as a sustainable mode of transportation.
Another factor contributing to the growth of the bicycle market in India is the government's push for cycling as a means of transportation. The Indian government has implemented various initiatives to promote cycling, such as building dedicated bicycle lanes and launching cycle-sharing schemes in cities.
The electric bicycle market is also seeing significant growth in India. Electric bicycles offer a convenient and eco-friendly mode of transportation for short distances and are becoming increasingly popular among commuters.
Additionally, the e-commerce boom in India has made it easier for consumers to purchase bicycles online, further driving the growth of the market. Many bicycle manufacturers and retailers now have an online presence, making it easier for consumers to purchase bicycles from the comfort of their own homes.
Summary
Overall, the bicycle market in India is on the rise, driven by increasing awareness of the health and environmental benefits of cycling, government initiatives, and the e-commerce boom. With the rising demand for sustainable modes of transportation, the market is expected to continue growing in the coming years.