Piyush Goyal urges auto industry to capture opportunities in bicycle market

New Delhi: Union Minister of Commerce & Industry Piyush Goyal has urged the automotive industry to look at capturing new opportunities in emerging segments, including bicycles.

“The world is our stage, so let us go for it and look at capturing the opportunities that the world has to offer, particularly in the new-age technologies, electric vehicles, its associated ecosystem as well as the bicycle industry,” he said.

Addressing the ACMA 64th Annual Session on Monday, he stated that the upcoming Bharat Mobility Expo 2025 will reflect on these parameters in a “much bigger way”.

The annual mobility expo will be held from January 17-22 at three different venues of the national capital-- Bharat Mandapam (Pragati Maidan), Yashobhoomi (India International Convention and Expo Centre, Dwarka) and India Expo Mart (Greater Noida), simultaneously.

“It (Bharat Mobility Expo) is getting bicycles on board. That sector needs to grow. In India, we used to have an edge (in the bicycle segment) once upon a time, but we have lost a lot of that edge in the last three or four decades.”

Indian Bicycle Industry

The Indian bicycle industry is highly fragmented, with Ludhiana (Punjab) being the hub of bicycle production and its parts manufacturing. The city’s bicycle industry dates back to the time when popular brands like Hero Cycles and Avon Cycles started their journey from Ludhiana in the 1950s and ’60s.

However, the industry has hit a rough patch owing to the competition from China, high GST and lack of safety standards.

According to the All-India Cycle Manufacturers’ Association (ACMA), the total bicycle sales touched 10.67 mn units in FY24 when compared to 10.42 mn units in FY23.

Its exports declined during the last fiscal year. The total bicycle exports from the country was 436,720 units in FY24 as against 557,523 units in FY23.

As per the data visualization platform Statista, the global bicycle market is experiencing a surge in revenue due to the increasing popularity of electric bicycles and cycling as a recreational activity and environmental friendly mode of transportation. For instance, riding a bicycle is a way of life for Europeans.