NEW DELHI: Leading bicycle maker Hero Cycles expects the world to increasingly adopt cycling as a preferred mode of transport in a post-lockdown situation.
In an exclusive conversation with TOI, Pankaj Munjal, Chairman and Managing Director of Hero Cycle said that the company’s growth story is driven by sales in Europe while India should receive cycling as a preferred mode of transport post-lockdown to stay healthy, decongest urban and semi-urban environment.
In the UK, the company is targetting a three-fold hike in its presence over the next three years, with volumes going up from 200,000 to 600,000 units. It has also set a target of achieving a 5 per cent share in the e-bike segment within the global electric bicycle market by 2022.
“We have seen a surge in demand for bicycles in England. We have recorded a 600% surge in demand in England, which is 6 times more demand than last year. Out of the 5 million bikes, we make every year, about 10% is exported. The company’s growth would be export-led now,” Munjal said.
US and European countries are quickly adopting cycling as a preferred choice. Developed countries with more homogenized societies and ecosystems will tend to grow faster, Munjal added.
Talking about the roadmap in Europe where demand for cycles is booming, Munjal said that the company is well-invested with R&D centre in Berlin.
Strongly voicing against Chinese products, Munjal said, “We are local in Germany. With the aid of German engineers, we have created an environment for ‘Made in Germany, manufactured in Germany’ just like BMW. We could have bought from China but we did not want to do that. We are 14 per cent market share, we hope to soon become 20-25 per cent market share in Germany and England.”

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