Auto Expo 2020: Hero Cycles plans to capture 10% of global e-bicycle market

Sale of bicycles in India are to drop 10 per cent in 2019-20

Two years ago, on a leisurely Sunday afternoon lounging on his sofa at his Ludhiana residence, Pankaj M Munjal, chairman and managing director (CMD) at Hero Cycles, was swiping on his iPad. The image of an e-cycle launched in Spain caught his attention.
 
He got on to the phone with his chief executive and research and development head. The trio met later in the day to discuss making a similar cycle. This is how Hero started reinventing the wheel.
 
The genesis of the thought, says Munjal, was 'the fear of failure'. The market for manually pedalled bicycles, their