Premium segment bicycle maker Firefox Bikes today said they plan to capture 2.5-5% of the total bicycle market in India by growing at the rate of 40% per year.
"This fiscal our sales will shoot up to Rs 30 crore. We are planning to grow by 40% next year to achieve 2.5-5% market share in the country," Firefox Bikes Managing Director Shiv Inder Singh told PTI here after launching the first outlet in eastern India.
According to industry estimates, the bicycle market in India is 14 million units a year, of which 5-7% belongs to the premium segment, growing at 25-30% annually.
At present, the New Delhi-based Firefox sells around 2,500 bicycles a month.
"Cities like New Delhi and the national capital region (NCR), Bangalore, Mumbai, Chandigarh, Pune and Hyderabad are the biggest markets for us," the company official said.
Having 65 exclusive dealer franchisee showrooms in India, they are now planning to open around four more outlets in Kolkata and other towns of West Bengal.
Firefox markets over 50 imported models of bicycles in various segments -- mountain, all terrain, road and kids -- including around a dozen models from Trek's portfolio.
On the biggest barrier to the growth of the niche biking market in the country, Singh cited poor infrastructure and lack of cycling zones within the heart of the city.
"Our bikes target the urban youth and kids. There is a sizeable population which follows Western trends. And since adventure sports is growing in popularity in the West, this will be be reflected in India with the growth of infrastructure," Singh said.
