The largest bicycle manufacturers, Hero Cycles Limited, is anticipating a surge in exports this year due to favourable conditions.
Export market for Hero bicycles this year would surge on account of favourable export conditions, said a senior official of Hero Cycles, who refused to quantify the possible surge.
Hero Cycles, which produced 5.5 million bicycles last year, exported nearly 120,000 bicycles.
China, which has been a dominant player in bicycle exports till now, could face problems amidst firming up of Chinese currency Yuan. Also, domestic factors like increasing labour costs would make exports a tougher proposition for exporters in the East Asian nation.
Officials said that in last seven to eight months, they have had buyers coming from UK, Poland and other European countries. This reflected the positive sentiments for export conditions.
Also, US which till now has been dominated by Chinese bicycle manufacturers, could possibly open new vistas.
“We have been invited by the Wal-Mart. We will discuss the retailing operations with them,” an official said.
Hero Cycles enjoys 50 per cent market share in the domestic market and anticipates six to eight per cent growth in the domestic front as well.
The world’s largest bicycle manufacturer also is part of Cyclothon which is looking to promote culture of cycling in India.
Events like Cyclothon are coming years is also being viewed as opportunity by bicycle manufacturers that could help convert the latent demand for bicycling into active demand.
