India’s most expensive bicycle worth Rs 10.89 lakh was launched at the expo. With a rapidly evolving economy, rising standards of living and exposure to latest technology, the demand for premium bikes is at an all-time high. By Karan Bhardwaj
Can a bicycle compete with superbike or a luxury carIJ Yes it can. The amount which you would have to pay to buy one Giant Trinity Advanced Sl bike can fetch you at least two Harley-Davidson latest Street 750 superbikes…or twice of its amount can get you a lavish sedan A3 by Audi. India’s most expensive bike worth Rs 10.89 lakh was unveiled by Giant at the expo. But the question remains: At the time when luxury automakers are dwindling their prices to leverage a plunging market, is India ready for premium bikesIJ “Yes it is. The market of premium bicycles, although accounts for a little over two per cent of the total bicycles sold in India annually, is growing over four times the industry average. We plan to appoint over 100 key trade partners primarily in A, B & C category towns to fulfill the long awaited demand for an international quality bicycling experience. We already have 58 trade partners helping us reach across 30 cities in India currently,” says Pravin V Patil, MD & CEO, Starkenn Sports Pvt ltd, which supplies Giant bikes in India.
Industry watchers vouch for Patil’s sentiments and are hopeful of a “premium future”. The growth is estimated at 35 per cent annually. However, there is surprisingly a decrease of 25-30 per cent in demand of massy, cheap bikes. “The average spending power of Indian has shot up. They are willing to pay more on lifestyle products. Overall market of lifestyle product is upswing. The biking manufacturers are focussing on premium products,” says Dron Sharma, manager, marketing, Starkenn. Besides existing manufacturers, international brands like Giant, Trek, Cannondale and Bianchi have forayed into Indian territory. “It’s open and a virtual market. It has got immense potential,” says Sharma, adding, “When luxury brands like BMW, Audi forayed into Indian market, nobody knew they would record thumping success. Their dominance proved a huge untapped premium market in India. People are travelling and cycling is perceived as a hip and cool activity. They are alternate means of transport in many foreign countries. So there is a great awareness about the quality worldwide.”
The biking manufacturers are also sneaking into tier-II cities. There is a great demand in Surat, Coimbatore, Pune, Haldwani and other cities. “There is a tremendous demand for premium bikes in India. Even though price and duty structure are some constrains, cyclists are willing to go an extra mile by increasing their budgets to gain the luxurious experience,” says Ajit Gandhi, Deputy General Manager, Firefox Bikes Pvt ltd. Firefox unveiled its premium range of bikes during the last expo, which was touted as the catalyst in the market. “We sell Trek’s top of the line carbon bikes with the latest IsosSpeed technology in road bike segment, and also a wide range of 29er bikes which is well appreciated around the world. We were expecting an annual growth of 50 per cent but it was 40 per cent over all, which was decent,” Gandhi informs. Going by the expo, the latest in trend is 27.5 inch bikes. The three major advantages of these bikes are better rollover, light weight and better control.
Being an eco-friendly mode of transport, steps are been taken to revive the bicycling culture in the country. Currently, the market size of premium bicycles in India is estimated at 2.5 lakh units per annum. “Cycling addresses the issues of health, congestion on roads and pollution hazards. Consciousness about these three elements is rising which is directly responsible for the growing cycling business,” says Patil.
photos Pankaj Kumar