Bicycle get 20%higher growth in India in the of pandemic
Bicycle is now India's favourite vehicle and sold the highest during Covid; fitness consciousness apart post, high patrol costs have also pushed the move
Fitness and helplessness
The time of Pandemic people are buying Bicycle for their fitness now days people are prefer the cycling because help as a exercise and make body fit and active .Asnow covid-19 makes Indians conscious of their fitness, India is witnessing decadal-high demand growth in bicycles, says Crisil Ratings Ltd.
"India’s bicycle industry is paddling to a decadal-high demand growth of 20% this fiscal, with sales likely to touch 1.45 crore units compared with 1.21 crore units last fiscal. The ongoing covid-19 pandemic has spurred demand for bicycles, owing to improving fitness consciousness and leisure requirements."
The resultant improvement in cash flows will support the credit profiles of bicycle manufacturers, which account for 60% of industry volume.
In the five fiscals through 2019, bicycle sales volume logged a modest compound annual growth rate of 5%. In fiscal 2020, it contracted a massive 22% as government purchases plunged and a large bicycle manufacturer downed shutters. However, the last fiscal saw a turn for the better.
India is the second-largest manufacturer of bicycles in the world. The industry is classified into four segments–standard, premium, kids, and exports.
Demand for standard bicycles, which is the largest segment (accounting for half of all bicycles sold in 2020) is driven by government purchases. Government departments procure these bicycles through a tender process and distribute them under various welfare schemes.
Demand for premium and kids' bicycles (nearly 40%) is driven by fitness and leisure needs. Exports and sales of other kinds of bicycles constitute the remaining 10% of demand.
“The pandemic-induced constraints on fitness and leisure options increased the demand for bicycles, especially in the premium and kids segments. Strong growth in these limited the overall decline in sales volume to just 5% in fiscal 2021 despite a further reduction in government purchases," said Nitesh Jain, director, Crisil Ratings Ltd, adding that the momentum is likely to continue this fiscal, too, given the ongoing second wave of the pandemic, and should lead to a 22% growth for the premium and kids segments.
While lockdowns have slammed the brakes on sales, pent-up demand can be expected once sales outlets open. people should doing cycling for the fitness because in the of corona we should make body system perfect and we should do regularly every day to stay fit whether it id children’s or elder should do every day to stay fit and physical activities are also important.