Company sells 11.81 lakhs cycles in Q1
New Delhi, July, 2016: Hero Cycles, the world’s largest bicycle manufacturer, which accounts for almost 50% of the total bicycle sales in India, has sold over 11.81 lakh units in the first quarter, raising hopes that it might create sales history this year.
The highest sales growth was witnessed in the mid premium brand, Miss India which has seen a phenomenal 71% rise in sales. But the growth in other segments, as well, has been no less impressive. Hero Cycle’s Sprint, has registered a 45% rise in sales, while the kid’s category boys’ bike has upped its sales by 42%.
“This is a proud moment for us and we are hoping to achieve much better targets in the coming months,” said Mr Pankaj Munjal, Chairman and Managing Director, Hero Cycles.
“Fuelling the sales figures in the mid segment bike is a new emerging category of upper middle class urban professionals who are taking to the environment-friendly two-wheeler as a leisure and adventure activity. The culture of cycling has been given an impetus by young professionals who have travelled abroad and been exposed to this culture,” Mr Munjal added.
Riding on strong sales in rural and semi urban areas, and strong growth in the premium and mid premium segments, the company has seen a 23% jump in sales in the first quarter of the year.
Mr Raman Awasthi, National Sales Head of Hero Cycles said, “India’s bicycle market is on a renewal path. People are becoming more fitness conscious and environment- friendly modes of transport are becoming popular. This trend has given a fillip to the bicycle industry. While mainstream cycle brands like Jet continue to rule, premium and mid premium brands such as Sprint are making significant in roads and swelling the cash register”.
With this phenomenal growth in its first quarter, Hero Cycles has further strengthened its undisputed leadership of the Indian cycle market.
About Hero Cycles
The Hero Motors group companies include cycle giant Hero Cycles, auto parts manufacturing companies-Hero Motors Ltd, ZF Hero Chassis Systems Pvt. Ltd, and Munjal Kiriu Industries Pvt. Ltd, hospitality arm Munjal Hospitality and luxury home décor products company Oma Livings.
Incorporated in 1956, Hero Cycles Limited is the largest cycle manufacturer in the world. The company has a manufacturing capacity of 7.5 million bicycles per year, with its unit in Ludhiana (Punjab), Bihta (Bihar) & Ghaziabad (UP). The company has a highly integrated plant in Ludhiana which produces 19,000 cycles every day. It also manufactures automotive rims and various other auto components. Hero Cycles is a leader in both the standard and special bicycle segments in India, with an overall market share of about 35 per cent. The company is equipped with state-of- the-art infrastructure and the most modern machinery. The Company also entered the premium bicycle segment with the launch of its new brand, UT Edge, in February 2012. A nation-wide distribution network with over3000 dealers and the favourable location of its plants near vendors support its operations and facilitate competitive pricing of its bicycles. Hero Cycles also exports to various countries in Middle East, Africa, Asia and Europe.