Buoyed by the demand for bicycles in India, Firefox Bikes, a Hero Cycles group company, is aiming to double sales this year to two lakh cycles, a senior company official said.
“It’s been a great time for biking in India as well as across the world,” said CEO Sukanta Das. “The last two years have been phenomenal and we have been among the few businesses that have ended up on the right side of COVID,” he said.
“We’ve seen a tremendous growth and adoption of biking as a choice to remain healthy as well as for] transportation,” Mr. Das added. He said last year, the premium bicycle maker sold more than one lakh bikes and was targeting sales of more than two lakh this year. “We have already achieved what we did last year in H1. So, we will surely double,” Mr. Das said, adding that the company was looking at doubling the turnover in 2022 as the strong demand for bikes that started during the lockdown last year was set to continue for the next two years.
Overall, the bicycle market in India is estimated at 27 lakh annually. Of this, premium bicycles or bikes that cost above ₹10,000 constituted about 7 lakh.
Mr. Das said the company had received a large number of export enquiries from across the globe and had recently begun exports to Canada.
While last year the company focused on the domestic market owing to strong demand, it now plans to start exports to Africa and West Asia.