The spread of corona has brought cycling back in vogue. According to the popular brands, the bicycle industry is witnessing a surge in demand globally, for the first time after the 1970s. At this time of social distancing, bicycles are considered to be a convenient mode of transportation.
Bicycles are sold out quickly in America. In fact, many stores face product shortage as 90% of bicycles in the US are imported from China. The logistics crunch and low production in China following the corona has led to the shortage.
Dutch e-bike maker VanMoof saw a 200 per cent increase in sales in its electric-assisted bicycle model in Europe alone. In India, bicycle sales have increased tremendously in Punjab, Kolkata and Bengaluru. Showrooms sell bicycles in a price range between Rs 6,000 and Rs 1 lakh. Almost 98% of customers prefer models that are priced below Rs 10,000.
In India, 1 crore 65 lakh bicycles are sold every year. Considering the new development, dealers expect the sales to double this year. However, the biggest challenge they face is shortage in stock as shipping has been disrupted for months.
Better health and financial security in the post COVID world are a few reasons why people jump on this bandwagon. The trend is likely to gain momentum as the price of petrol and diesel is soaring high in the country.