Hero Cycles to launch premium bicycle costing Rs 1.5 lakh

This year, the company has launched around 18 new models in the premium category of bicycles

Hero Cycles Limited, the largest bicycle manufacturer is eyeing the ‘premium category ‘in the bicycle segment.

Hero Cycles,  this year has launched around 18 new models in the premium category of bicycles.

Pravin V Patil, President Urban Trail,  the premium cycles from Hero, says the growth for the bicycle industry, in coming years, would be coming in the premium category.

Having launched 17-18 new models of premium bicycle this year, the company is planning to launch a premium bike that would cost over 1 lakh .

“We are planning to launch a bike  by January ,which would be priced around Rs 1.5 lakh.”In Premium category,

Urban trail, the premium bicycle category from Hero  offers bicycles costing up to Rs 43,000, as of now.

The ‘premium category’ is expected to double in 2 years from now.

As per industry estimates, the e standard bicycle contribution(to the bicycle sales)  has come down from 55% in 2007 to 55% in 2011, while contribution of premium category cycles has moved up from 0.45%(2007) to 1%(2011).

It is estimated that market size of premium category cycles would to 2% by 2014, which indicates the category would contribute revenue  of Rs 500 crore.

Hero Cycles Limited this year has launched  around 38 new models of bicycles out of which 17-18 models has been launched in the premium category.

Hero as part to promote the bicycle sales has been promoting cycle related events  across the country.

The event as per Pandit of course benefits the  cycle manufacturers , but the whole idea behind conducting the event is  creating more awareness about the bicycle and the benefits associated with cycling.