CHANDIGARH: The market of cycle is growing at a rate of 15 to 18 per cent in the country, a top cycle manufacturing company official said here on Thursday.

Hero Cycles managing director, Mr Pankaj Mungal told reporters here that there had been tremendous increase in growth of the cycle market due to domestic and international demand.
He, however, said that despite India and China being the biggest manufacturers of cycles, its market is four times more in the US, Europe and Japan. He said that the cycle market was much bigger overseas compared to India, as cycling is a mode of recreation in some countries.
Demand for cycle parts was bigger in countries like Denmark and the US, he said however, adding that the penetration of cycle in Indian markets was less. At the same time, he said that the cycle demand will further grow in India in view of health and environment concerns in times to come. He said that the company’s manufacturing cycles in India were keeping technological needs in mind.
“These days cycles are of light weights, as these are made up of aluminium and carbon fibre,” he said. He claimed that the growth of cycle market was not only limited to rural areas as it was in urban pockets too. He said that his company was prepared to do its best to nurture cycling in the country.