Hero Cycles' premium range priced upto Rs 1.1 lakh

The world's largest bicycle maker, Hero Cycles, has begun aggressively peddling its premium range of cycles in India.

The company has unveiled seven to nine models of the upscale 'Urban Trail' range that are priced between Rs 40,000 and Rs 1.1 lakh, as it bets on the growing health consciousness amongst city slickers.

Pravin Patil, president, strategic initiatives, Hero Cycles told ET: "Fitness is on everybody's mind, but there is no time for people to work on it. Cycling offers the best fitness options to professionals and families. The market for premium cycles, though small, is exploding in the country and, with our new range, we intend to offer the widest possible options for the customers in this segment."

Currently, 15 million bicycles are sold in the country out of which the share of premium bicycle segment is just about 2%.

Cycles, which are priced above Rs 5,000 and that go up as high as even Rs 2 lakh comprise the premium segment, whose sales are expected to touch some Rs 3.7 lakh in the current fiscal year, and Rs 5 lakh by 2013-14.

Also read: High-end imported bicycles to cost more

In order to reach its target customers, Hero Cycles will organize 800 road shows in top housing societies and residential complexes across 9-10 metro cities this year.

The company also plans to have exclusive 30 Urban Trail stores across the country, 10 of them owned by the company itself. Of these 10, three will be 'experience' stores, which will encourage consumers to create their own customised bikes, explains Patil. 

Hero is aiming to be a dominant player in the premium segment, which has been occupied by the players like Firefox, Suncross and LA.

The premium slice of the pie is growing at a rapid pace of 25% annually and with Hero Cycles coming in the competition, that rate of growth will explode, reckon industry experts tracking the sector.