Leading bicycle maker in India, Hero Cycles has revealed sales figures for September 2015. The report says that the company has achieved highest one month sales, not only in its history, but also in the history of India’s cycle industry. Hero Cycle sales for Sep 2015 stood at 5.39 lakh units, a 15% MoM sales growth.
Attributing this increase in sales to better rural and semi urban demand along with an aggressive marketing strategy, Hero Cycles strengthened its leadership status in the market. Among these outstanding sales, it was the Sprint and Jet models that enjoyed highest demand. The Sprint brand targets premium cycle category while Jet caters to the roadster category.
Hero Cycles recently forayed into the European market by acquiring Avocet Sports in the UK. In India, the company acquired Firefox Bikes. With these new acquisitions, the company aims at increasing market share and penetrate newer markets across the globe.
Hero Cycles, with its manufacturing units in Ludhiana (Punjab), Bihta (Bihar) and Ghaziabad (UP) produced 5.5 million cycles last year with turnover of INR 3,000 crores. The company, with an overall market share of 35%, now targets growth of INR 8,000 crores in 2018.
Management of Hero Cycles now aims at delivering similar sales figures in the coming months. Mr Pankaj Munjal, Chairman and Managing Director, Hero Cycles, said “Recovering rural and semi-urban demand along with newer customer initiatives has helped Hero Cycles to clinch this mark.”