While everyone around, in the industry, is battling a slowdown due to the BS6 transition and Covid19, Hero Cycles thinks otherwise. The bicycle maker believes that the demand will increase. Bicycles might become the preferred mode of transportation. This is because of the fear of coronavirus and to avoid travelling in public transport. As we are aware, the virus spreads if we come in contact with an infected person. Coronavirus has been declared a pandemic and it is but natural that there is a lockdown because of the same.
In general, while buyers are postponing their buying decisions, whether be it a two-wheeler, car or even a bicycle, there is a chance demand will surge post this. Bicycle as a whole helps immensely when it comes to exercising and conserving the environment.
Pankaj M Munjal, chairman, and managing director, HMC, said that “Globally automobile manufacturers have slowed down production amid dimming sales due to the coronavirus threat. As far as the cycling industry is concerned, a number of people across the world are looking at bicycles as a potential alternative mode of transport to people who were previously using crowd public transport systems. In New York cycle ridership has witnessed a spike as people try to avoid using the subway during rush hours. Britain’s bicycle industry organization has appealed to Prime Minister Boris Johnson to keep bike shops exempt from any potential retail closures. The body said that cycling enables travel without using public transport in relative isolation and also allows people to keep exercising without using gyms or going to classes. We hope an effective control of the outbreak will ensure that the situation remains stable. In top Tier cities, naturally, most people are focusing on preventive measures and are postponing major buying decisions such as cycles. We are also expecting the outbreak to bring about a behavioral shift in travel habits of urban people over the next few weeks. We are expecting that more people will choose cycling over public transport to minimize their exposure to crowded places”.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.