The company is planning to sell around 45,000 units of Lectro this year, with around 50 per cent to be exported to the UK and EU. Hero Cycles will use its already existing distribution network through UK-based Avocet Sports, which it acquired in 2015, to export and sell Lectro in Britain and the EU. In the domestic market, the company is targeting mainly metros and urban markets.
Hero Cycles' electric portfolio has been growing aggressively over the last 6 months and in the last three months, it grew at neary 50 per cent month-on-month, said Munjal. He believes, with electric vehicles receiving a huge policy push from the government, the market for e-cycles likely to grow over the next few years.
Incorporated in 1956, Hero Cycles Limited is the largest cycle manufacturer in the world. The company has a manufacturing capacity of 7.5 million cycles per year. The group also owns UK-based Avocet Sports and FireFox Cycles in India.
While Avocet Sports was Hero Cycles’ first overseas acquisition and marked the company’s entry into mass segment of the European cycle market, the acquisition of Firefox Cycles was a strategic move to cement its position in the fast-growing premium bicycling segment in India.