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REGULATORY REPORT FOR IMPORTING BICYCLE ACCESSORIES

Bicycle accessories consists of instruments that enhances cyclist’s experience in terms of –

1. Visibility

2. Safety

3. Convenience

Demand for Bicycle Accessories is projected to grow worldwide by ~ 7% (Compounded annual growth rate – CAGR) on account of rising trend of shared commuting in many urban cities as well as fitness, health & individual’s wellbeing.

The demand & supply dynamics of Bicycle Accessories is positively correlated to the market dynamics of bicycles. As more and more citizens of developing India adopt bicycles to their lifestyle (either for commute, sport, or for leisure) – demand for bicycle accessories will witness an impactful rise.

However, supply for bicycle accessories is constrained and far too stretched to meet the demand.

For India, the bicycle accessories market is fragmented with small-scale suppliers relying on imported products. This is mainly due to lack of Indian manufacturers that can produce and compete with high-tech products and modern perspectives of “Millennial” and “Generation Z” cyclists, if this yet nascent market in size.

While the growth in bicycle Accessories market occur mainly when growth in bicycles market is observed, demand for bicycle in India can be categorized in two groups – rural demand & urban demand.

Rural demand mainly consists of low-income buyers who use cycles for daily commute. This group adds negligible growth for bicycle accessories sales.

It is the second group, i.e., the urban cyclists that look to add effective equipment to their bicycles for enhancing their riding experience and also give a smooth & sleek look to their rides.

Buyers in this category add premium accessories to their rides that shows changing the perception towards bicycles as it gets more and more involved in urban lifestyle.

Furthermore, policies introduced by urban civic bodies that facilitate the use of bicycles to tackle traffic congestion and move towards climate sustainable commute adds to the necessity of bicycle accessories. Initiatives such as AmdaBike build shared public mobility for commutes within Ahmedabad, Cycle-Tracks in parts of BKC, Mumbai and Bengaluru’s e-cycle roll-out for specific localities within the city, acts as a catalysts for citizens to incorporate bicycles into their lifestyle. In-turn increasing demand for bicycle accessories, albeit at a slow pace. Yet as mentioned above because the existing accessories market size is very small, any increase in urban demand has a multiplier effect on volume sales of accessories.

Normally, the lean Indian importing trader concentrates on capturing the market share without having well equipped personnel to decipher the country’s allied acts effecting imports of accessories.

Products such as –

1. Visibility enhancing Smart LED Lights

2. Safety enhancing Side Mirrors

3. Convenience enhancing Speedometers (wired & wireless)

* New entrants such as Sensor equipped Connected Devices for Navigation, Activity Tracking, and Alarm Systems.

Such devices are often connected to new age smart-phones and optimizes user experience on “Internet of Things”

Import of such accessories is cumbersome as it requires regulatory clearances that acts as “Non-Tariff Barriers” (NTBs) of domestic bicycle accessories market. Such barriers result in disruption of supply-chain for suppliers who are not aware of regulations that regulate the international trade of bicycle accessories, in-turn escalating prices of these products.

Having a first-hand knowledge of such NTBs would help save importers/suppliers of such accessories from landing in trouble with Indian Customs.

This report serves to outline regulations for importing bicycle accessories that has potential for penetrating Indian markets to meet domestic demand.

Products focused in this report that can be imported and supplied to meet domestic demand in India include

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