The country's bicycle industry is eyeing a 'positive' export growth in the international market in near future by overcoming a slowdown in its export in past few years.
Industry insiders said the local market of bicycle has expanded substantially in recent years with an increasing number of bicyclists especially in urban areas that encouraged several companies to manufacture quality products for the country.
According to Export Promotion Bureau (EPB), in the first five months (from July to November) of the current fiscal year 2017-18, Bangladesh exported US$ 34.02 million worth of bicycles, up by 10.20 per cent, compared to $ 30.87 million during the same period of the last fiscal year 2016-17.
The current fiscal year's bicycle export also crossed July-November's strategic target of $ 32.77 or by 3.81 per cent.
The annual target for the sector categorised under engineering products during the FY 2017-18 was set at $ 85 million while bicycle exports fetched $ 82.46 million in the previous fiscal year.
However, the emerging sector contributed $ 99.15 million to the country's export earnings in the FY 2015-16 while $ 126 million in the FY 2014-15 and $ 112.89 million in the FY 2013-14.
Bangladesh started exporting bicycles to the European market in 1999 with the initiative taken by Meghna Group. Now nearly 20 companies are producing bicycles for both domestic and global market.
According to Bangladesh Bicycles and Parts Manufacturers and Exporters Association (BBPMEA), bicycle manufacturers export more than 1.6 million bicycles every year.
Apart from Meghna Group, some companies including H Bicycles Ltd, Siraj Bicycles, Alita Bangladesh Ltd, Firefox Bikes and PRAN-RFL Group are on the production line for manufacturing bicycles for the export market.
PRAN-RFL Group, a concern of Rangpur Metal Industries Ltd, installed a bicycle plant in 2015 with a capacity of manufacturing 300,000 units annually - both for local and international market.
Kamruzzaman Kamal, marketing director of the group, told the FE that after meeting the local demand, PRAN-RFL is now exporting bicycles to 10 countries including the United Kingdom, the Netherlands, Australia, Belgium, Germany, Canada and Denmark.
He said, "Bicycle is one of the latest products in Bangladesh's export basket and the export scenario is really encouraging."
Bangladesh was a bicycle importing country few years back, he said, adding that now several companies are manufacturing the environment-friendly two wheelers for the international market especially targeting European countries.
Mr Kamal also said European countries usually import bicycles from China and India, but they are now coming to Bangladesh considering product quality and competitive prices.
The country has the potential for bicycle export growth that has been reflected in the recent data published by Eurostat, the official statistical website for European Union (EU).
In 2016, Bangladesh ranked third in exporting bicycles to EU, a group of 28 countries, by grabbing 11 per cent market share.
Taiwan ranked first having 24 per cent market, Cambodia ranked second with 18 per cent and the Philippines secured fourth position with 10 per cent share.
Meanwhile, a report published by Persistence Market Research (PMR), the global market for bicycles is anticipated to expand by 37.5 per cent during the period between 2016 and 2024.
In eight years from 2015 to 2024, revenue growth in the sector is expected to get from $ 45.08 billion to over US$ 62 billion by 2024 while the Asia-Pacific is likely to be the most lucrative market for bicycles.
However, in future the market will be dominated by electric bicycles or e-bikes that are integrated with an electric motor which can be propelled by a pedal, the report added.
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