Hero Motors Company feels the 'new normal' established by the pandemic will mean demands for affordable personal rides will increase and will benefit the company's cycle unit.

Leading bicycle maker Hero Cycles expects to increase its market share in India to 45-50 percent in the current financial year, despite the slowdown caused by the coronavirus pandemic and the nationwide lockdown.

In an interview with IANS, Pankaj M Munjal, Chairman and Managing Director, Hero Motors Company - of which Hero Cycles is a group company, said that sales in India during the lockdown took a big hit but since June 8, when the restrictions were by and largely lifted, sales have picked up.

"It's difficult to cope up 100 percent lost sales of Q1 (April-June) but we are hopeful that we will cover most of it consolidating our market share to 45-50 percent this year, up from 40 percent March 2020," he said.

Munjal, however, noted that during the lockdown period, unlike in India, demand increased for the company's cycles in Europe. "In fact, the demand was greater than the supply because no one expected a spike so sudden and tall," the CMD told IANS.

On the company's plans in the electric cycles' segment, he said that although the "electronic revolution" in India has been slow, over the past one year there has been growth in the segment and Hero Cycles expects to double the sales of its e-bikes this fiscal.

In just two years, the company has sold nearly 25,000 units, he said.

"E-cycles' penetration today increased to 200 cities and expected to grow to 250 to 300 within this financial year as well. We are also hoping to double the sales of our e-bikes in FY 2020."