Interview Preparation Exam > Interview Preparation Notes > Guesstimates > Calculate the Approximate Number of Bicycles Sold in India Per Year
Calculate the Approximate Number of Bicycles Sold in India Per Year | Guesstimates - Interview Preparation PDF Download
To estimate the number of bicycles sold in India per year, we can follow these steps:
1. Determine the population of India
As of 2021, India's population is approximately 1.4 billion people.
2. Estimate the percentage of the population that might purchase a bicycle
Bicycles are a common mode of transportation and exercise in India, especially among students and people who cannot afford motorized vehicles. Let's assume 10% of the population buys a bicycle every year. This is a rough estimate because not everyone will buy a bicycle every year, but some people might buy more than one.
3. Calculate the number of potential bicycle buyers
10% of 1.4 billion is 140 million people.
4. Estimate the average number of bicycles each buyer purchases
Some buyers may purchase more than one bicycle for different purposes or family members, while others may only purchase one. Let's assume, on average, each buyer purchases 1.2 bicycles.
5. Calculate the total number of bicycles sold
Multiply the number of potential buyers (140 million) by the average number of bicycles purchased (1.2) to get the total number of bicycles sold in India per year:
140,000,000 * 1.2 = 168,000,000 bicycles
So, approximately 168 million bicycles are sold in India per year. Keep in mind that this is a rough estimate, and the actual figure could be higher or lower depending on various factors such as economic conditions, government policies, and changing consumer preferences.
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