As Britain gears up for a summer of sport and cycling champions get set to inspire the nation to take to their bikes, latest research from Mintel projects sales of bikes to reach an all time high – with the market set to grow by a further 8% on 2011 to reach £700 million in 2012.
Indeed, the wheels are in motion for a boom time for the cycling industry as sales of bikes are set to gain momentum over the next five years. The market is forecast to increase an impressive 23% reaching £800 million by 2016.
Michael Oliver, Senior Leisure Analyst at Mintel, said “Although the UK market for bicycles contracted slightly in both value and volume terms in 2011, the longer-term prospects for the industry are very positive.
An unusual combination of circumstances led to oversupply in 2011, which resulted in discounting, impacted on both turnover and profitability.
With obesity rates rising among both adults and children, there is clearly a political and financial imperative to encouraging greater physical activity and cycling is a relatively inexpensive way of doing this.
Role models in the Olympics means there is now an almost unrivalled opportunity to try to stimulate cycling participation but it needs some central funding and co-ordination.”
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