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.”
Source: Mintel
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