Wednesday, 11 December 2024
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Mintel report puts UK cycling market £400 million ahead of pre-pandemic trading

A fresh Mintel report on the UK cycling market has placed 2021’s bike sales value at £400 million above pre-pandemic levels, further suggesting that over a third of UK adults are now occasional or regular cyclists.

Price rises and a strengthening market for electric bike sales helped drive the value of the market upwards with total sales of £1.25 billion. It is said in the report that one in seven cyclists is now an electric bike owner, a nine percentage points rise year-on-year.

This increase in pedal assist interest saw sales value attributed to eBikes account for a quarter of bike spend, worth £315 million in 2021, versus £275 million in 2020. Many more consumers outside of the core early adopter group (Millennial men) say they’re thinking of buying an eBike and 12% of those intending to buy a bike soon will first look toward pedal assist models.

While overall sales values were higher last year than in 2019, they couldn’t top those in 2020 when lockdowns drove a bike boom and led to 3.3 million bike sales compared to an estimated 2.6 million in 2021.

All of this expenditure has prompted Mintel to estimate that the total UK bike market is valued some 47% ahead of 2019’s £850 million tally at £1.25 billion (2% down on 2020 value data). The recent flatlining could be attributed to what Mintel says is 25% of cyclists delaying, or being unable to make the purchase they desire as a result of supply chain hold ups.

Not that it’s all about extravagant spending, with Mintel saying that the record-high numbers of British adults now cycling could also be linked to the cost-of-living crisis. With rising petrol prices evident since Russia’s advance on Ukraine and even before, 57% of people Mintel surveyed mentioned this as a factor in their cycling decisions, and 25% noted the rising cost of commuting.

John Worthington, Senior Analyst at Mintel, said: “Although cycling activity has fallen from the dramatic peak reached during the first few months of Covid-19, the pandemic appears to have provided a lasting boost to the cycling industry.

“Rising petrol prices, and the possibility of a protracted oil crisis as a result of the conflict in Ukraine, could help to ‘nudge’ more people from car travel towards cycling. The cost-of-living crisis, including the recent increase in public transport fares, may encourage more people to ride more often. Our research shows that amongst those working mostly, or entirely, at an out-of-home location, 28% are interested in commuting by bike.

“These events, along with UK net-zero carbon targets, are likely to strengthen the long-term case for energy security and investment in green transport infrastructure, such as building new safe cycling lanes.”

If your business is seeking a deeper insight into the near and long-term forecasts of the bike retail market, CyclingIndustry.News’ annual Retail Study is out now. Mintel’s full report is available to purchase here.